Veloxis Pharmaceuticals announces financial results for the first half 2012, anticipated financing, revised EU regulatory filing
Veloxis Pharmaceuticals announces financial results for the first half 2012,
anticipated financing, revised EU regulatory filing strategy and revised
outlook for 2012. Phase III activities for LCP-Tacro™ progressing according to
plan.
PR Newswire
HORSHOLM, Denmark, Aug. 22, 2012
HORSHOLM, Denmark, Aug. 22, 2012 /PRNewswire/ --
Highlights:
o Veloxis development activities for LCP-Tacro™ are proceeding in line with
expectations. Enrollment has been completed in the pivotal LCP-Tacro 3002
Phase III study in de novo kidney transplant patients. The LCP-Tacro 3002
study is designed to demonstrate non-inferiority versus standard therapy
Prograf® and 543 patients have been randomized at approximately 90
clinical sites around the world. Results are expected mid-2013.
o Veloxis STRATO Study of LCP-Tacro™ in Kidney Transplant Recipients
Experiencing Tremors is progressing according to plan. The study is
designed to explore whether a conversion of patients who have symptomatic
tremor from treatment with standard immediate release twice-daily
tacrolimus capsules to extended release once-daily LCP-Tacro™ tablets
leads to a measurable improvement in tremor.
o The Company has met with EMA representatives to discuss the MAA filing for
LCP-Tacro™ and have agreed to defer filing to 2013.
o Veloxis is announcing its intent to obtain further financing through a
rights issue, anticipated to be launched in the fourth quarter of 2012, to
raise gross proceeds of approximately DKK 425 million. The Company's two
largest shareholders, Lundbeckfond Invest A/S and Novo A/S, have expressed
their intention to support the financing. Based on the support expressed
by the major shareholders the Company expects that the share price of the
offering will be no less than DKK 0.35.
o The Company intends in late August to call an EGM for September to approve
the proposed financing. Detailed information to shareholders will be
included in the notice convening the EGM in late August.
o Veloxis reported a net loss of DKK 160.6 million for the first half of
2012 compared to a net loss of DKK 141.2 million for the same period in
2011. Veloxis announces revised outlook for 2012.
o For the first half of 2012, Veloxis' research and development costs
amounted to DKK 119.5 million compared to DKK 117.2 million during the
same period in 2011.
o On 30 June, 2012, Veloxis had cash and cash equivalents of DKK 152.7
million.
Outlook for 2012
Veloxis changes its 2012 outlook from previously announced DKK 220 - 250 to
DKK 240 – 270 million in operating loss due to restructuring cost incurred in
the second quarter of 2012. The Company's cash and cash equivalents position
as at 31 December, 2012 is maintained as announced in the annual report for
2011, and is expected to be in the range of DKK 40–80 million. The outlook is
without giving the effect to the planned financing anticipated during the
fourth quarter 2012.
Financial calendar for 2013
6 March, 2013: Release of Annual Report 2012.
17 April, 2013: Annual General Meeting.
15 May, 2013: Interim Report for the 1st Quarter – for
the period 1 January to 31 March, 2013.
21 August, 2013: Interim Report for the 2nd Quarter – for
the period 1 January to 30 June, 2013.
Interim Report for the 3rd Quarter – for
13 November, 2013: the period 1 January to 30 September,
2013.
Conference call
A conference call will be held tomorrow, 23 August, 2012 at 8:00 AM CET
(Denmark); 7:00 AM GMT (London).
To access the live conference call, please dial one of the following numbers:
+45 32 72 76 25 (Denmark)
+44 (0) 1452 555 566 (UK)
+1 631 510 7498 (USA)
Access code 21465742
Following the conference call, a recording will be available on the company's
website http://www.veloxis.com.
This company announcement does not constitute an offer to sell or the
solicitation of an offer to buy, any securities. No offer or sale of any
securities will be made in any jurisdiction in which such offer, solicitation
or sale would be unlawful. Any securities to be offered have not been and will
not be registered under the U.S. Securities Act of 1933, as amended (the "US
Securities Act"), or any applicable securities laws of any state of the United
States, and may not be offered or sold in the United States absent such
registration or an applicable exemption from such registration requirements.
If the proposed rights issue is consummated, any preemptive rights and/or
offer shares will be offered in the United States solely to Qualified
Institutional Buyers in reliance on Rule 144A under the US Securities Act, and
outside the United States in offshore transactions in reliance on Regulation S
under the US Securities Act.
Research & development update
LCP-Tacro™ in kidney transplant patients
Veloxis has completed one Phase III study and has commenced a second Phase III
study of LCP-Tacro™ in kidney transplant recipients as the basis for its
development programme for LCP-Tacro™ as a once-daily agent for the prophylaxis
of organ rejection in kidney transplantation. The first of these studies, the
3001 Study was a non-inferiority study performed in 326 stable kidney
transplant recipients, and was successfully completed in 2011, meeting its
primary efficacy and safety endpoints when compared to Prograf® (tacrolimus,
Astellas Pharma Inc.). The second study, Study 3002 is being undertaken in de
novo kidney transplant recipients. This study is a randomized, double-blind,
multicenter study that compares once-daily LCP-Tacro™ against twice-daily
Prograf® in de novo adult kidney transplant patients. The primary endpoint of
the study, a composite endpoint (biopsy proven acute rejection, graft failure,
loss to follow up or death), will be evaluated after a 12-month treatment
period to demonstrate the non-inferiority of LCP-Tacro™ compared to Prograf®.
Secondary endpoints will include safety, tolerability and renal function
assessments. The study completed enrollment in March 2012 of 543 subjects at
approximately 90 transplant centers, primarily in the U.S and Europe. Results
from this study are expected mid-2013. Patients will participate in a 12-month
extension period on treatment for follow-up safety assessments.
In addition to the pivotal Phase III studies, Veloxis is planning a series of
Phase IIIb/IV studies to further evaluate potential differences in clinical
profile provided by LCP-Tacro's unique PK profile. The first study initiated
is the STRATO (Switching kidney TRAnsplant patients with Tremor to LCP-tacrO)
study of LCP-Tacro™ in kidney transplant recipients experiencing drug-induced
tremors. The STRATO study is designed to explore whether a conversion of
patients who have symptomatic tremor from treatment with standard immediate
release twice-daily tacrolimus capsules to extended release once-daily
LCP-Tacro™ tablets leads to a measurable improvement in tremor.
LCP-Tacro™ Regulatory Strategy
The Company has met with EMA (European Medicines Agency) representatives to
discuss the MAA (Marketing Authorization Application) filing for LCP-Tacro™
for the prophylaxis of organ rejection and based on these discussions the
company has decided to defer filing to 2013. The revised timing will enable
the Company to submit requested manufacturing data to the EMA in the initial
MAA. These data have now been generated. The Company will seek EMA
rapporteur advice to discuss the optimal timing for regulatory submission
including consideration of timing the MAA submission relative to the
availability of the 3002 de novo study data. The U.S. submission to the FDA
(Food and Drug Administration) is planned for the second half of 2013.
Financing
The Board of Directors intends to proceed with an equity financing to support
the Company through LCP-Tacro™ regulatory submissions, the estimated one-year
regulatory review periods, and initial product launch in the US. In this
regard, the Company will propose raising gross proceeds of approximately DKK
425 million through a rights issue. Lundbeckfond Invest A/S and Novo A/S, the
Company's two largest shareholders have each expressed their intent to
subscribe for their pro-rata amount of the financing and, beyond this, have
expressed their intention to subscribe any unsubscribed portion. The two
major shareholders have indicated that they will support a share price which
is no less than DKK 0.35 for the rights offering. The Company will in late
August call an EGM for September and request authorization to issue up to
approximately 1,350,000,000 new Company shares, at the discretion of the
Board.
Financial
Highlights
YTD YTD Q2 Q2 Year
2012 2011 2012 2011 2011
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Income Statement
Revenue - - - - -
Research and (119,487) (117,212) (56,639) (64,951) (222,053)
development costs
Administrative (19,693) (23,861) (9,462) (12,137) (47,814)
expenses
Operating loss
before (139,180) (141,073) (66,101) (77,088) (269,867)
restructuring cost
Restructuring cost (21,462) - (21,462) - -
Operating loss (160,642) (141,073) (87,563) (77,088) (269,867)
Net financial
income / 459 158 2,051 2,008 16,048
(expenses)
Loss before tax (160,183) (140,915) (85,512) (75,080) (253,819)
Tax for the period (448) (300) (130) (300) 1,193
Net loss for the (160,631) (141,215) (85,642) (75,380) (252,626)
period
Balance Sheet
Cash and cash 152,720 402,213 152,720 402,213 297,727
equivalents
Total assets 167,799 426,860 167,799 426,860 320,927
Share capital 45,254 452,543 45,254 452,543 452,543
Total equity 98,968 363,606 98,968 363,606 255,900
Investment in
property, plant 217 1,256 126 635 2,981
and equipment
Cash Flow
Statement
Cash flow from
operating (142,764) (122,017) (62,400) (56,621) (234,637)
activities
Cash flow from
investing 53,607 (221,757) 24,174 77,845 (169,778)
activities
Cash flow from
financing (2,395) (2,832) (1,085) (1,426) (5,948)
activities
Cash and cash
equivalents at 152,720 402,213 152,720 402,213 297,727
period end
Financial Ratios
Basic and diluted (0.35) (0.31) (0.19) (0.17) (0.56)
EPS
Weighted average 452,542,480 452,542,480 452,542,480 452,542,480 452,542,480
number of shares
Average number of 55 53 55 52 52
employees (FTEs)
Assets/equity 1.70 1.17 1.70 1.17 1.25
The interim report is unaudited.
Revenue
For the first half of 2012 Veloxis had no revenue as in the same period of
2011.
Research and development costs
For the first half of 2012, Veloxis' research and development costs amounted
to DKK 119.5 million compared to DKK 117.2 million during the same period in
2011. Research and development costs are mainly attributable to the ongoing
phase III trial in LCP-Tacro™ (de novo patients, Study 3002).
Administrative expenses
For the first half of 2012, Veloxis' administrative cost amounted to DKK 19.7
million compared to DKK 23.9 million during the same period in 2011.
Restructuring cost
Restructuring cost includes salary payments to former employees in connection
with the reduction in headcount effected in May 2012 and a write-down of
laboratory equipment and laboratory improvements due to the discontinuation of
pipeline activities not related to LCP-Tacro™.
Compensation costs
For the first half of 2012, a total of DKK 3.5 million was recognized as
share-based compensation. The cost is included in R&D and G&A. The comparable
cost for 2011 was DKK 6.3 million.
In the second quarter of 2012, a total of 2,137,916 warrants have been
cancelled.
As of 30 June, 2012, there were a total of 27,638,230 warrants outstanding at
an average strike price of DKK 3.2. Members of the Board of Directors held
474,735 warrants at an average strike price of DKK 6.0. Members of the
Executive Management held 8,914,466 warrants at an average strike price of DKK
1.6, while other current and former employees held 18,249,029 warrants at an
average strike price of DKK 3.9.
Please refer to Veloxis' latest annual report for additional details on the
Company's warrant programs.
Operating loss
Veloxis' operating loss for the first half of 2012 was DKK 160.6 million
compared to DKK 141.1 million in the corresponding period of 2011.
Financial income
During the first half of 2012, the Company recognized net financial income of
DKK 0.5 million compared to net financial income of DKK 0.2 million in the
corresponding period of 2011. The gain is mainly attributable to interest and
gains on investment bonds.
Net loss
Veloxis' net loss for the first half of 2012 was DKK 160.6 million compared to
DKK 141.2 million in the corresponding period of 2011.
Cash flow
As at 30 June, 2012, the balance sheet reflects cash and cash equivalents of
DKK 152.7 million compared to DKK 297.7 million as at 31 December, 2011. This
represents a decrease of DKK 145.0 million primarily reflecting the Company's
operating activities for the period.
Balance sheet
As per 30 June, 2012, total assets were DKK 167.8 million compared to DKK
320.9 million at the end of 2011.
Shareholders' equity equalled DKK 99.0 million as of 30 June, 2012, compared
to DKK 255.9 million at the end of 2011.
As approved at the annual general meeting on 18 April 2012 the company's share
capital was decreased by nominally DKK 407,288,232 from nominally DKK
452,542,480 to nominally DKK 45,254,248, and the per share nominal value was
reduced from DKK 1.00 to DKK 0.10.
Financial review
Veloxis reports its financial statements in Danish Kroner (DKK), which is the
functional currency of the Company and the group. Solely for the convenience
of the reader, this Interim Report contains a conversion of certain DKK
amounts into Euro (EUR) at a specified rate. These converted amounts should
not be construed as representations that the DKK amounts actually represent
such EUR amounts or could be converted into EUR at the rate indicated or at
any other rate. Unless otherwise indicated, conversion herein of financial
information into EUR has been made using the Danish Central Bank's spot rate
on 30 June, 2012, which was EUR 1.00 = DKK 7.4334.
For more information, please contact:
Bill John D. Johnny Stilou
Polvino Weinberg
President & EVP, Chief Commercial EVP, Chief
CEO Officer Financial
Officer
Mobile: +1 917 647 9107 Mobile: +1 908 302 Mobile: +45 21
3389 227 227
Email: jdw@veloxis.com Email:
Email: wjp@veloxis.com jst@veloxis.com
The forward looking statements and targets contained herein are based on the
current view and assumptions of the Executive Management and the Board of
Directors of Veloxis Pharmaceuticals A/S. Such statements involve known and
unknown risks and uncertainties that may cause actual results, performance or
events to differ materially from those anticipated herein. Veloxis
Pharmaceuticals A/S expressly disclaim any obligation or undertaking to update
or revise any forward looking statements, targets or estimates contained in
this interim report to reflect any change in events, conditions, assumptions,
or circulations on which any such statements are based unless required by
applicable law.
About LCP‐Tacro™ and tacrolimus
Tacrolimus is a leading immunosuppression drug used for the prevention of
transplant allograft rejection after organ transplantation. LCP‐Tacro™ is
being developed as a once‐daily tablet version of tacrolimus, with improved
bioavailability, consistent pharmacokinetic performance and reduced
peak‐to‐trough variability when compared to currently approved tacrolimus
products. Transplant patients need to maintain a minimum blood level of
tacrolimus for the prevention of transplant allograft rejection, but excessive
levels may increase the risk of serious side effects such as nephrotoxicity,
tremor, diabetes, high blood pressure, and opportunistic infections.
Therefore, tacrolimus levels need to be managed carefully, and transplant
patients are typically obliged to make frequent visits to the hospital for
monitoring and dose adjustments after receiving a new organ.
About Veloxis Pharmaceuticals
Based in Horsholm, Denmark, with a subsidiary in New Jersey. Veloxis is a
speciality pharmaceutical company currently focused on the development of
LCP-Tacro™ for the prevention of organ rejection in kidney transplant
patients. Veloxis' unique, patented delivery technology, MeltDose®, can
improve absorption and bioavailability at low‐scale up costs.. Veloxis is
listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO.
For further information, please visit http://www.veloxis.com.
Executive Management's and the Board of Directors' Statement on the Interim
Report
The Executive Management and the Board of Directors have considered and
adopted the Interim Report of Veloxis Pharmaceuticals A/S.
The Interim Report is prepared in accordance with International Accounting
Standard No. 34 (IAS 34), "Interim Financial Reporting" and additional Danish
disclosure requirements for financial reporting of listed companies.
We consider the applied accounting policies to be appropriate and, in our
opinion, the Interim Report gives a true and fair view of the assets and
liabilities, financial position, results of the operation and cash flow of the
group for the period under review. Furthermore, in our opinion the management
review includes a fair review of the development and performance of the
business and the financial position of the group, together with a description
of the material risks and uncertainties the group faces.
Horsholm, 22 August, 2012
Executive Management
Dr. William J. Polvino JohnnyStilou
President & CEO Executive Vice
President & CFO
Board of Directors
Kim Bjornstrup Thomas Dyrberg Kurt Anker
Nielsen
(Chairman) (Deputy Chairman)
Anders Gotzsche Mette Kirstine Agger Ed Penhoet
Financial
Highlights
Quarterly
Numbers in DKK
Q2 Q1 Q4 Q3 Q2 Q1
2012 2012 2011 2011 2011 2011
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Income
Statement
Revenue - - - - - -
Research and
development (56,639) (62,848) (61,763) (43,079) (64,951) (52,261)
costs
Administrative (9,462) (10,231) (11,385) (12,568) (12,137) (11,724)
expenses
Operating loss
before (66,101) (73,079) (73,148) (55,647) (77,088) (63,985)
restructuring
cost
Restructuring (21,462) - - - - -
cost
Operating loss (87,563) (73,079) (73,148) (55,647) (77,088) (63,985)
Net financial
income / 2,051 (1,592) 4,528 11,363 2,008 (1,850)
(expenses)
Loss before (85,512) (74,671) (68,620) (44,284) (75,080) (65,835)
tax
Tax for the (130) (318) 373 1,120 (300) -
period
Net loss for (85,642) (74,989) (68,247) (43,164) (75,380) (65,835)
the period
Balance Sheet
Cash and cash 152,720 213,786 297,727 348,252 402,213 462,319
equivalents
Total assets 167,799 235,187 320,927 370,865 426,860 490,578
Share capital 45,254 452,543 452,543 452,543 452,543 452,543
Total equity 98,968 182,545 255,900 322,516 363,606 436,200
Investment in
property, 126 91 1,123 602 635 621
plant and
equipment
Cash Flow
Statement
Cash flow from
operating (62,400) (80,364) (52,139) (60,481) (56,621) (65,396)
activities
Cash flow from
investing 24,174 29,433 26,101 25,878 77,845 (299,602)
activities
Cash flow from
financing (1,085) (1,310) (1,670) (1,445) (1,426) (1,407)
activities
Cash and cash
equivalents at 152,720 213,786 297,727 348,252 402,213 462,319
period end
Financial
Ratios
Basic and (0.19) (0.17) (0.15) (0.10) (0.17) (0.15)
diluted EPS
Weighted
average number 452,542,480 452,542,480 452,542,480 452,542,480 452,542,480 452,542,480
of shares
Average number
of employees 55 55 51 51 52 54
(FTEs)
Assets/equity 1.70 1.29 1.25 1.15 1.17 1.12
Financial
Highlights
Quarterly
Numbers in EUR
Q2 Q1 Q4 Q3 Q2 Q1
2012 2012 2011 2011 2011 2011
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Income
Statement
Revenue - - - - - -
Research and
development (7,620) (8,455) (8,309) (5,795) (8,738) (7,031)
costs
Administrative (1,273) (1,376) (1,531) (1,691) (1,632) (1,577)
expenses
Operating loss
before (8,893) (9,831) (9,840) (7,486) (10,370) (8,608)
restructuring
cost
Restructuring (2,887) - - - - -
cost
Operating loss (11,780) (9,831) (9,840) (7,486) (10,370) (8,608)
Net financial
income / 276 (214) 609 1,529 270 (249)
(expenses)
Loss before (11,504) (10,045) (9,231) (5,957) (10,100) (8,857)
tax
Tax for the (17) (43) 50 150 (41) -
period
Net loss for (11,521) (10,088) (9,181) (5,807) (10,141) (8,857)
the period
Balance Sheet
Cash and cash 20,545 28,760 40,053 46,850 54,109 62,195
equivalents
Total assets 22,574 31,639 43,174 49,892 57,425 65,996
Share capital 6,088 60,880 60,880 60,880 60,880 60,880
Total equity 13,314 24,557 34,426 43,387 48,915 58,681
Investment in
property, 17 12 151 81 85 84
plant and
equipment
Cash Flow
Statement
Cash flow from
operating (8,395) (10,811) (7,014) (8,136) (7,617) (8,798)
activities
Cash flow from
investing 3,252 3,960 3,511 3,481 10,472 (40,305)
activities
Cash flow from
financing (146) (176) (225) (194) (192) (189)
activities
Cash and cash
equivalents at 20,545 28,760 40,053 46,850 54,109 62,195
period end
Financial
Ratios
Basic and (0.03) (0.02) (0.02) (0.01) (0.02) (0.02)
diluted EPS
Weighted
average number 452,542,480 452,542,480 452,542,480 452,542,480 452,542,480 452,542,480
of shares
Average number
of employees 55 55 51 51 52 54
(FTEs)
Assets/equity 1.70 1.29 1.25 1.15 1.17 1.12
Income statement and statement of comprehensive income
Income Statement Consolidated
(DKK'000) YTD YTD Q2 Q2 Year
2012 2011 2012 2011 2011
Revenue - - - - -
Research and (119,487) (117,212) (56,639) (64,951) (222,053)
development costs
Administrative (19,693) (23,861) (9,462) (12,137) (47,814)
expenses
Operating loss
before (139,180) (141,073) (66,101) (77,088) (269,867)
restructuring cost
Restructuring cost (21,462) - (21,462) - -
Operating loss (160,642) (141,073) (87,563) (77,088) (269,867)
Financial income 5,226 10,253 3,649 8,608 33,238
Financial expenses (4,767) (10,095) (1,598) (6,600) (17,190)
Loss before tax (160,183) (140,915) (85,512) (75,080) (253,819)
Tax for the period (448) (300) (130) (300) 1,193
Net loss for the (160,631) (141,215) (85,642) (75,380) (252,626)
period
Basic and diluted (0.35) (0.31) (0.19) (0.17) (0.56)
EPS
Weighted average 452,542,480 452,542,480 452,542,480 452,542,480 452,542,480
number of shares
Statements of
comprehensive Consolidated
income
(DKK'000) YTD YTD Q2 Q2 Year
2012 2011 2012 2011 2011
Net loss for the (160,631) (141,215) (85,642) (75,380) (252,626)
period
Other
comprehensive
income:
Currency
translation 248 307 173 37 (163)
differences
Other
comprehensive 248 307 173 37 (163)
income for the
period
Total
comprehensive (160,383) (140,908) (85,469) (75,343) (252,789)
income for the
period
Balance sheet
Assets Consolidated
(DKK'000) 30 June 30 June 31 Dec.
2012 2011 2011
Patent rights and software 2,469 2,120 2,563
Intangible assets 2,469 2,120 2,563
Property, plant and equipment 4,236 10,131 8,967
Leasehold improvements 200 4,937 3,880
Property, plant and equipment 4,436 15,068 12,847
Non-current assets 6,905 17,188 15,410
Other receivables 5,057 6,204 5,480
Prepayments 3,117 1,255 2,310
Receivables 8,174 7,459 7,790
Investment bonds 112,973 221,939 166,797
Cash 39,747 180,274 130,930
Cash and cash equivalents 152,720 402,213 297,727
Current assets 160,894 409,672 305,517
Assets 167,799 426,860 320,927
Balance sheet
Equity & Liabilities Consolidated
(DKK'000) 30 June 30 June 31 Dec.
2012 2011 2011
Share capital 45,254 452,543 452,543
Special reserve 407,289 - -
Translation reserves 2,179 2,401 1,931
Retained earnings/loss (355,754) (91,338) (198,574)
Equity 98,968 363,606 255,900
Finance lease 1,718 5,932 3,715
Non-current liabilities 1,718 5,932 3,715
Finance lease 4,214 5,510 4,612
Trade payables 19,614 21,244 28,263
Other payables 43,285 30,568 28,437
Current liabilities 67,113 57,322 61,312
Liabilities 68,831 63,254 65,027
Equity and liabilities 167,799 426,860 320,927
Cash flow statements
Cash Flow Statement Consolidated
(DKK'000) YTD YTD Q2 Q2 Year
2012 2011 2012 2011 2011
Operating loss (160,642) (141,073) (87,563) (77,088) (269,867)
Share-based payment 3,451 6,276 1,891 2,750 10,451
Depreciation and amortization 8,728 3,793 7,488 1,894 7,320
Changes in working capital 5,544 7,422 15,670 14,071 13,094
Cash flow from operating (142,919) (123,582) (62,514) (58,373) (239,002)
activities before interest
Interest received 962 3,344 480 2,298 5,418
Interest paid (359) (1,479) (237) (246) (2,246)
Corporate tax paid (448) (300) (129) (300) 1,193
Cash flow from operating (142,764) (122,017) (62,400) (56,621) (234,637)
activities
Purchase of property, plant (217) (1,256) (126) (635) (2,981)
and equipment
Investments in bonds (11,935) (377,668) (8,174) (1,637) (406,128)
Sale of bonds 65,759 155,729 32,474 78,737 239,331
Cash transfer to restricted - 1,438 - 1,380 -
security deposit
Cash flow from investing 53,607 (221,757) 24,174 77,845 (169,778)
activities
Installments on bank (2,395) (2,832) (1,085) (1,426) (5,948)
borrowings and finance lease
Cash flow from financing (2,395) (2,832) (1,085) (1,426) (5,948)
activities
Increase/(decrease) in cash (91,552) (346,606) (39,311) 19,798 (410,363)
Cash at beginning of period 130,930 530,081 76,513 161,902 531,519
Exchange gains/(losses) on 369 (3,201) 2,545 (1,426) 9,774
cash
Cash at end of period 39,747 180,274 39,747 180,274 130,930
Cash and cash equivalents at
end of period comprise:
Investment bonds 112,973 221,939 112,973 221,939 166,797
Deposit on demand and cash 39,747 180,274 39,747 180,274 130,930
152,720 402,213 152,720 402,213 297,727
Statement of changes in equity
Consolidated
Equity
Number of Share Share Special Translation Retained Total
Shares Capital Premium Reserves Reserves Earnings
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Equity as of
1 January 452,542,480 452,543 43,601 - 2,094 - 498,238
2011
Total
comprehensive 307 (141,215) (140,908)
income
Share-based 6,276 6,276
payment
Transfer of
retained (43,601) 43,601 -
earnings
Equity as of 452,542,480 452,543 - - 2,401 (91,338) 363,606
30 June 2011
Total
comprehensive (470) (111,411) (111,881)
income
Share-based 4,175 4,175
payment
Equity as of
31 December 452,542,480 452,543 - - 1,931 (198,574) 255,900
2011
Total
comprehensive 248 (160,631) (160,383)
income
Reduction of (407,289) 407,289 -
share capital
Share-based 3,451 3,451
payment
Equity as of 452,542,480 45,254 - 407,289 2,179 (355,754) 98,968
30 June 2012
Notes
1. Accounting policies
The interim report is prepared in compliance with International Accounting
Standard No. 34 (IAS 34), "Interim Financial Reporting" and in accordance with
the NASDAQ OMX Copenhagen's financial reporting requirements for listed
companies.
There have been no changes in accounting policies used for the interim report
compared to the accounting policies used in the preparation of Veloxis
Pharmaceuticals' annual report for 2011.
The income statement presents expenses by function and a new subtotal
"Operating loss before restructuring costs" which exclude restructuring costs.
This subtotal is considered relevant in understanding the financial
performance and outlook for 2012 of the group.
2. Accounting estimates
Impairment tests
In accordance with IAS 36, property, plant and equipment are tested for
impairment if there are indications of impairment. Due to the restructuring of
the organisation announced on 23 May 2012 Management has performed an
impairment test of the book value of property, plant and equipment primarily
consisting of leasehold improvements and laboratory equipment. According to
Veloxis' accounting policies regarding impairment tests a write-down is made
to the highest value of an estimated sales price or calculated net present
value. Leasehold improvements and certain laboratory equipment will no longer
be deployed by Veloxis due to the restructuring. It has been assessed that the
value in use and the estimated sales price amount to DKK 0 million. The book
value of laboratory equipment still being used by Veloxis as part of the
LCP-Tacro Phase III study is considered by management not to be impaired.
On basis of the impairment test a write-down was made on 30 June 2012 of DKK
6.1 million (30 June 2011: DKK 0 million).
SOURCE Veloxis Pharmaceuticals
Website: http://www.veloxis.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement
Rate this Page