Amsterdam Molecular Therapeutics Reports Full Year Results 2007

Conference Call & Webcast Today at 10:00 CET

AMSTERDAM, February 20 /PRNewswire-FirstCall/ -- Amsterdam Molecular
Therapeutics (Euronext: AMT), a leader in the field of human gene therapy,
today reported its full year 2007 results.


Highlights
- Successful IPO, raising gross proceeds of EUR 55.7 million
- Cash & cash equivalents of EUR 51.3 million at June 30, 2007
- U.S. FDA orphan drug designation for lead product AMT 011
- Positive results of Phase I/II in LPL type I deficiency
- Pre-registration trial in Canada on track
- Appointment of Ferdinand Verdonck as chairman of supervisory board.
- Global rights for acute intermittent porphyria treatment
- Exclusive license to all gene therapy products from CIMA - Agreement with CIMA/Digna Biotech for AAV-mediated IGF-I treatment of
late stage liver cirrhosis

- Patent for treatment of Non-Alcoholic Steatotic Hepatitis with AMT-11
(January 2008)

Results comparison

Total revenues for year ended December 31, 2007, were EUR 110,000
compared to EUR 417,000 in 2006. The decrease was primarily due to a
decrease of government grants since the grant project for LPL deficiency
was completed in 2006.

The operating loss increased to EUR 14.7 million for the year ended
December 31, 2007, from EUR 9.1 million in 2006. This was primarily due to
the increase of research & development costs to EUR 9.8 million for the
year ended December 31, 2007 from EUR 5.3 million in 2006. This increase is
particularly related to the development work on the company's lead product
AMT 011 in LPL deficiency and increased staffing. General and
administrative costs rose primarily as a function of the higher number of
staff employed, stock based compensation, increased facility expenses and
advisory costs. G&A increased to EUR 5.0 million for the year ended
December 31, 2007, from EUR 4.2 million in 2006.

The net loss for the full year was EUR 14.9 million, as compared to a
net loss of EUR 8.8 million in 2006.

As of December 31, 2007, AMT had cash and cash equivalents of EUR 51.3
million, compared to EUR 14.1 million at December 31, 2006.

Ronald Lorijn, CEO of AMT, said: "AMT had an excellent 2007. We believe
we have forged a company that rests on very solid foundations and that is
today a leading force in bringing gene therapy to the clinic. The proceeds
from our successful initial public offering in June 2007 allow us to
continue to execute our business plan, bring our lead product to the
clinic, and accelerate the development of our pipeline programs, focused on
serious disorders for which there is currently no treatment. We expect to
continue to make solid progress in our clinical programs and business
development activities, and look forward to update our investors as these
materialize."

Conference call and webcast presentation

AMT will conduct a conference call open to the public today at 10.00
CET, which will also be webcast. Netherlands Dial In: 0800-949-4517 (toll
free); US Dial In: +1-866-291-4166 (toll free); UK Dial In:
+44-207-107-0611. The webcast can be accessed via AMT's website at
http://www.amtbiopharma.com. Please go to the website 15 minutes prior to
the call to register, download and install the necessary audio software.
Playback of the call will be availably for 24 hours after the call. Dial
In: +41-91-612-4330; +44-20-7108-6233; or +1-866-416-2558; conference ID
14203 followed by #. The archived webcast also will be available for replay
shortly after the close of the call.

About Amsterdam Molecular Therapeutics

AMT has a unique gene therapy platform that to date appears to
circumvent many if not all of the obstacles that have prevented gene
therapy to become a mainstay of clinical medicine. Using adeno-associated
viral (AAV) vectors as the delivery vehicle of choice for therapeutic
genes, the company has been able to design and validate what is probably
the first stable and scalable AAV production platform. As such, AMT's
proprietary platform holds tremendous promise for thousands of rare
(orphan) diseases that are caused by one faulty gene. AMT currently has a
product pipeline with six products at different stages of development.

AMT intends to publish its full annual report on March 21, 2008.

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 Amsterdam Molecular Therapeutics 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, including, but not limited to, the
timely commencement and success of AMT's clinical trials and research
endeavors, delays in receiving U.S. Food and Drug Administration or other
regulatory approvals (i.e. EMEA, Health Canada), market acceptance of AMT's
products, effectiveness of AMT's marketing and sales efforts, development
of competing therapies and/or technologies, the terms of any future
strategic alliances, the need for additional capital, the inability to
obtain, or meet, conditions imposed for required governmental and
regulatory approvals and consents. AMT expressly disclaims any intent or
obligation to update these forward-looking statements except as required by
law. For a more detailed description of the risk factors and uncertainties
affecting AMT, refer to the prospectus of AMT's initial public offering on
June 20, 2007, and AMT's public announcements made from time to time.



Consolidated income statement

(In EUR x 1,000)

Year ended
31 December 2007 31 December 2006

Revenues - 52
Cost of sales - 42
Gross profit - 10
Other income 110 417
Total net income 110 427

Research and development costs (9,804) (5,342)
General and administrative costs (4,966) (4,169)
Total operating costs (14,770) (9,511)

Operating result (14,660) (9,084)

Interest income 1,406 14
Interest costs (1,681) (803)
(275) (789)

Result on deconsolidation - 1,113

Result before corporate income taxes (14,935) (8,760)

Corporate income taxes - -
Result for the year (14,935) (8,760)

Attributable to:
Equity holders of the Company (14,935) (8,760)

Result attributable to equity holders is
split as follows:

Ordinary shareholders (14,935) (3,392)
Preference shareholders - (5,368)

Earnings per share for result
attributable to the equity holders of
the Company during the period
(expressed in Euro per share)
Basic and diluted earnings per share (1.28) (1.94)




Consolidated balance sheet

(after appropriation of result)

(In EUR x 1,000)

31 December 2007 31 December 2006
ASSETS

Non-current assets
Intangible assets 1,897 1,540
Property, plant and equipment 2,102 1,091
3,999 2,631
Current assets
Receivables from related parties 985 1,202
Social security and other taxes 714 276
Other receivables 1,211 51
Cash and cash equivalents 51,330 14,058
54,240 15,587
Total assets 58,239 18,218

EQUITY
Shareholders' equity 51,407 (1,682)
Total group equity 51,407 (1,682)

LIABILITIES

Non-current liabilities
Loans from related parties - 1,038
Liabilities to preference shareholders - 15,504
Financial lease liabilities 402 498
Other non-current liabilities 604 45
1,006 17,085
Current liabilities
Trade payables 2,168 963
Payables to related parties 730 266
Social security and other taxes 227 153
Other current liabilities 2,701 1,433
5,826 2,815
Total liabilities 6,832 19,900
Total equity and liabilities 58,239 18,218




Consolidated cash flow statement
(In EUR x 1,000)
Year ended
31 December 2007 31 December 2006

(Unaudited) (Unaudited)

Cash flow from operating activities
Result before corporate income tax (14,935) (8,760)
Adjustments for:
- Depreciation 334 319
- Share-based payment expenses 1,143 159
- Gain on derecognition financial - 25
lease
- Re-purchase of EMT sales rights - 1,736
- Gain on deconsolidation AVP - (1,113)
- Changes in working capital 1,003 420
- Interest income/(expense) 275 789
Cash used in operations (12,180) (6,425)

Interest paid - (86)

Net cash generated from operating (12,180) (6,511)
activities

Cash flow from investing activities
Purchases of property, plant and (1,345) (387)
equipment
Purchases of intangible fixed assets (357) (1,400)
Interest received 1,406 14
Net cash used in investing activities (296) (1,773)

Cash flow from financing activities
Proceeds from issuance of loans - 1,700
Redemption of loans (1,613) (1,700)
Capital contribution shareholders 51,361 -
Proceeds from issuance of preference - 21,821
shares
Net cash generated from financing 49,748 21,821
activities

Net (decrease)/ increase in cash,
cash equivalents
and bank overdrafts 37,272 13,537
Cash, cash equivalents and bank
overdrafts
In the beginning of the year 14,058 521
Cash, cash equivalents at the end of 51,330 14,058
the year






See Also

• U.S. Cancer Deaths Down But Far Too Few Americans Screened for Colon Cancer
• The Ensign Group Successfully Graduates Troubled Nursing Home from CMS Special Focus Facility Program
• Dynavax Announces Fourth Quarter and Year-End 2007 Financial Results and Provides 2008 Financial Outlook
• Versapack Demonstration at Interpack 2008

Via: Healthcare