BASEL, Switzerland, Aug. 25, 2004 (PRIMEZONE) -- Basilea Pharmaceutica AG reported today its Interim Results for the first-half of 2004 that include funds raised in the company's Initial Public Offering (IPO). Combined cash and short-term investments increased to CHF 242.2 million compared to CHF 75.5 million (31 Dec 2003), based on IPO proceeds. Preparation of phase III programs for BAL5788, BAL4079 and phase II program for BAL8557 resulted in operating cash-out of CHF 25.8 million in the first-half of 2004 compared to CHF 23.7 million in the first-half of 2003.
"The half-year financials announced today clearly demonstrate that we are in a strong financial position to leverage our development pipeline. Phase III programs for BAL5788, our first-in-class broad-spectrum anti-MRSA cephalosporin, and BAL4079, our novel retinoid for refractory chronic hand dermatitis, continue to advance," commented Dr. Anthony Man, Basilea CEO.
Key Figures in CHF (millions)
1H 2004 1H 2003 % Change
Cashflow from Operating Activities (25.8) (23.7) 9.0
Expenses
Research & Development (28.5) (24.9) 14.3
General & Administrative (3.3) (3.0) 10.1
Operating Loss (31.6) (27.6) 14.4
Net Loss (31.5) (27.2) 15.9
Basic and Diluted Loss per Share (4.91) (5.40) (9.1)
in CHF
Unaudited consolidated figures in conformity with US GAAP
About Basilea
Basilea Pharmaceutica AG (BSLN) is an independent biopharmaceutical company headquartered in Basel, Switzerland that is actively engaged in the discovery and development of innovative medicines for the treatment of unmet medical needs.
The company's fully integrated research and development operations are currently focused on new anti-bacterials and anti-fungals to fight drug resistance, and dermatology drugs. Basilea was founded in October 2000 with significant resources to discover, develop and bring innovative medicines to market. Basilea is listed on the SWX Swiss Exchange.
Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning Basilea Pharmaceutica AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Basilea Pharmaceutica AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Basilea Pharmaceutica AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. For further information, please contact the following:
Contact
General Information Investor Relations
information@basilea.com Sean Wells
investor_relations@basilea.com
Basilea Pharmaceutica AG
Corporate Information
P.O. Box CH-4005
Basel
Switzerland
Basilea Pharmaceutica AG hereby informs its shareholders and market participants that its Interim Report as of June 30, 2004 is available on the Internet (www.basilea.com) and can be consulted at, or ordered from the registered offices of Basilea Pharmaceutica AG, Basilea Pharmaceutica AG, Grenzacherstrasse 487, CH-4058, Basel, Switzerland.
The press release including tables can be downloaded from the following link: http://hugin.info/134390/R/957976/137469.pdf