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SYGNIS makes further progress in the 2008/2009 fiscal year

SYGNIS Pharma AG announced the results of the 2008/2009 fiscal year, which ended on 31 March 2009 and presented the milestones of the reporting period. On the way to becoming a product-based pharmaceutical company specialising in the treatment of disorders of the central nervous system (CNS), SYGNIS has taken further steps forward. One of the key milestones of the reporting period is the completion of the preparations for the multinational phase II efficacy study for AX200 for the treatment of acute stroke, which was initiated in spring in the first centres.

In addition, the company achieved a second key milestone in terms of its research expertise and value added through the acquisition of Amnestix Inc. in June 2008: Amnestix complements SYGNIS’ CNS expertise with the addition of a new discipline in the form of neurogenomics research, allowing SYGNIS to position itself as a licensing partner for innovative CNS projects in an early development stage.

Financial figures for the 2008/2009 fiscal year

  • Liquid funds including marketable securities were up 2.8 million euros compared with the previous year to 22.3 million euros as a result of the capital increase completed in November 2008. Long-term financial liabilities amounting to 8.0 million euros resulted from a loan that will not become payable until 2015.
  • Net loss for the 2008/2009 fiscal year amounts to 10.3 million euros compared with -6.3 million euros in the previous year.
  • Revenues remain virtually unchanged at 0.4 million euros (0.5 million euros in the 2007/2008 fiscal year).
  • Operational expenditure increased to 11.2 million euros (2007/2008: 7.8 million euros) and reflects the significant increase in R&D activities.

Outlook

Premises Sygnis Pharma AG © Sygnis

SYGNIS expects a net loss of around 14 million euros for the current 2009/2010 fiscal year and a liquidity outflow of some 13 million euros.

Following the acquisition of Amnestix, SYGNIS will now be placing a special focus on the working relationship with TGen to intensify this collaboration and to make the in-licensing of further CNS projects possible. In addition, SYGNIS will continue to strengthen and extend the patent position of AX200 and move ahead with pre-clinical projects relating to KIBRA and the neuronal stem cell programme. The company’s goal is to set up collaborations for these projects with pharmaceutical partners in the coming months. The effective execution of the multinational phase II efficacy study is also a key focus.

Financial figures for financial year 2008/09 ended March 31, 2009 and corresponding figures (IFRS)

Numbers in million euros2008/092007/08
Revenue0,40,5
Total costs11,27,8
EBIT-10,8-7,2
Result of the period-10,3-6,3
Intangible assets22,217,8
Liquidity at year end22,319,5
Equity
(equity ratio in %)
36,2
(72)
29,5
(71)
Long-term financial liabilities8,08,0
Operational Cash Flow-9,3-5,3
Website address: https://www.gesundheitsindustrie-bw.de/en/article/press-release/sygnis-makes-further-progress-in-the-2008-2009-fiscal-year