Corporate Banner
Satellite Banner
Molecular & Clinical Diagnostics
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

SYGNIS Reports Financial Results for Fiscal Year 2012

Published: Wednesday, May 01, 2013
Last Updated: Wednesday, May 01, 2013
Bookmark and Share
Strategic realignment completed - discontinuation of drug development.

SYGNIS Pharma AG reported results for the fiscal year 2012 ending on December 31, 2012. The reverse acquisition of X-Pol Biotech led to a change in the fiscal year. Due to the business combination the new SYGNIS includes the total income and expenses of X-Pol for 2012 and those of old SYGNIS only for December 2012, which affects equity in the fully consolidated balance sheet accordingly. In addition, the prior year figures published relate to X-Pol Biotech fiscal year 2011, due to accounting requirements based on the reverse acquisition. Thus, the changes in financial statements primarily result from the purchase price allocation and the recognition of fair values of the old SYGNIS, while values of X-Pol products are reflected in the balance sheet only with their carrying amounts and not with their fair values. The comparability of the financial results reported with the corresponding prior-year data is therefore very limited.

In 2012, SYGNIS was focussed on the strategic realignment. In this context, activities in the area of drug development for diseases of the central nervous system have been stopped and extensive restructuring measures were initiated to significantly reduce the Company’s cost basis. As a result of the business combination with the Spanish company X-Pol Biotech, which was successfully completed in December 2012, SYGNIS now owns an entirely new business model focussed on the development and marketing of novel technologies in the area of molecular diagnostics, e.g. in DNA amplification and sequencing. In July 2012, SYGNIS granted an exclusive global license to QIAGEN N.V. for the key product QualiPhi®, an improved polymerase for amplifying DNA. On this basis the Company received a one-time payment and will receive sales-dependent royalties. First revenues are expected in 2013.

Pilar de la Huerta, CEO / CFO, commented: “The fiscal year 2012 of SYGNIS was marked by the successful business combination of SYGNIS and X-Pol Biotech. As a consequence, important steps for the future and restructuring measures were taken that have already been implemented. We were able also, to show first commercial success. We are delighted to have signed an exclusive worldwide license agreement with the market leader QIAGEN for our flagship product QualiPhi®. We will generate first revenues in the current year and plan break-even in fiscal year 2014.”

In financial year 2012, the reported loss for the period was -€2.4 million (previous year: -€0.9 million). The decrease primarily resulted from impairments of intangible assets of €1.0 million (previous year: €0.0 million) which were necessary due to a lack of probability of the future commercialisation of assets for various projects of X-Pol Biotech. Furthermore, operating expenses of old SYGNIS are included for December. R&D expenses increased to €1.0 million (previous year: €0.5 million).

Revenue was €0.2 million (previous year: €0.0 million), mainly resulting from the marketing of QualiPhi®.

Total assets rose from €2.2 million to €9.6 million, primarily due to the goodwill resulting from the business combination of €5.9 million, as the market value of the old SYGNIS was higher than the fair values of its assets at the acquisition date. In addition, other intangible assets increased from €1.1 million to €2.3 million. Here the major effects were the development program DoubleSwitch and the Caco2 licence business, both capitalized on the old SYGNIS business. Equity was strengthened accordingly by €5.8 million to €6.3 million.

Cash outflow from operating activities was up from €0.6 million in the previous year to €1.3 million. This was especially due to the higher net loss for the period which was partly offset by increased amortization and imparments of intangible assets. Cash inflow from investing activities rose to €0.5 million (previous year: cash outflow of €0.7 million), primarily according to the cash inflow based on the reverse acquisition of €0.5 million. Based on a lower raising of non-current loans, cash flow from financing activities was reduced to €0.5 million (previous year: €1.9 million).

At the end of the period, cash and cash equivalents were €0.5 million (previous year: €0.9 million).


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,100+ scientific posters on ePosters
  • More than 4,500+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

SYGNIS Reports Financial Results for Fiscal Year 2014
Successful change in product and commercialization strategy with strong focus on proprietary product portfolio.
Saturday, May 09, 2015
SYGNIS Signs Non-exclusive Distribution Agreement with Cambridge Bioscience
Significant expansion of product roll-out into one of the most important life science markets in Europe.
Tuesday, May 05, 2015
SYGNIS Signs Non-Exclusive Distribution Agreement with SOPACHEM
SOPACHEM is a specialized distributor with focus on life sciences, diagnostics, biobanking and analytical applications.
Thursday, March 19, 2015
SYGNIS Licenses Amplification Buffer to QIAGEN
This is the second agreement with QIAGEN within 9 months.
Thursday, May 16, 2013
Scientific News
Loss Of Y Chromosome Increases Risk Of Alzheimer’s
Men with blood cells that do not carry the Y chromosome are at greater risk of being diagnosed with Alzheimer’s disease. This is in addition to an increased risk of death from other causes, including many cancers. These new findings by researchers at Uppsala University could lead to a simple test to identify those at risk of developing Alzheimer’s disease.
Making Virus Sensors Cheap and Simple
Researchers at The University of Texas at Austin demonstrated the ability to detect single viruses in a solution containing murine cytomegalovirus (MCMV).
Heart Defect Prediction Technology Could Lead to Earlier, More Informed Treatment
Experimental method uses genetics-guided biomechanics, patient-specific stem cells.
Biosensor Detects Molecules Linked to Cancer, Alzheimer's and Parkinson's
Novel biosensor has been proven capable of detecting molecules associated with neurodegenerative diseases and some types of cancer.
Big Data Can Save Lives
The sharing of genetic information from millions of cancer patients around the world could be key to revolutionising cancer prevention and care, according to a leading cancer expert from Queen's University Belfast.
Fast, Simple Test for Colitis
A minimally invasive screening for ulcerative colitis using emerging infrared technology could be a rapid and cost-effective method for detecting disease that eliminates the need for biopsies and intrusive testing of the human body.
Scans Reveal Babies of Mothers with Gestational Diabetes Have More Body Fat
Researchers at Imperial College London have found that the babies born to mothers with gestational diabetes have more body fat at two months of age compared to babies born to healthy mothers.
New Device Could Improve Cancer Detection
UBC researchers develop a microfluidic device to capture circulating tumor cells.
Plasma Biomarkers for Breast Cancer Diagnosis
Plasma lipidomics profiling identified lipid biomarkers in distinguishing early-stage breast cancer from benign lesions.
Newborn Screening Test Developed For Rare, Deadly Neurological Disorder
Scientists have developed a new dried blood spot screening test for Niemann-Pick type C, with goal to speed diagnosis and treatment.
Skyscraper Banner

SELECTBIO Market Reports
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,100+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,500+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!