Due to cash inflow resulting from business deals, the net cash burn for the quarter was EUR 1.5 million. Crucell ended the third quarter with Euro 123.3 million in cash (US$ 113.1 million).

The pro forma loss amounted to EUR 3.1 million (US$ 2.9 million), or EUR 0.09 per share (US$ 0.08), compared to EUR 2.5 million (US$ 2.3 million) for the same period in 2000, or EUR 0.09 per share (US$ 0.08).

The pro forma results exclude a non-cash charge of EUR 2.5 million (US$ 2.3 million) for amortisation of goodwill and other intangible assets, as well as a non-cash charge relating to stock option plans of EUR 0.3 million (US$ 0.3 million).

Including non-cash charges, the total loss for the third quarter was EUR 6.0 million (US$ 5.5 million), or EUR 0.17 net loss per share (US$ 0.16) compared with a net loss of EUR 20.7 million (US$ 19.0 million) for the third quarter of 2000, or EUR 0.77 per share (US$ 0.71).

In the third quarter, Crucell delivered on its earlier promise of a major antibody deal with the deal in August with Centocor Inc. for the development and commercialisation of Crucell's CD46-specific human antibodies for the treatment of cancer. Centocor, a Johnson & Johnson company, will be responsible for worldwide development and manufacturing. Crucell has retained exclusive commercialization rights for the European Union and may purchase the CD46-specific antibodies manufactured by Centocor. Centocor will pay Crucell upfront, annual and milestone fees until product launch and royalties afterwards.

Commenting on the results CEO Dinko Valerio said the results underline the success of Crucell's strategy to generate revenue and upside while avoiding the risk of costly clinical trials. "It clearly pays off to spread the risk associated with biotech R&D. This allows us to focus on our strength, the development of new technologies and the discovery of new drug targets and products. The collaboration with Centocor for our CD46 antibodies clearly illustrates the power of that strategy: we will have our own product in Europe, but development will be done and paid for by Centocor."

In August, Crucell was also awarded a US Patent for its MAbstract(TM) technology, which lay at the core of the discovery of the CD-46-specific antibody and four other antibodies. The patent covers the procedure to rapidly obtain known and novel surface targets on disease-associated cells.

Valerio also added that the recent appointment of HIV-specialist Professor Jaap Goudsmit as VP Vaccine Research and the renowned immunologist Professor Ada Kruisbeek as Senior Vice President Head of Oncology and Inflammatory Diseases, indicates Crucell's cutting-edge research continues to attract talent.

Goudsmit, who will head Crucell's vaccine research, was chairman of the Research Institute for Infectious Diseases and the Institute for Science Education of the Academic Medical Center at the University of Amsterdam. He was also co-founder of the International AIDS Vaccine Initiative and EuroVac, the European Union AIDS vaccine effort to bring promising vaccine concepts to human testing.

Professor Kruisbeek, who will lead Crucell's antibody research, worked for the past 10 years at the Netherlands Cancer Institute in Amsterdam, most recently as laboratory research co-ordinator for all research divisions. Between 1978 and 1991 she worked at the National Institute of Health (NIH), Bethesda, Maryland, USA, in various senior positions. She is a Professor of molecular immunology at the Free University of Amsterdam.

Judith Heikoop was furthermore appointed as Director of Business Development to further commercialise of Crucell's human cell line expression platform, PER.C6(TM), as a production platform for human antibodies and therapeutic proteins. Mrs. Heikoop, who holds a Ph.D. in Biochemistry, worked for McKinsey & Co and as a research scientist for N.V. Organon (AKZO Nobel), in The Netherlands.

About Crucell
Crucell, a leading biotechnology company, discovers and develops biopharmaceutical products that utilize the immune system to combat disease. Crucell's human technology platforms, MAbstract(TM) and PER.C6(TM), are applicable for discovery and development of antibody and vaccine products.
Crucell's MAbstract(TM) discovery and development programs are focused on human antibody-based therapeutics for treatment of cancer and inflammatory diseases. Crucell's vaccine programs are focused on the prevention and treatment of influenza and other infectious diseases. Crucell enters into licensing or co-development agreements for its in-house products, or starts new target discovery and product development programs with partners.
Currently, Crucell has five fully human antibodies in various stages of pre-clinical development for the treatment of colon cancer, breast cancer, anti-angiogenesis, leukemia and inflammation. Additional programs have been launched in oncology, diabetes and cardiovascular diseases. In August 2001, the company entered into an agreement with Centocor, Inc., for the development and commercialization of its CD46-specific human antibodies for the treatment of cancer.
Crucell's PER.C6(TM) fully human production cell line technologies are made available under license agreements for antibodies, proteins, vaccines and vector technology applications. Crucell has currently signed 18 PER.C6(TM) agreements with major pharmaceutical and biotechnology companies.
Crucell has a listing on NASDAQ and Euronext, and has raised EUR 144 million in its October 2000 IPO. Crucell currently employs approximately 140 people in its facilities in Leiden and Utrecht.

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