AMSTERDAM, May 19, 2010 /PRNewswire-FirstCall/ -- Amsterdam Molecular
Therapeutics (EuroNext Amsterdam: AMT), a leader in the field of human gene
therapy, today provides its non-audited business update in compliance with
the EU transparency directive. This report summarizes material events and
AMT's financial position for the first quarter of 2010.
AMT's cash position* on March 31, 2010 amounted to EUR17.7 million compared to EUR22.6 million on December 31, 2009. The cash outflow in the first quarter of 2010, amounting to EUR4.9 million mainly represented operational cash flow. AMT employed 85 persons as of March 31, 2010. Total expenses in the first quarter of 2010 were EUR5.1 million compared to EUR4.9 million in the same period last year.
* The Company's cash position is composed of cash and cash equivalents.
Material events after March 31, 2010
On May 6, 2010 the Company announced that Professor Sander van Deventer joined the Supervisory Board. At the same time, Alexander Ribbink retired from the Supervisory Board and Piers Morgan (CFO) was appointed to the Management Board.
About Amsterdam Molecular Therapeutics
AMT, founded in 1998 and based in Amsterdam, is a leader in the development of human gene based therapies. Using AAV as the delivery vehicle of choice for therapeutic genes, the company has been able to design and validate what is probably the first stable and scalable AAV production platform. This safe and efficacious proprietary platform offers a unique manufacturing capability which can be applied to a large number of rare (orphan) diseases that are caused by one faulty gene. Currently, AMT has a product pipeline with several AAV-based gene therapy products in LPLD, Hemophilia B, DMD, Acute Intermittent Porphyria and Parkinson's Disease at different stages of research or development.
Certain statements in this press release are "forward-looking statements" including those that refer to management's plans and expectations for future operations, prospects and financial condition. Words such as "strategy," "expects," "plans," "anticipates," "believes," "will," "continues," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify such forward-looking statements. Such statements are based on the current expectations of the management of Amsterdam Molecular Therapeutics only. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of AMT. Actual results could differ materially from current expectations due to a number of factors and uncertainties affecting AMT's business, including, but not limited to, the timely commencement and success of AMT's clinical trials and research endeavors, delays in receiving U.S. Food and Drug Administration or other regulatory approvals (i.e. EMA, Health Canada), market acceptance of AMT's products, effectiveness of AMT's marketing and sales efforts, development of competing therapies and/or technologies, the terms of any future strategic alliances, the need for additional capital, the inability to obtain, or meet, conditions imposed for required governmental and regulatory approvals and consents. AMT expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. For a more detailed description of the risk factors and uncertainties affecting AMT, refer to the prospectus of AMT's initial public offering on June 20, 2007, and AMT's public announcements made from time to time.
SOURCE Amsterdam Molecular Therapeutics B.V
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Q1 2010 Highlights
- EMA starts formal review of Glybera(R) dossier
- Dossier validated by EMA on January 20, 2010
- Day 120 questions from EMA expected second half of May 2010
- Innovation Credit received from Dutch Government for Duchenne Muscular
Dystrophy
- Up to EUR 4 million funding, repayable only on successful
commercialization
- Supports 35% of development costs through to 2013
- Start of Phase I/II Gene Therapy Clinical Trial for Hemophilia B
- First patient dosed
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AMT's cash position* on March 31, 2010 amounted to EUR17.7 million compared to EUR22.6 million on December 31, 2009. The cash outflow in the first quarter of 2010, amounting to EUR4.9 million mainly represented operational cash flow. AMT employed 85 persons as of March 31, 2010. Total expenses in the first quarter of 2010 were EUR5.1 million compared to EUR4.9 million in the same period last year.
* The Company's cash position is composed of cash and cash equivalents.
Material events after March 31, 2010
On May 6, 2010 the Company announced that Professor Sander van Deventer joined the Supervisory Board. At the same time, Alexander Ribbink retired from the Supervisory Board and Piers Morgan (CFO) was appointed to the Management Board.
About Amsterdam Molecular Therapeutics
AMT, founded in 1998 and based in Amsterdam, is a leader in the development of human gene based therapies. Using AAV as the delivery vehicle of choice for therapeutic genes, the company has been able to design and validate what is probably the first stable and scalable AAV production platform. This safe and efficacious proprietary platform offers a unique manufacturing capability which can be applied to a large number of rare (orphan) diseases that are caused by one faulty gene. Currently, AMT has a product pipeline with several AAV-based gene therapy products in LPLD, Hemophilia B, DMD, Acute Intermittent Porphyria and Parkinson's Disease at different stages of research or development.
Certain statements in this press release are "forward-looking statements" including those that refer to management's plans and expectations for future operations, prospects and financial condition. Words such as "strategy," "expects," "plans," "anticipates," "believes," "will," "continues," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify such forward-looking statements. Such statements are based on the current expectations of the management of Amsterdam Molecular Therapeutics only. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of AMT. Actual results could differ materially from current expectations due to a number of factors and uncertainties affecting AMT's business, including, but not limited to, the timely commencement and success of AMT's clinical trials and research endeavors, delays in receiving U.S. Food and Drug Administration or other regulatory approvals (i.e. EMA, Health Canada), market acceptance of AMT's products, effectiveness of AMT's marketing and sales efforts, development of competing therapies and/or technologies, the terms of any future strategic alliances, the need for additional capital, the inability to obtain, or meet, conditions imposed for required governmental and regulatory approvals and consents. AMT expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. For a more detailed description of the risk factors and uncertainties affecting AMT, refer to the prospectus of AMT's initial public offering on June 20, 2007, and AMT's public announcements made from time to time.
SOURCE Amsterdam Molecular Therapeutics B.V
