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ABLYNX ANNOUNCES 2012 FULL YEAR RESULTS


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-02-27 07:36:27 -

REGULATED INFORMATION


               Year of strong operational and financial progress

GHENT,  Belgium,  27 February  2013 -  Ablynx  [Euronext  Brussels:  ABLX] today
announced  its  consolidated  results  for  2012, which  have  been  prepared in
accordance with IFRS as adopted by the European Union.

Operating highlights

  * First Nanobody®, ALX-0171 (anti-RSV), successfully delivered directly into
    the lungs using a nebuliser
  * Second clinical proof-of-concept for Nanobodies achieved with the anti-IL-
    6R product, ALX-0061, in RA patients
  * Three pre-clinical candidates selected as part of the Strategic Alliance 
with Boehringer Ingelheim and FTE payments under that Alliance extended by two years * Boehringer Ingelheim filed a Clinical Trials Application for a Nanobody as part of the Alzheimer's collaboration * Progress in the Merck Serono collaboration with the selection of a second pre-clinical candidate, ALX-0751 in oncology * New partnership signed with Merck & Co for the discovery of Nanobodies targeting a voltage-gated ion channel and an option to a second undisclosed target * Entered into a feasibility study with Algeta to explore the use of Nanobodies in radio-immunotherapy  for oncology * Strengthened the Board of Directors with the appointment of two key industry experts (ex-Amgen and ex-GSK) Financial highlights * Revenue growth of 22% to €26.7M (2011: €21.9M) * Cash-in increased by 28% to €36.5M (2011: €28.5M) * Operating expenses decreased by 16% to €56.3M (2011: €66.7M) * Net loss for the year reduced by 35% to €28.5M (2011: €43.9M) * Net cash burn well controlled at just  €21.1M * Strong year-end financial position of €62.8M in cash, cash equivalents, restricted cash and short-term investments Post year end highlights * Promising 24 week Phase II efficacy and safety results with the anti-IL-6R Nanobody, ALX-0061, in patients with RA * Entered into a research collaboration with Spirogen to evaluate the potential of toxin-Nanobody drug conjugates in cancer Commenting on the 2012 results, Dr Edwin Moses, Chairman and CEO of Ablynx, said: "2012 was an excellent and rewarding year for Ablynx across all areas of our business. We were able to further demonstrate the power and broad applicability of the Nanobody platform, including the opportunity to deliver Nanobodies directly via the pulmonary route, the potential to design best-in-class molecules and the capability to address difficult disease targets in areas where conventional technologies have not yet been successful. The progression of our existing partnerships and the start of new collaborations are a further endorsement of our achievements to date. During the coming year, we expect important new partnering deals and advances in existing collaborations as some of our partnered programmes move into clinical development. We remain committed to building shareholder value." Key figures +--------------------------------------+--------+--------+----------+ | (€ million) | 2012 | 2011 | % change | +--------------------------------------+--------+--------+----------+ | Revenues | 26.7 | 21.9 | 22% | +--------------------------------------+--------+--------+----------+ |   R&D income | 25.6 | 19.9 | 29% | +--------------------------------------+--------+--------+----------+ |                         Grants | 1.1 | 2.0 | (45%) | +--------------------------------------+--------+--------+----------+ | Operating expenses | (56.3) | (66.7) | (16%) | +--------------------------------------+--------+--------+----------+ |                        R&D | (46.9) | (56.3) | (17%) | +--------------------------------------+--------+--------+----------+ |                        G&A | (9.4) | (10.4) | (10%) | +--------------------------------------+--------+--------+----------+ | Other operating income/(expense) | (0.2) | (0.7) | (71%) | +--------------------------------------+--------+--------+----------+ | Operating result | (29.8) | (45.5) | 35% | +--------------------------------------+--------+--------+----------+ | Finance income (net) | 1.3 | 1.6 | (23%) | +--------------------------------------+--------+--------+----------+ | Net result | (28.5) | (43.9) | 35% | +--------------------------------------+--------+--------+----------+ |       |   | +--------------------------------------+--------+--------+----------+ | Cash burn | (21.1) | (32.0) | (34%) | +--------------------------------------+--------+--------+----------+ | Cash at year end((1)) | 62.8 | 83.8 | (25%) | +--------------------------------------+--------+--------+----------+  ((1)     )including €2.7 million restricted cash About Ablynx Ablynx is a biopharmaceutical company engaged in the discovery and development of Nanobodies(®), a novel class of therapeutic proteins based on single-domain antibody fragments, for a range of serious human diseases, including inflammation, haematology, oncology and pulmonary disease. Today, the Company has approximately 25 programmes in the pipeline and five Nanobodies at clinical development stage. Ablynx has on-going research collaborations and significant partnerships with major pharmaceutical companies including Boehringer Ingelheim, Merck Serono, Novartis and Merck & Co. The Company is headquartered in Ghent, Belgium. More information can be found on www.ablynx.com. For more information, please contact Ablynx: Dr Edwin Moses Chairman and CEO t:   +32 (0)9 262 00 07 m: +44 (0)7771 954 193 /      +32 (0)473 39 50 68 e:  edwin.moses@ablynx.com Marieke Vermeersch Associate Director Investor Relations t:   +32 (0)9 262 00 82 m: +32 (0)479 49 06 03 e:  marieke.vermeersch@ablynx.com Follow us on Twitter @AblynxABLX M:Communications: Mary-Jane Elliott, Amber Bielecka, Claire Dickinson t:   +44 207 920 2330 e:  ablynx@mcomgroup.com complete version of the press release: hugin.info/137912/R/1681214/549494.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Ablynx via Thomson Reuters ONE [HUG#1681214]


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