Amsterdam Molecular Therapeutics Reports Half Year Results 2008
AMT's key financial figures are in line with the guidance that thecompany has given for 2008. The operating loss increased to EUR 9.1 millionfor the six months ended June 30, 2008, from EUR 7.2 million for the sameperiod in 2007. This difference is primarily due to the increase of research& development costs to EUR 5.8 million from EUR 3.8 million in the sameperiod of 2007. This increase is particularly related to the development workon the company's lead product Glybera(R) (AMT-011) and increased staffing forthis and other programs. General and administrative costs decreased slightlyto EUR 3.3 million from EUR 3.5 million for the same period in 2007 due tolower share-based payments.
The net loss for the first six months was EUR 8.1 million, as compared toa net loss of EUR 8.6 million in the same period of 2007.
At June 30, 2008, AMT's cash and cash equivalents amounted to EUR 43.1million, compared to EUR 51.3 million at December 31, 2007.
"AMT had an excellent first half of 2008. During the first half of thisyear AMT has made substantial progress in the development of our leadproduct, in strengthening our pipeline, and in our business and corporatedevelopment. All of this reinforces our position as a leader in gene therapyand gives us a strong foundation for further growth," said Ronald Lorijn, CEOof AMT.
Conference call and webcast presentation
AMT will conduct a conference call open to the public today at 2.00 p.m.CET, which will also be webcast. Netherlands Dial In: +31(0)800-949-4517(toll free); US Dial In: +1-866-291-4166 (toll free); UK Dial In:+44-207-107-0611. The webcast can be accessed via AMT's website athttp://www.amtbiopharma.com. Please go to the website 15 minutes prior to thecall to register, download and install the necessary audio software. Playbackof the call will be availably for 24 hours after the call. Dial In:+41-91-612-4330; +44-20-7108-6233; or +1-866-416-2558. The archived webcastalso will be available for replay shortly after the close of the call.
About Amsterdam Molecular Therapeutics
AMT has a unique gene therapy platform that to date appears to circumventmany if not all of the obstacles that have prevented gene therapy frombecoming a mainstay of clinical medicine. Using adeno-associated viral (AAV)vectors as the delivery vehicle of choice for therapeutic genes, the companyhas been able to design and validate what is probably the first stable andscalable AAV production platform. As such, AMT's proprietary platform holdstremendous promise for thousands of rare (orphan) diseases, especially theones that are caused by one faulty gene. AMT currently has a product pipelinewith seven products at different stages of development.
Basis of accounting
The condensed interim financial statement for the period ended June 30,2008 has been prepared in accordance with IAS 34, 'interim financialreporting'. The accounting policies are consistent with those of the annualfinancial statements for the year ended December 31, 2007, as described inthe annual financial statements for the year ended December 31, 2007.
Certain statements in this press release are "forward-looking statements"including those that refer to management's plans and expectations for futureoperations, prospects and financial condition. Words such as "strategy,""expects," "plans," "anticipates," "believes," "will," "continues,""estimates," "intends," "projects," "goals," "targets" and other words ofsimilar meaning are intended to identify such forward-looking statements.Such statements are based on the current expectations of the management ofAmsterdam Molecular Ther
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