Transgene: Cash Position and Net Cash Expenditures as of September 30, 2004
November 02 2004 - 11:01PM
PR Newswire (US)
Transgene: Cash Position and Net Cash Expenditures as of September
30, 2004 STRASBOURG, France, Nov. 3 /PRNewswire-FirstCall/ --
Transgene (Nasdaq: TRGNY; Nouveau Marche: FR0005175080) today
announced cash position and net cash expenditures for the third
quarter and the nine months ended September 30, 2004 (unaudited
figures, USGAAP). Net cash expenditures amounted to euro 4.8
million (US$ 6.0 million) and euro 14.9 million (US$ 18.5 million)
for the third quarter and the first nine months of 2004,
respectively. The net cash expenditures for the third quarter and
the first nine months of 2003 amounted to euro 4.1 million (US$ 5.1
million) and euro 13.8 million (US$ 17.1 million), respectively.
The increase in net cash expenditures in the first nine months of
2004 reflects a refund of research tax credit of euro 0.2 million
(US$ 0.2 million) in 2004 compared to euro 0.8 million (US$ 1.0
million) in 2003 and a decrease of interest income due to lower
cash held, cash outflows being unchanged. Cash and cash equivalents
totaled euro 20.0 million (US$ 24.8 million) at September 30, 2004.
We believe that, based on our current estimates (cost structure,
clinical development plans, operating revenues, capital
expenditures ... ), our cash position at September 30, 2004 will be
sufficient to meet our expected financial requirements, including
for our research and development activities and our anticipated
capital expenditures, through the end of July 2005. Transgene also
announced its decision to modify the content of its quarterly
financial communications. Because our research and development
programs focus on the mid- and long-term, we believe that the
release of quarterly detailed financial results does not reflect
this timing. As a result and as permitted by applicable regulations
and practices, we have decided to publish financial data from now
on as follows: Fiscal year and half year results: consolidated
balance sheet, statement of operations and net cash expenditures;
First and third quarters: consolidated net cash expenditures and
cash position. Transgene, based in Strasbourg, France, is a
biopharmaceutical company dedicated to the discovery and
development of therapeutic vaccines, immunotherapy products, and
delivery technologies for the treatment of diseases for which there
is no cure or adequate treatment at present, with a focus on the
treatment of cancer. Transgene has five products in clinical
development, two of which are in Phase II clinical trials, two in
Phase I/II and one that has completed Phase I clinical trial.
Transgene's proprietary vector technology platform consists of
adenovirus and poxvirus. This press release contains
forward-looking statements regarding Transgene's financial
requirements and expenditures. These statements are based on
Transgene's current expectations, beliefs, estimates, forecasts and
assumptions and are not guarantees of future performance.
Accordingly, actual outcomes and results may differ materially from
what is expressed. Important factors which may affect Transgene's
future financial requirements and expenditures include the
following: regulatory approvals for product development and testing
may be suspended or delayed, causing additional expenses to
continue testing or obtain testing rights; proceedings to obtain
patents and litigation of third party infringement claims are
expensive and could exceed anticipated budgets; rights to
proprietary genes and other technologies to further develop our
business may be more costly than anticipated; we may incur
significant costs in connection with our product liability
exposure; we may incur unanticipated costs in connection with our
use and handling of hazardous material; and other important factors
described in Transgene's Annual Report on Form 20-F for the most
recent fiscal year filed with the U.S. Securities and Exchange
Commission, including those factors described in the section
entitled "Risk Factors." Note: The official financial information
of Transgene is stated in Euros. The financial information
expressed in US$ is translated solely for the convenience of the
reader at euro 1.00 = $ 1.2417, the noon buying rate of the Federal
Reserve Bank of New York on September 30, 2004. DATASOURCE:
Transgene CONTACT: Philippe Poncet, Chief Financial Officer of
Transgene, +33-0-3-88-27-91-21; or Michael Long of Cohn &
Wolfe, +1-212-798-9775; or Estelle Guillot-Tantay,
+33-0-1-53-70-74-93 or Laurence Heilbronn, +33-0-1-53-70-74-64,
both of Image 7 Web site: http://www.transgene.fr/
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