AMSTERDAM, November 18, 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 third quarter of 2010.
Q3 2010 Highlights - Glybera(R): - Responses to Day 120 questions of the EMA/CHMP will be submitted on schedule - EMA formal review of dossier remains on track for 2011 decision. - Successful fund raising of EUR14.3 million in new equity - Progression of Hemophilia B Phase I/II study with partner St Jude Children's Research Hospital - microRNA: silencing gene therapy technology achieves 80% cholesterol reduction with activity limited only to the targeted hepatocytes - Supervisory Board strengthened through addition of 3 new industry professionals - Key financial figures in line with guidance - Cash & cash equivalents of EUR 10.1 million at September 30, 2010; equivalent to EUR 23.2 million on a pro forma basis after including the net proceeds of the October 2010 fund raising
AMT's cash position* on September 30, 2010 amounted to EUR 10.1 million compared to EUR 13.5 million on June 30, 2010. The cash outflow in the third quarter of 2010, amounting to EUR 3.4 million, compared to EUR 3.6 million in the prior year, mainly represented operational cash flow. AMT employed 84 persons as of September 30, 2010. Total expenses in the third quarter of 2010 were EUR 4.7 million compared to EUR 4.4 million in the same period last year.
*The Company's cash position is composed of cash and cash equivalents.
Material events after September 30, 2010
On October 6, 2010, the Company announced that it had successfully raised EUR 14.3 million, before expenses, through an issue of 8.4 million new ordinary shares, which were placed at a price of EUR 1.70 per share, with investors and management. Following this issue and net of expenses, AMT would have had pro forma cash at 30 September 2010 amounting to EUR 23.2 million and 23,504,022 shares in issue. As a consequence of the issue, and in accordance with its terms, the conversion price of the convertible loan stock issued in December 2009 was reduced from EUR 3.91 per share to EUR 3.69 per share.
About Amsterdam Molecular Therapeutics
AMT is a leader in the development of human gene based therapies. Using adeno-associated viral (AAV) derived vectors 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 proprietary platform 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, Duchenne Muscular Dystrophy, Acute Intermittent Porphyria, and Parkinson's Disease at different stages of research or development. AMT was founded in 1998 and is based in Amsterdam.
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 AMT 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. AMT expressly disclaims any intent or obligation to update any forward-looking statements herein except as required by law.
SOURCE Amsterdam Molecular Therapeutics B.V