Amsterdam Molecular Therapeutics Announces Negative Equity Position
AMSTERDAM, December 15, 2011/PRNewswire-FirstCall/ --Amsterdam Molecular Therapeutics (Euronext: AMT), a leader in the field of human gene therapy, announced today that the Company has a negative equity position, as a result of ongoing loss-making operations. The development of this negative equity position is in line with previous guidance that the Company has cash into early 2012, and is exploring alternatives for additional financing.
AMT announced on November 17, 2011 that its cash position at
September 30, 2011 amounted to EUR 3.8 million, and AMT continues
to be loss making and to experience net cash outflows. At December
12, 2011 AMT's cash position amounted to EUR 2.1 million; AMT does
not have any loan, credit or other borrowing facilities other than
the EUR 5 million convertible loan issued in December 2009.
The Company continues partnering discussions with pharma companies.
At this time, AMT anticipates that it may be possible to conclude a
partnership for its hemophilia B program during the first half of
2012, provided that additional funding can be secured in the
meantime. AMT is also looking at additional collaborations with
academic groups, which would contribute towards the short-term
funding of its GDNF program for up to three indications.
AMT is continuing to explore all options with regard to the
business, its financing, and support from existing shareholders.
This includes selling all or part of the business, and raising
additional capital in conjunction with its bankers and investors.
AMT is also tracking opportunities for funding, from non-dilutive
sources such as grants, and collaborations with partners. The
Company has already taken appropriate action to reduce its costs,
and the number of employees has decreased by approximately 50 per
cent to 45 staff. Further cost reductions are possible but the
savings would not provide a significantly longer runway for seeking
a funding solution. Additional reductions may also have a
detrimental effect on those programs still ongoing. In the event
that additional cash inflows are not secured, AMT may not be able
to continue as a going concern and would therefore be likely to go
into insolvency.
The Management of AMT has been in contact with NYSE Euronext. In
accordance with Euronext Amsterdam Notice 2011-001, NYSE Euronext
will at this time not impose listing measures concerning the
Company's negative equity position as long as the Company complies
with the (continuing) disclosure requirements set out in paragraph
3 of Euronext Amsterdam Notice 2011-011. This is without prejudice
to NYSE Euronext's right to impose listing measures if, in its
opinion, facts or developments arise or have arisen with respect to
a security which preclude an unconditional continuance of the
official listing as provided in Rule 6903/1 Rule Book I. The full
text of Euronext Amsterdam Notice 2011-001 in both Dutch and
English can be found through the following link:
http://europeanequities.nyx.com/sites/europeanequities.nyx.com/files/euronext_amsterdam_-_notice_2011-001.pdf
.
In view of its negative net equity position, the Company shall
shortly convene a general meeting of shareholders to discuss the
measures to be taken in accordance with section 2:108a of the Dutch
civil code.
About Amsterdam Molecular Therapeutics
AMT is a world leader in the development of human gene based
therapies. AMT has a product pipeline of several gene therapy
products in development for hemophilia B, acute intermittent
porphyria, Parkinson's disease and SanfilippoB. Using
adeno-associated viral (AAV) derived vectors as the delivery
vehicle of choice for therapeutic genes, the company has been able
to design and validate probably the world's first stable and
scalable AAV manufacturing platform. This proprietary platform can
be applied to a large number of rare (orphan) diseases caused by
one faulty gene and allows AMT to pursue its strategy of focusing
on this sector of the industry. AMT was founded in 1998 and is
based in Amsterdam. Further information can be found at http://www.amtbiopharma.com.
Certain statements in this press release are "forward-looking
statements" including those that refer to management's plans and
expectations for future operations, prospects and financial
condition. Words such as "strategy," "expects," "plans,"
"anticipates," "believes," "will," "continues," "estimates,"
"intends," "projects," "goals," "targets" and other words of
similar meaning are intended to identify such forward-looking
statements. Such statements are based on the current expectations
of the management of AMT only. Undue reliance should not be placed
on these statements because, by their nature, they are subject to
known and unknown risks and can be affected by factors that are
beyond the control of AMT. Actual results could differ materially
from current expectations due to a number of factors and
uncertainties affecting AMT's business. AMT expressly disclaims any
intent or obligation to update any forward-looking statements
herein except as required by law.
Source: Amsterdam Molecular Therapeutics (AMT) B.V
For further enquiries: Jörn Aldag, CEO, AMT, Tel :
+31-20-566-7394, j.aldag@amtbiopharma.com;
Mike Sinclair, Partner, Halsin Partners, Tel : +44-20-7318-2955,
msinclair@halsin.com
Posted: December 2011
