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Leiden, The Netherlands, July 15, 2002 - Dutch antibody and vaccine company Crucell N.V. (Euronext, NASDAQ: CRXL) today announced its financial results for the second quarter 2002. During the second quarter 2002, Crucell's revenues increased by 131% over the same quarter last year. Crucell's revenues for the first half year 2002 are EUR 5.0 million (US$ 5.0 million), a 133% increase over the same period last year. The net loss decreased 14% to EUR 6.1 million (US$ 6.1 million). Pro forma results, which exclude non-cash charges for amortization of developed technology, amortization of goodwill and a charge relating to stock option compensation are provided, but will not be referred to in the text of this press release.
Highlights Second Quarter 2002
Rhein Biotech and Crucell signed a license agreement for the use of Crucell's PER.C6(TM) cell line for development and manufacturing of an improved Japanese Encephalitis vaccine;
Crucell partnered with the National Institutes of Health (NIH) to jointly develop a vaccine against Ebola fever. Crucell will manufacture the vaccine;
MedImmune selected Crucell's PER.C6(TM) cell line to support its Influenza vaccine research program.
Key Figures per Quarter
(EUR 000s, except per share data)
|
|
Q2 2002 |
% change |
Q2 2001 |
|
Revenues |
2,853 |
131% |
1,233 |
|
Net loss |
(6,144) |
(14%) |
(7,106) |
|
Net loss per share (basic and diluted) |
(0.17) |
(15%) |
(0.20) |
|
|
|
|
|
|
Cash and cash equivalents on June 30, 2002 and December 31, 2001 |
114,332 |
|
120,243 |
Details of the Financial Results
Revenues
Crucell's revenues for the second quarter 2002 were EUR 2.9 million (US$ 2.9 million), a 131% increase over the revenues of EUR 1.2 million (US $ 1.2 million) in the same quarter last year. License revenues increased to EUR 1.9 million (US$ 1.9 million), compared to EUR 0.7 million (US$ 0.7 million) in the second quarter 2001. Government grants and other revenues amounted to EUR 1.0 million (US$ 1.0 million). The increase in license revenues is mainly driven by new license agreements consummated during the quarter, including a non-exclusive license agreement with Rhein Biotech for the development and manufacturing of a Japanese Encephalitis vaccine, and an exclusive license agreement with MedImmune for the use of PER.C6(TM) to support its Influenza vaccine programs. In addition, EUR 0.5 million (US$ 0.5 million) of manufacturing fees were recognized as other revenues.
Results
The net loss for the second quarter was EUR 6.1 million (US$ 6.1 million), or EUR 0.17 net loss per share (US$ 0.17), compared to a net loss of EUR 7.1 million (US$ 7.0 million) for the second quarter of 2001, or EUR 0.20 per share (US$ 0.20).
Total R&D expenses in the second quarter 2002 increased to EUR 6.5 million (US$ 6.4 million), compared to EUR 5.3 million (US$ 5.2 million) in the second quarter 2001. Selling, general and administrative expenses for the second quarter 2002 increased to EUR 2.6 million (US$ 2.6 million), compared to EUR 2.0 million (US$ 2.0 million) for the same quarter in 2001.
Cash Flow and Cash Position
Total cash used in operations was EUR 9.3 million (US$ 9.2 million) in the first six months of 2002, compared to EUR 10.3 million (US$ 10.2 million) in the comparable period of 2001. The decrease in cash used in operations was primarily attributable to positive cash flow from changes in working capital, partially off-set by higher investment in research and development. Cash invested in plant and equipment was EUR 2.0 million (US$ 2.0 million), in line with the investment in the first six months of 2001. Financing activities for the six months ended June 30, 2002 relate primarily to sale leaseback transactions which generated proceeds of EUR 4.6 million (US$ 4.6 million).
The company's cash and cash equivalents amount to EUR 114.3 million (US$ 113.2 million) on June 30, 2002.
The average monthly cash burn rate in the first six months was EUR 0.99 million (US$ 0.98 million), compared to EUR 1.87 million (US$ 1.85 million) in the comparable period in 2001.
Outlook
The company raised capital at its IPO in October 2000 to fund its development needs. Crucell's revenues are related to specific contractual agreements and can therefore vary significantly from quarter to quarter. Crucell seeks to increase revenues from year to year. The company is expected to reach profitability once products are brought to market by licensees using Crucell's technology.
Note: Euros are translated at the June 30th exchange rate of 0.991 to US Dollars.
About Crucell
Crucell discovers and develops biopharmaceuticals that use the human immune system to combat cancer, infectious diseases and other conditions. Crucell leverages its patented technologies, MAbstract (TM), AdVac(TM), and PER.C6(TM), for discovery, development and production of antibodies and vaccines. Crucell offers its technologies to the pharmaceutical and biotechnology industry and also uses them to create its own product pipeline. Partners include Merck & Co. for the HIV vaccine, the National Institutes of Health (NIH) for the Ebola vaccine and Centocor, a Johnson & Johnson company, for the CD46 antibody for treatment of various types of cancer. In addition, Crucell has over 20 licensees for its PER.C6(TM) technology. These include Novartis, GSK, Aventis and Schering AG. With headquarters in Leiden, The Netherlands, the company currently employs 200 people. Crucell is listed on Euronext and NASDAQ (ticker symbol CRXL). For more information visit www.crucell.com.
This press release contains forward-looking statements that involve inherent risks and uncertainties. We have identified certain important factors that may cause actual results to differ materially from those contained in such forward-looking statements. For information relating to these factors please refer to our Form 20-F, as filed with the U.S. Securities and Exchange Commission on June 13, 2002, and the section entitled 'Risk Factors'. The company prepares its financial statements under generally accepted accounting principles in the United States.
To view the results section please click on the link to view the full formatted version of the article. Should you experience any difficulties please do not hesitate to contact Noonan Russo Presence on +44 20 7726 4452.
Q2 2002 Results Press Release
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