LipoNova AG
LipoNova AG: LipoNova AG reaches key milestones in the Reniale development process during 2007. Costs below budget.
LipoNova AG / Final Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Hanover, March 05, 2008 – LipoNova AG (WKN (security identification number) LNAG00), a phase III biotechnology company, primarily focused on the development of its new product Reniale during the 2007 fiscal year. As a biotechnology company in the research phase, LipoNova did not generate significant sales. Total revenues were € 11,503 compared to € 5,962 in 2006. Income from operations was € -4.2 million versus € -3.3 million in the prior year. The net loss for the year was € -4.2 million compared to € -3.8 million at the end of 2006. The impact of extraordinary items in the prior year, consisting of the sale of shares in the amount of € 0.7 million and one-time costs for the IPO in the amount of nearly € 0.5 million, has to be considered. When results are adjusted for these extraordinary items, the performance of LipoNova in 2007 is similar to 2006. Costs were kept significantly below budget in 2007 by eliminating administrative positions and through other cost-saving measures. LipoNova will benefit from its consolidation efforts during the next few months, since these measures will have an ongoing impact. During the reporting period, liquid assets fell to € 2.1 million compared to € 6.1 million at the end of 2006. On 31/12/2007, equity amounted to € 2.5 million compared to € 6.8 million at the end of the 2006 fiscal year. This corresponds to an equity ratio of 78 percent. During the 2007 fiscal year, LipoNova continued to focus on the development of its new product Reniale. Two letters of intent (LOI) to distribute Reniale in limited local markets were signed during the reporting period. In addition, the US regulatory authority FDA encouraged LipoNova in a Pre-IND meeting to commence the international phase III Reniale study as soon as possible after they met with us during the year. About LipoNova AG: LipoNova is developing an effective therapy for non-metastatic renal cell carcinoma (RCC), a serious disease with high unmet medical need and is pioneering the development of autologous tumour vaccines, a new class of compounds for combating diseases of this type. LipoNova has successfully completed a Phase-III clinical study on adjuvant RCC with Reniale® their lead product, the world’s first autologous treatment with demonstrated efficacy and safety as an adjuvant therapy in non-metastatic RCC. LipoNova is well positioned to bring Reniale® to market with an international Phase III study planned to start 2008 and as this progresses, it will expand its oncology franchise in the short to medium term through partnering, mergers and acquisitions. Contact: edicto GmbH Axel Mühlhaus Tel. 069-9055055-2 Mail: amuehlhaus@edicto.de 05.03.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: LipoNova AG Feodor-Lynen-Str. 35 30625 Hannover Deutschland Phone: +49 (0)511-54099 0 Fax: +49 (0)511-54099 31 E-mail: info@liponova.de Internet: www.liponova.de ISIN: DE000LNAG002 WKN: LNAG00 Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry Standard in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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