Corporate Banner
Satellite Banner
Scientific Communities
Become a Member | Sign in
Home>News>This Article

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
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 2,600+ scientific posters on ePosters
  • More Than 3,800+ 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 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 Grants Non-exclusive License on Double Switch Technology
Company has granted rights to develop, market and sell products and services for the detection of protein interactions.
Thursday, July 23, 2015
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, BioCat Sign Non-Exclusive Distribution Agreement
Company grants BioCat non-exclusive rights to promote, market and sell TruePrime™ Single Cell WGA kit.
Tuesday, December 09, 2014
SYGNIS Licenses Amplification Buffer to QIAGEN
This is the second agreement with QIAGEN within 9 months.
Thursday, May 16, 2013
SYGNIS Announces Key Results of its Phase II Trial of AX200 in Acute Ischemic Stroke
The study missed its endpoints.
Friday, December 16, 2011
SYGNIS Announces Last Patient Treated in its AXIS 2 Efficacy Study
Company expects to report initial findings of the AXIS 2 study towards the end of 2011.
Friday, November 04, 2011
SYGNIS Announces Financial Results for Fiscal Year 2010/2011
Financial results for the 2010/2011 fiscal year ended on 31 March 2011.
Wednesday, August 24, 2011
SYGNIS Enters Final Stage with its Phase II Efficacy Study of AX200 for the Treatment of Acute Stroke
Data Safety Monitoring Board confirms its recommendation for the unmodified continuation of the trial.
Wednesday, April 06, 2011
SYGNIS Strengthens Patent Position on AX200 for the Treatment of Neurodegenerative Diseases
Company has licensed the exclusive rights to a European patent, which will significantly expand SYGNIS’ IP-position with regard to its lead candidate AX200.
Thursday, February 10, 2011
SYGNIS Pharma AG Announces Strategic Restructuring
SYGNIS announces a comprehensive, strategic restructure of the company, to include significant personnel and cost reductions.
Saturday, October 30, 2010
Scientific News
Researchers Develop Classification Model for Cancers Caused by KRAS
Most frequently mutated cancer gene help oncologists choose more effective cancer therapies.
Fixing Holes in the Heart Without Invasive Surgery
UV-light enabled catheter is a medical device which represents a major shift in how cardiac defects are repaired.
Chromosomal Chaos
Penn study forms basis for future precision medicine approaches for Sezary syndrome
Enzyme Malfunction May be Why Binge Drinking Can Lead to Alcoholism
A new study in mice shows that restoring the synthesis of a key brain chemical tied to inhibiting addictive behavior may help prevent alcohol cravings following binge drinking.
Key to Natural Detoxifier’s Reactivity Discovered
Results have implications for health, drug design and chemical synthesis.
New Treatment for Obesity Developed
Researchers at the University of Liverpool, working with a global healthcare company, have helped develop a new treatment for obesity.
New Protein Found in Immune Cells
Immunobiologists from the University of Freiburg discover Kidins220/ARMS in B cells and demonstrate its functions.
Will Brain Palpation Soon Be Possible?
Researchers have developed non-invasive brain imaging technique which provides the same information as physical palpation.
Shaking Up the Foundations of Epigenetics
Researchers at the Centre for Genomic Regulation (CRG) and the University of Barcelona (UB) published a study that challenges some of the current beliefs about epigenetics.
Groundbreaking Computer Program Diagnoses Cancer in Two Days
Researchers have combined genetics with computer science and created a new diagnostic technology can with 85 per cent certainty identify the source of the disease and thus target treatment and, ultimately, improve the prognosis for the patient.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
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
2,600+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos