Transgene : Cash Position and Net Cash Expenditures as of September 30, 2005
19 Octubre 2005 - 1:00AM
PR Newswire (US)
STRASBOURG, France, October 19 /PRNewswire-FirstCall/ -- Transgene
(Eurolist Paris: FR0005175080) announces its cash position and net
cash expenditures for the nine months ending September 30, 2005
(unaudited figures, IAS/IFRS). Cash, cash equivalents and short
term investments totaled EUR 31.5 million (US$ 37.9 million) at
September 30, 2005. In July 2005, the company raised net proceeds
of EUR 32.6 million (US$ 39.3 million) through a successful capital
increase in Europe. The net cash expenditures, excluding the effect
of the July 2005 follow-on offering, amounted to EUR 5.2 million
(US$ 6.3 million) for the third quarter of 2005, compared to EUR
4.8 million (US$ 5.8 million) in the third quarter of 2004. The net
cash expenditures for the first nine months of 2005, excluding the
July 2005 follow-on offering, amounted to EUR 15.3 million (US$
18.4 million) compared to EUR 14.9 million (US$ 17.9 million) in
the same period of 2004. The refinancing of July 2005 will enable
Transgene to advance its clinical projects which include : - TG
4010 (MVA-MUC1-IL2) : the start, by the end of 2005, of the
140-patient controlled, randomized Phase IIb trial to treat
non-small cell lung cancer (NSCLC); - TG 4001 (MVA-HPV-IL2) :
patient enrolment in the Phase II trial has been completed in
patients with Cervical Intraepithelial Neoplasia (CIN2/3); - TG
1042 (Ad-IFNy) : final Phase I/II clinical results are expected by
the end of 2005 in cutaneous lymphoma. Recent highlights : On July
21, 2005, Transgene announced that Merck & Co., Inc. had met a
clinical development milestone for a vaccine candidate constructed
with Transgene's proprietary homologous recombination technology.
This technology enables the highly efficient and rapid generation
of recombinant viral vectors, in particular adenovirus vectors,
which can be used in a broad range of applications, including
recombinant vaccines and in vitro diagnostics. On October 13, 2005,
Transgene announced it had signed a manufacturing agreement with
Innogenetics, a biotechnology company located in Gent, Belgium, to
produce Innogenetics' clinical-grade Hepatitis B therapeutic
vaccine candidate. Transgene will be paid a fixed total amount,
with installments made at specified times over the life of the
contract. For further information on these deals please see
Transgene's web site: http://www.transgene.fr/ Note: The official
financial information of Transgene is stated in Euros. The
financial information expressed in US$ is translated solely for the
convenience of the reader at EUR 1.00 = $ 1.2042, the rate of the
Central European Bank on September 30, 2005. About Transgene
Transgene is a France-based biopharmaceutical company dedicated to
the development of therapeutic vaccines and immunotherapeutic
products in oncology and infectious diseases. The company has three
compounds in Phase II trials and one compound in Phase I study.
Transgene has bio-manufacturing capacities for the production of
viral-based vectors and technologies available for out-licensing.
For further information about Transgene, please visit
http://www.transgene.fr/ This press release contains
forward-looking statements regarding Transgene's clinical
development plans and its manufacturing activities to be performed
under contract. These statements are based on Transgene's current
expectations and beliefs. However, the clinical development of
Transgene's products is subject to numerous risks and
uncertainties, including the suspension or delay of regulatory
approvals for product testing, Furthermore, it is not certain that
any of the products which Transgene is developing will ever
demonstrate adequate therapeutic efficacy or achieve commercial
use. Also, as is the case with the production of any highly
advanced biopharmaceutical products, technical difficulties may
arise which cause delays in production or unanticipated costs.
Actual results may therefore be less favorable than anticipated.
For a description of the risks facing Transgene, see Transgene's
Annual Report on Form 20-F and its other reports on file with the
U.S. Securities and Exchange Commission. DATASOURCE: Transgene
CONTACT: Contacts: Transgene, Philippe Poncet, CFO,
+33-3-88-27-91-21 Capital MS&L, Shaun Brown, Mary Clark,
+44-(0)20-7307-5330
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