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Results comparison
AMT's key financial figures are well within the budgets for the firstsemester and therefore remain in line with the guidance that the company hasgiven for 2009. The operating loss increased to EUR 9.9 million for the sixmonths ended June 30, 2009, from EUR 9.1 million for the same period in 2008.This difference is primarily due to the increase of research & developmentcosts to EUR 7.1 million from EUR 5.8 million in the same period of 2008.This increase is particularly related to the clinical development andregulatory work on the company's lead product, Glybera(R), as well asincreased staffing for this and other programs. General and administrativecosts decreased to EUR 2.9 million, from EUR 3.3 million in the first half of2008, primarily as a result of decreased advisor's fees.
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The net loss for the half of 2009 was EUR 9.4 million, as compared to anet loss of EUR 8.1 million for the first half of 2008.
At June 30, 2009, AMT's cash and cash equivalents amounted to EUR 25million, compared to EUR 34 million at December 31, 2008.
"AMT showed important results in the first half of 2009. We presentedadditional data showing the clinically important health benefit of our leadproduct, Glybera(R), while good progress was made in the further developmentof our pipeline-products and the strengthening of the company. The searchprocess for a new permanent CEO is progressing expeditiously but carefully toensure the engagement of a capable new CEO. All of this reinforces ourposition as a leader in gene therapy and gives us a strong foundation forfurther growth," said Sander van Deventer, CEO of 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: +31 800 949 4517 (tollfree); US dial in: +1 866 291 4166 (toll free); UK dial in: +44 800 279 3 3956 (toll free). To listen to the conference call live via the internet, visitthe investor relations portion of the AMT 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 91612 4330; +44 20 7108 6233; or +1 866 416 2558. The archived webcast alsowill 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, especially for thousands of rare (orphan) diseases thatare caused by one faulty gene. Currently, AMT has a product pipeline withnine products at different stages of development.
Accounting policies
Basis of accounting
The condensed interim financial statement for the period ended June 30,2009 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, 2008, as described inthe annual financial statements for the year ended December 31, 2008.
Please refer to our website http://www.amtbiopharma.com for the condensedinterim financial report June 30, 2009.
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 Therapeutics only. Undue reliance should not be placed onthese statements because, by their nature, they are subject to known andunknown risks and can be affected by factors that are beyond the control ofAMT. Actual results could differ materially from current expectations due toa number of factors and uncertainties affecting AMT's business, including,but not limited to, the timely commencement and success of AMT's clinicaltrials and research endeavors, delays in receiving U.S. Food and DrugAdministration or other regulatory approvals (i.e. EMEA, Health Canada),market acceptance of AMT's products, effectiveness of AMT's marketing andsales efforts, development of competing therapies and/or technologies, theterms of any future strategic alliances, the need for additional capital, theinability to obtain, or meet, conditions imposed for required governmentaland regulatory approvals and consents. AMT expressly disclaims any intent orobligation to update these forward-looking statements except as required bylaw. For a more detailed description of the risk factors and uncertaintiesaffecting AMT, refer to the prospectus of AMT's initial public offering onJune 20, 2007, and AMT's public announcements made from time to time.Highlights - Start of the preregistration clinical trial with Glybera(R) in Canada following two previous clinical trials - Presentation of additional data indicating that Glybera(R) offers a clinically important health benefit, accomplished by a significant and clinically important reduction in the incidence of acute pancreatitis in patients - Significant progress in research and development for other pipeline projects including hemophilia B, Duchenne muscular dystrophy and Parkinson's disease - Key financial figures in line with guidance - Cash & cash equivalents of EUR 25 million at June 30, 2009
SOURCE Amsterdam Molecular Therapeutics B.V
