MEDIVIR, FINANCIAL STATEMENT 1 January – 31 December 2007
13-Feb-08 • Consolidated net sales were SEK 249.6 (126.0) m in the period.
• The loss after tax amounted to SEK -29.3 (-195.6) m.
• Liquid assets amounted to SEK 329.3 (195.1) m as of 31 December.
• Earnings per share were SEK -1.74 (-15.16).
CEO’s statement—comments on the fourth quarter
The fourth quarter of the year was the most eventful and successful in Medivir’s history. All our prioritized clinical projects passed major milestones. We strengthened our financial position by securing significant revenue from our outlicensed projects, and started work on establishing resources to sell pharmaceuticals in the Nordic region.
• During the quarter we reported major milestones and positive results on our clinical hepatitis C project TMC 435350, conducted together with Tibotec. The project has advanced very rapidly from the start of phase I studies (February) to phase IIa studies, which started late-November. These advances entitled Medivir to receive two milestone payments totaling SEK 160 m, the company’s largest ever.
• All clinical trials in the phase III program for Lipsovir® are complete, with efforts now focused on compiling, evaluating and reporting data. These results are estimated to be presented late-March/early-April.
• Clinical results from the phase I study on MIV-701 (against bone degradation diseases) show that we have achieved proof of principle. These results demonstrate that inhibiting the enzyme Cathepsin K reduces the rate of bone resorption in a clinically relevant manner. We will now start the process of identifying an industrial partner for the Cathepsin K program.
• The milestone payment from Tibotec significantly strengthened our financial position, facilitating the start-up of Nordic sales and marketing resources, while also offering us a stronger negotiating position in forthcoming partnership negotiations. Our objective is to enter into co-marketing agreements for the Nordic market as early as in 2008.
Huddinge, Sweden, 13 February 2008
FOR MORE INFORMATION, PLEASE CONTACT:
Rein Piir, CFO and VP, Investor Relations: +46 (0)8 546 83123 or +46 (0)70 853 7292.