Announcement no. 4/2008
To the OMX Nordic Exchange
Copenhagen, March 12, 2008
Annual Report Announcement 2007
Summary: The Board of Directors of Curalogic A/S today adopted the annual
report for 2007. The results were in line with the Company's expectations, if
the costs recognized for the termination of activities are disregarded.
Curalogic upgrades its forecast for 2008 to a loss of approximately DKK 6
million for the 2008 financial year. Curalogic's cash resources are expected to
be approximately DKK 276 million at the end of 2008.
The Board of Directors of Curalogic A/S today adopted the annual report for the
period January 1, 2007 to December 31, 2007.
In the enclosed annual report, the financial highlights for the past four years
are on page 6 and the highlights of 2007 and significant events after the
balance sheet date are on page 7.
Curalogic posted a larger loss in 2007 than projected in November 2007, but
this was solely due to the fact that a number of costs in connection with the
termination of the oral immunotherapy projects, a total of DKK 22 million, were
recognized in 2007. The loss for 2007 was DKK 204 million as compared with the
Company's expectations of DKK 180 - 190 million.
Upgraded Outlook for 2008
In the 2008 financial year, Curalogic expects to incur operating costs of
approximately DKK 19 million. To this should be added expected interest income
of approximately DKK 13 million. Curalogic expects to incur a total loss of
approximately DKK 6 million in 2008. Curalogic's cash resources as of December
31, 2008 are expected to be approximately 276 million.
This outlook will be affected if we find new development projects during the
2008 financial year.
This represents an upgrade of the expectations of both the loss for 2008 by
approximately DKK 9 million and of cash resources at year-end 2008 by
approximately DKK 19 million as compared with our announcement of 21 January
2008. The expectations are upgraded because management's earlier estimate of
costs relating to the termination of the company's development activities has
turned out to be too conservative.
Printed Version of the Annual Report for 2007
The printed version of the annual report will be sent to Curalogic's registered
shareholders, if they wish to receive it, together with the admission card for
the annual general meeting, which will be held on April 21, 2007. Any other
parties interested in receiving the printed version should request it from
Curalogic.
Yours sincerely,
Curalogic A/S
For additional information, please contact:
Peter Moldt, President and CEO, Phone +45 99 99 24 00, mobile +45 26 25 04 22
Helle Busck Fensvig, EVP and CFO, Phone +45 99 99 24 00, mobile +45 20 70 55 37
About Curalogic
Curalogic is a Danish biopharmaceutical company listed on the OMX Nordic
Exchange Copenhagen (CUR.CO) as a SmallCap+ company. Curalogic has ample cash
resources and has demonstrated its ability to conduct complex clinical studies
with a small group of development experts. Curalogic has initiated a search
process to identify development projects offering an attractive risk profile.
Curalogic expects to conclude an agreement during 2008 that will secure future
clinical development projects for the Company.
This announcement contains forward-looking statements regarding the Company's
future financial development and performance and other statements which are not
historical facts. Such statements are made on the basis of assumptions and
expectations which, to the best of the Company's knowledge and belief, are
reasonable, at this time, but may prove to be erroneous in the future.
