SYGNIS Reports Results for the First Quarter of 2013
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SYGNIS Pharma AG announced its financial results according to IFRS for the first quarter of 2013, ending 31 March 2013.
In the first quarter of 2013, revenues amounted to €0.1 million; operating expenses amounted to €1.3 million. Operating expenses include sales, general & administrative costs of €0.6 million EUR as well as research & development costs of €0.7 million, focused on DNA amplification and sequencing. The resulting net loss for the period was €-1.2 million.
Due to the merger of SYGNIS with X-Pol Biotech (X-Pol) effective December 4, 2012, the results for the first quarter 2013 are not fully comparable to the financial results reported for the prior-year period. Following the reverse acquisition the first quarter of 2013 includes income and expenses of the old SYGNIS group and of XPol, while the first quarter of the previous year only records income and expenses of X-Pol.
Adjusted for this effect, i.e. assuming that the income and expenses of both parts of the business would have been fully taken into account already in the first quarter 2012, the pro forma comparison of periods shows a significant decrease in operating expenses by more than 50% to €1.3 million (pro forma Q1 2012: €2.7 million) and an improvement in the operating result of 70% to -€1.2 million (pro forma Q1 2012: €-4.0 million).
As of March 31, 2013, cash and cash equivalents amounted to €0.2 million (31 December 2012: €0.5 million). Funding of ongoing activities is currently secured until mid-year with loan commitments by the main shareholders. The Company has received in the first quarter of 2013 the first tranche (€0.1 million) of the loan given by the main shareholders Genetrix Life Sciences, A.B. and dievini Hopp BioTech holding GmbH & Co. KG.
Pilar de la Huerta, CEO and CFO of SYGNIS commented: "The first quarter was very successful for SYGNIS. Due to the implemented restructuring measures we were able to significantly reduce our cost base. At the same time we have reached important milestones in product development and in April we secured a key patent for our flagship product QualiPhi®.”