AMT reports results for the first half year
“We are very pleased with the key milestones we have achieved in the first half year of 2010 in the Glybera approval process which seems firmly on track. Our dialogue with the EMA is very encouraging and we look forward to the Agency’s decision with confidence. We also continue to make progress with our pipeline, not only on the partnership front for programs such as Hemophilia B, but also in our early stage efforts,” said Jörn Aldag, chief executive officer of AMT.
Financials
Total net loss for the period ended June 30, 2010 amounted to €9.4 million, in line with the net loss for the period ended June 30, 2009 which also amounted to €9.4 million.
The main item within operating costs reflects the investment in Glybera to support the registration process. Development of the Duchenne Muscular Dystrophy program, which is 35% funded by a research credit from SenterNovem through to completion of a Phase I clinical study continues. Expenditure on other development projects has been reduced as AMT is constrained by its current resources and is focusing on the successful completion of the Glybera registration process.
Research and development costs increased to €8.1 million for the period ended June 30, 2010 from €7.1 million in the same period of 2009. At the same time, general and administrative costs decreased to €1.8 million in the period ended June 30, 2010 from €2.9 million in the same period of 2009.
Cash and cash equivalents amounted to €13.5 million at June 30, 2010, a decrease of €9.1 million compared to €22.6 million at December 31, 2009. The decrease in cash and cash equivalents mainly stems from the operational cash outflow which amounted to €8.9 million for the period ended June 30, 2010 (compared to an operating cash outflow of €9.5 million for the period ended June 30, 2009).
Outlook
The Company’s expenditure continues in line with budget. However, as AMT has not yet reached the point of generating significant revenues that could fund operations it continues to explore additional opportunities for funding, including non-dilutive sources such as grants and/or collaborations with partners. In addition, AMT is also tracking opportunities for raising additional capital in conjunction with its bankers. The outlook for the year remains unchanged.
Source: AMT
