Innocoll AG (Nasdaq:INNL), a global, commercial-stage, specialty
pharmaceutical company that develops and manufactures a range of
pharmaceutical products and medical devices using its proprietary
collagen-based technologies, today announced financial and
operating results for the three months and full year ended December
31, 2014.
"2014 was a transformative year for Innocoll as we became a
publicly-traded company and laid the foundations to advance our
late-stage portfolio to Phase 3 trials in 2015. I'm honored to join
Innocoll as we drive the transition toward a commercial stage
pharmaceutical company," said Tony Zook, Chief Executive Officer of
Innocoll. "Our late stage portfolio is very exciting and one where
each of our products holds the promise of providing physicians with
clinically meaningful improvements for the patients they
serve."
2014 and Recent Highlights
- Completed an IPO of the company on the NASDAQ Global Market,
raising proceeds of approximately $52.7 million, net of
underwriting discounts and commissions and offering expenses, from
the issuance and sale of approximately 6.7 million American
Depository Shares (ADSs) in its initial public offering, including
shares issued upon the partial exercise of the underwriters'
over-allotment option.
- Appointed Tony Zook as Chief Executive Officer to better
position the company as our pipeline advances to late-stage
clinical development and Innocoll prepares to become a
fully-integrated specialty pharmaceutical company. Michael Myers
becomes Head of Portfolio Operations.
- Appointed James Tursi, M.D., as Chief Medical Officer, a
seasoned pharmaceutical executive with extensive experience
developing drugs across a number of therapeutic areas. He will be
responsible for managing all clinical development programs and
medical affairs for the company.
- Assembled a highly experienced Supervisory Board comprised of
individuals with broad corporate and industry knowledge, rich in
drug development and commercialization experience.
- In definitive documentation stage in relation to a debt
facility which, if and when closed, is expected to fully fund
expansion of our manufacturing facility in Saal, Germany.
- Completed enrolment in our Phase 3 pivotal XaraColl®
pharmacokinetic study.
- Reaffirmed the contents of our SPA for Cogenzia® with the FDA
and initiated the Phase 3 efficacy studies.
- Initiated two pilot clinical studies for CollaGUARD® in
hysteroscopy and in gynaecological laparoscopic adhesioloysis.
- Our partner, Takeda, received approval for CollaGUARD in
Ukraine, Belarus and Kazahkstan supplementing the product's
existing approval in Russia.
- Cogenzia approved in Argentina, Australia, Canada, Mexico, and
Russia
- Our partner, Biomet 3i, launched RegenePro®, our product to
treat dental wounds, in the US.
Clinical Program Update
XaraColl
- In July, we initiated a pivotal study comparing the
pharmacokinetics and safety of XaraColl our implantable
bioresorbable collagen sponge at doses of 200mg and 300mg to a
standard bupivacaine solution. Enrollment in the study has now been
fully completed and we anticipate that data will be available by
the end of Q1. As previously discussed, and assuming there are no
safety signals from the study, we intend to test only the 300mg
dose in our Phase 3 efficacy program and run both studies in
parallel. We will discuss this approach with the FDA prior to
initiating the studies, which we anticipate will start in
Q2. Top-line data from these studies is expected to be
available in Q1 2016.
Cogenzia
- On October 27th, we submitted a document to the FDA for
Cogenzia requesting confirmation of all of the key understandings
that were agreed upon with the FDA in the Special Protocol
Assessment (SPA). We subsequently received written feedback from
the FDA confirming the full contents of the SPA and Phase 3
clinical trial activity has been initiated both in the US and
Europe. We anticipate that data from our two Phase 3
studies will be available in the first half of 2016.
CollaGUARD
- The company has commenced recruitment for a pilot clinical
study in patients undergoing intrauterine adhesiolysis via
operative hysteroscopy. In addition, we have initiated a
second pilot clinical study in patients undergoing gynaecological
laparoscopic adhesiolysis. The goal of both of these studies, is to
generate data that will be used to finalize our pivotal clinical
protocol to obtain PMA approval in the U.S. The data will also
be used to support commercialization of CollaGUARD in countries
where the product is already approved. Innocoll is planning on
holding a Pre-IDE meeting with FDA later this year to discuss the
planned US clinical program.
Manufacturing Update
Innocoll has developed multiple collagen delivery technologies
that provide a variety of approaches to deliver therapeutics for
specific patient conditions. These include our primary technologies
CollaRx®, which is used in Cogenzia and XaraColl and, CollaFilm®,
which is used in CollaGUARD. All of our products, both on the
market and in clinical development, are manufactured at our
manufacturing facility in Saal, Germany. We are in the definitive
documentation stage on a debt facility which we expect will fully
fund our planned expansion of the Saal facility. The Saal
facility expansion, which we expect to complete by the second half
of 2016, will increase capacity seven-fold and position Innocoll
for the anticipated launches of both XaraColl and Cogenzia.
Fourth Quarter 2014 Financial Results
Net Profit/(Loss) Available to Ordinary Shareholders: Innocoll
reported a net loss attributable to ordinary shareholders of €4.2
million, or €(2.91) per ordinary share, equal to $(0.27) per ADS,
for the three months ended December 31, 2014, compared to a loss of
€4.6 million, or €(118.22) per ordinary share for the three months
ended December 31, 2013.
Non-GAAP loss, excluding stock-based compensation and certain
non-cash finance or other income was, €2.0 million or €(1.38) per
ordinary share, or $(0.13) per ADS, for the three months ended
December 31, 2014, compared to a loss of €4.6 million, or €(118.22)
per ordinary share, for the three months ended December 31,
2013.
Weighted average shares outstanding increased from 0.04 million
during the three months ended December 31, 2013 to 1.46 million
during the three months ended December 31, 2014, respectively,
primarily as a result of the conversion of preference shares into
ordinary shares and pre-IPO and IPO equity issuances in 2014.
Revenues: Revenues were €755 thousand for the three months
ended December 31, 2014 as compared to €834 thousand for the three
months ended December 31, 2013 a decrease of 9%. This decrease
was primarily due to a decrease in sales to Jazz Pharmaceuticals of
CollatampG, our gentamicin implant for the treatment and prevention
of post-surgical infection.
Cost of Sales: Cost of sales were €1.4 million for the
three months ended December 31, 2014 as compared to €1.5 million
for the three months ended December 31, 2013. Gross margins in
each quarter were negative primarily due to the effect of absorbing
indirect overhead costs associated with operating our manufacturing
facility, as explained more fully below in the Full Year 2014
Financial Results.
Research and Development (R&D) Expenses: R&D
expenses were €1.3 million for the three months ended December 31,
2014 as compared to €0.5 million for the three months ended
December 31, 2013, an increase of 277%. The increase was
primarily due to increased external clinical research costs due to
the continuation of our pharmacokinetics and safety study of
XaraColl, and our CollaGUARD pilot study in the
Netherlands. Going forward, we expect R&D expenses to
increase significantly as we advance our clinical trial
programs.
General and Administrative (G&A) Expenses: G&A
expenses were €4.3 million for the three months ended December 31,
2014 as compared to €1.3 million for the three months ended
December 31, 2013. G&A expenses in the three months ended
December 31, 2014 included €2.3 million in non-cash charges for
stock-based compensation compared to €0.0 of such charges in the
three months ended December 31, 2013. Stock-based compensation
expense in the quarter and year ended December, 31, 2014 was
exceptionally high due to the timing of share grants and vesting
linked to the completion of our initial public offering in the
third quarter of 2014. Excluding such charges for stock-based
compensation, G&A expenses for the three months ended December
31, 2014 were €2.0 million as compared to €1.3 million for the
three months ended December 31, 2013. The increase in G&A
was primarily due to accounting, legal and consulting professional
fees, insurance costs and investor relations costs related to
becoming a public company in the third quarter of 2014. Excluding
stock-based compensation, we expect further increases in G&A
going forward as we build out our infrastructure to support our
clinical programs and commercialization.
Finance Expense (Income): Finance income was €2.1 million
for the three months ended December 31, 2014 primarily due to the
foreign exchange gains, as compared to a finance expense of €2.2
million for the three months ended December 31, 2013, which
primarily consisted of non-cash interest accrued on our outstanding
preferred shares, which have since been converted into ordinary
shares.
Full Year 2014 Financial Results
Net Profit/(Loss) Available to Ordinary Shareholders: For the
year ended December 31, 2014 net loss attributable to ordinary
shareholders was €20.7 million or €(28.10) per ordinary share
(basic and diluted), $(2.57) per ADS, compared to a profit of €2.1
million, or €47.02 per ordinary share (basic) and a loss of (€9.50)
per ordinary share (diluted) for the year ended December 31,
2013.
Non-GAAP loss excluding stock-based compensation and certain
non-cash finance and other income was €9.3 million or €(12.58) per
ordinary share (basic and diluted) , ($1.15) per ADS, for the year
ended December 31, 2014, compared to a loss of €6.9 million, or
€51.6 and €(9.23) per ordinary share (basic and diluted,
respectively) for the year ended December 31, 2013.
Weighted average shares outstanding increased from 0.04 million
during the year ended December 31, 2013, to 0.74 million during the
12 months ended December 31, 2014, primarily as a result of the
conversion of preferred shares into ordinary shares and pre-IPO and
IPO equity issuance in 2014.
Revenues: Revenues for the year ended December 31, 2014
were 27% higher at €4.5 million, compared to €3.5 million for year
ended December 31, 2013. This increase was primarily due to an
increase in sales to Jazz Pharmaceuticals of CollatampG of €0.7
million, or 26%, and an increase in CollaGUARD sales of €0.2
million, or 131%, primarily due to the first shipment of our
adhesion barrier CollaGUARD to our partner Takeda in connection
with the product's launch in Russia in the third quarter of 2014.
In addition, during the third quarter of 2014 Biomet 3i launched
RegenePro, our product to treat dental wounds in the United
States.
Cost of Sales. Cost of sales of €5.6 million in the year
ended December 31, 2014 increased by €1.0 million, or 23%, compared
to €4.6 million in the year ended December 31, 2013. All overhead
costs associated with operating our manufacturing facility are
included in the standard cost of our products as indirect costs and
charged to cost of sales based on sales volume.
Excluding these indirect costs, gross margins were 36% and 34% for
the years ended December 31, 2014 and 2013,
respectively. Including indirect costs gross margins were
(24)% and (28)% for the year ended December 31, 2014 and 2013,
respectively.
Research and Development (R&D) Expenses: R&D
expenses were €3.3 million for the year ended December, 31 2014 as
compared to €1.7 million for the year ended December 31, 2013. The
increase was primarily due to the commencement of our
pharmacokinetics and safety study of XaraColl, and our CollaGUARD
pilot study in the Netherlands.
General and Administrative (G&A) Expenses: G&A
expenses were €11.7 million for the year ended December 31, 2014 as
compared to €4.1 million for the year ended December 31,
2013. G&A expenses in the year ended December 31, 2014
included €5.1 million in non-cash charges for stock-based
compensation, compared to €0.0 of such charges in the corresponding
period in 2013. As stated above, stock-based compensation
expense in the year ended December 31, 2014 was exceptionally high
due to the timing of share grants and vesting linked to the
completion of our initial public offering in the third quarter
2014. Excluding such charges for stock-based compensation, G&A
expenses were €6.6 million for the year ended December 31, 2014 as
compared to €4.1 million for the year ended December 31,
2013. The increase in G&A was primarily due to accounting,
legal and consulting professional fees, insurance costs and
investor relations costs related to becoming a public company.
Finance Expense: Finance expense was €4.5 million for the
year ended December 31, 2014 as compared to €6.9 million in the
year ended December 31, 2013. Finance expense in the year
ended December 31, 2014 consisted primarily of €6.3 million fair
value expense of investor options outstanding and €3.1 million
interest on preferred shares, partially offset by €4.7 million in
foreign exchange gains. Finance expense in the year ended
December 2013 consisted primarily of interest on preferred shares
and convertible promissory notes of €6.6 million. All preferred
shares were converted into ordinary shares in the second quarter of
2014.
Although Innocoll options issued to investors are settled in
stock and are included in our authorized capital, under IFRS
accounting rules, they will continue to be valued on a quarterly
basis, which is likely to result in significant non-cash finance
expense or income going forward.
Other Income: Other income was €0.1
million in the year ended December 31, 2014 compared to €16.1
million in the year ended December 31, 2013. Other income in
the year ended December 31, 2013 consisted of exceptionally high
non-cash fair value gains on exchange of warrants, and settlement
of preferred shares in connection with the re-domicile of the
parent company.
For further financial information for the period ending December
31, 2014, please refer to the financial statements appearing at the
end of this release. As the financial statements are in euros,
all amounts shown in U.S. dollars are for the convenience of the
reader only, exchanged at a rate of $1.2141 per euro, the exchange
rate as of December 31, 2014.
Cash Position
As of December 31, 2014, cash, cash equivalents, and short-term
investments totalled €45.6 million ($55.4 million) compared to €2.7
million as of December 31, 2013. The increase in cash, cash
equivalents, and short-term investments was due to proceeds from
the issuance of shares of €52.1 million, consisting of €12.4
million net proceeds of pre-IPO equity issuance and €39.7 million
net proceeds from the IPO. Existing cash, combined with debt
facilities which we expect will be available to us should be
sufficient to fund the company's clinical programs and operational
expenses through the first half of 2016 and to fully fund
anticipated capital expenditure in connection with the expansion of
our manufacturing facility.
Conference Call
Innocoll management will host a conference call today at 8:30
a.m. EDT to discuss fourth quarter and full year 2014 financial
results and provide a business update.
To participate in the conference call, please dial 877-407-4018
(domestic) or 201-689-8471 (international) and ask for the
"Innocoll fourth quarter financial results conference call." A live
webcast of the call can be accessed under "Events and
Presentations" in the News & Investors section of the Company's
website at www.innocollinc.com
An archived webcast recording and telephone replay will be
available on the Innocoll website beginning approximately two hours
after the call. To access the telephone replay, please dial
877-870-5176 for domestic callers or 858-384-5517 for international
callers and entering the conference code: 13601691. The telephone
replay will be available until midnight EDT on March 22, 2015.
About Innocoll AG
Innocoll is a global, commercial-stage, specialty pharmaceutical
company. We develop and manufacture a range of pharmaceutical
products and medical devices using its proprietary collagen-based
technologies. Our late stage product pipeline is focused on
addressing a number of large unmet medical needs,
including: XaraColl® in Phase 3 development for the treatment
of post-operative pain; Cogenzia® in Phase 3 for the adjuvant
treatment of diabetic foot infections; and CollaGUARD®, a barrier
for the prevention of post-surgical adhesions. Our approved
products include: CollaGUARD (Ex-US), Collatamp® G, Septocoll®,
RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which
are sold through strategic partnerships with various partners
including Takeda, Biomet, and Jazz Pharmaceuticals. All of our
products are made using Type 1 collagen and are manufactured
in-house at our facility in Saal, Germany.
For more information, please visit www.innocollinc.com.
CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®,
Collexa®, Cogenzia® LidoColl®, LiquiColl®, and XaraColl® are
registered trademarks, and CollaPress™, DermaSil™, Durieva™, and
Zorpreva™ are trademarks of the company.
Use of Non-IFRS/non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements
prepared in accordance with IFRS, we disclose certain non-IFRS, or
non-GAAP, financial measures. We define adjusted non-GAAP earnings
per share as basic and diluted earnings per share excluding share
based payments and fair value expense on warrants
outstanding. We believe adjusted non-GAAP earnings per
share is meaningful to our investors to enhance their understanding
of our financial condition and results. The items excluded
from non-GAAP earnings per share represent significant non-cash
expense which may be settled through issuance of shares included in
our authorised or contingent capital. We believe that non-GAAP
earnings per share excluding these non-cash items may provide
securities analysts, investors and other interested parties with a
useful measure of our operating performance and cash requirements.
Disclosure in this press release of non-GAAP earnings per share,
which is a non-IFRS financial measure, is intended as a
supplemental measure of our performance that is not required by, or
presented in accordance with, IFRS. Non-GAAP earnings per
share should not be considered as an alternative to earnings per
share, profit (loss) or any other performance measure derived in
accordance with IFRS. Our presentation of adjusted earnings
per share should not be construed to imply that our future results
will be unaffected by unusual non-cash or non-recurring items.
Forward-looking Statements
"Any statements in this press release about our future
expectations, plans and prospects, including statements about the
development of our product candidates, such as the timing, conduct
and outcome of the our Phase 3 clinical trials of Xaracoll for the
treatment of post-operative pain and Cogenzia for the adjuvant
treatment of diabetic foot infections, and clinical studies of
CollaGUARD, our barrier for the prevention of post-surgical
adhesions, pre-commercial activities, the advancement of the
company's earlier stage pipeline, future sales of CollatampG,
CollaGUARD, RegenePro, Septocoll or other approved or marketed
products, and other statements containing the words "anticipate,"
"believe," "estimate," "expect," "intend", "goal," "may", "might,"
"plan," "predict," "project," "target," "potential," "will,"
"would," "could," "should," "continue," and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including
statements about the clinical trials of our product candidates.
Such forward-looking statements involve substantial risks and
uncertainties that could cause our clinical development programs,
future results, performance or achievements to differ significantly
from those expressed or implied by the forward-looking statements.
Such risks and uncertainties include, among others, those related
to the timing and costs involved in developing and commercializing
our products and product candidates, the initiation and conduct of
clinical trials, delays in potential approvals by FDA of the
commencement of trials, availability of data from clinical trials,
positive results from such trials and expectations for regulatory
approvals, our scientific approach and general development
progress, the composition of our supervisory board, the
availability or commercial potential of our product candidates, the
sufficiency of cash resources and need for additional financing or
other actions and other factors discussed in the "Risk Factors"
section of our Annual Report on Form 20-F for the year ended
December 31, 2014, which is on file with the Securities and
Exchange Commission. In addition, the forward-looking statements
included in this press release represent the Company's views as of
the date of this release. The Company anticipates that subsequent
events and developments will cause the Company's views to change.
However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this release."
| INNOCOLL
AG |
| CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE PROFIT/(LOSS) |
| |
|
|
|
|
| Thousands of Euros (except where
indicated in US$, and share and share data; conversion rate of
$1.2141 per euro) |
Three
months ended 12/31/2014 |
Three months ended
12/31/2013 |
12
months ended 12/31/2014 |
12 months ended
12/31/2013 |
| |
($'000) |
(€'000) |
(€'000) |
($'000) |
(€'000) |
(€'000) |
| |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
| Revenue |
$ 917 |
€ 755 |
€ 834 |
$ 5,460 |
€ 4,497 |
€ 3,546 |
| Cost of sales |
(1,714) |
(1,412) |
(1,513) |
(6,766) |
(5,573) |
(4,551) |
| Gross loss |
(797) |
(657) |
(679) |
(1,306) |
(1,076) |
(1,005) |
| Research and development expenses |
(1,575) |
(1,297) |
(469) |
(3,948) |
(3,252) |
(1,663) |
| General and administrative expenses |
(5,258) |
(4,331) |
(1,259) |
(14,189) |
(11,687) |
(4,121) |
| Other operating expense – net |
(47) |
(39) |
(128) |
(47) |
(39) |
(154) |
| Loss from operating activities – continuing
operations |
(7,677) |
(6,324) |
(2,535) |
(19,490) |
(16,054) |
(6,943) |
| Finance income/(expense) |
2,588 |
2,132 |
(2,197) |
(5,506) |
(4.535) |
(6,949) |
| Other income |
-- |
-- |
170 |
91 |
75 |
16,073 |
| (Loss)/profit before income
tax |
(5,089) |
(4,192) |
(4,562) |
(24,905) |
(20,514) |
2,181 |
| Income tax |
(55) |
(45) |
(19) |
(185) |
(152) |
(72) |
| (Loss)/profit for the period – all
attributable to equity holders of the Company |
(5,144) |
(4,237) |
(4,581) |
(25,090) |
(20,666) |
2,109 |
| Other comprehensive
income: |
|
|
|
|
|
|
| Currency translation adjustment |
(253) |
(208) |
84 |
(756) |
(623) |
155 |
| Total comprehensive (loss)/profit for
the period |
$(5,397) |
€(4,445) |
€(4,497) |
$(25,846) |
€(21,289) |
€2,264 |
| Basic (loss)/profit per share |
$(3.5) |
€(2.9) |
€(118.2) |
$(34.1) |
€(28.1) |
€47.0 |
| Diluted loss per share |
$(3.5) |
€(2.9) |
€(118.2) |
$(34.1) |
€(28.1) |
€(9.5) |
| Basic loss per ADS(1) |
$(0.3) |
€(0.2) |
|
$(2.6) |
€(2.1) |
|
| Diluted loss per ADS(1) |
$(0.3) |
€(0.2) |
|
$(2.6) |
€(2.1) |
|
| (1) One ordinary share
represents 13.25 ADSs |
| |
| NON-GAAP NET
EARNINGS |
| |
|
|
|
|
|
|
| Numerator for non-GAAP
(loss)/earnings per share –Thousands of Euros (except where
indicated in US$, and share and share data; conversion rate of
$1.2141 per euro): |
Three months ended
12/31/2014 |
Three months ended
12/31/2014 |
Three months ended
12/31/2013 |
12 months ended
12/31/2014 |
12 months ended
12/31/2014 |
12 months ended
12/31/2013 |
| |
|
|
|
|
|
|
| Net (loss)/earnings – basic |
$(5,144) |
€(4,237) |
€(4,581) |
$(25,090) |
€(20,666) |
€2,109 |
| Share based payments |
2,803 |
2,309 |
-- |
6,251 |
5,149 |
-- |
| Fair value (gain)/expense on warrants |
(106) |
(87) |
-- |
7,606 |
6,265 |
205 |
| Non-GAAP net (loss)/earnings –
basic |
(2,447) |
(2,015) |
(4,581) |
(11,233) |
(9,252) |
2,314 |
| Adjustment to net earnings for interest on
convertible preferred shares |
-- |
-- |
-- |
-- |
-- |
4,728 |
| Adjustment to net earnings for interest on
convertible promissory notes |
|
-- |
-- |
-- |
-- |
1,918 |
| Adjustment for gain on settlement of
promissory notes and preferred stock |
-- |
-- |
-- |
-- |
-- |
(15,903) |
| Non-GAAP net loss – diluted |
(2,447) |
(2,015) |
(4,581) |
(11,233) |
(9,252) |
(6,943) |
|
Denominator – number
of shares: |
|
|
|
|
|
|
| Weighted-average shares outstanding –
basic |
1,456,933 |
1,456,933 |
38,750 |
735,416 |
735,416 |
44,848 |
| Dilutive common stock issuable upon
conversion of preferred shares(1) |
-- |
-- |
-- |
-- |
-- |
547,195 |
| Dilutive common stock issuable upon
conversion of promissory notes(1) |
-- |
-- |
-- |
-- |
-- |
160,246 |
| Weighted-average shares outstanding –
diluted |
1,456,933 |
1,456,933 |
38,750 |
735,416 |
735,416 |
752,289 |
| Earnings/(loss) per
share: |
|
|
|
|
|
|
| Basic |
$(1.7) |
€(1.4) |
€(118.2) |
$(15.3) |
€(12.6) |
€51.6 |
| Diluted |
$(1.7) |
€(1.4) |
€(118.2) |
$(15.3) |
€(12.6) |
€(9.2) |
| |
|
|
|
|
|
|
| Earnings/(loss) per
ADS(2): |
|
|
|
|
|
|
| Basic |
$(0.1) |
€(0.1) |
|
$(1.2) |
€(1.0) |
|
| Diluted |
$(0.1) |
€(0.1) |
|
$(1.2) |
€(1.0) |
|
| |
|
|
|
|
|
|
| (1) For the years ended
December 31, 2014 as well as the three months ended December 31,
2013, we excluded the dilutive effect of both preferred shares and
promissory notes, and the related interest expense from the
computation of the diluted net loss and diluted weighted-average
shares outstanding as the effect would be anti-dilutive. |
| (2) One ordinary share
represents 13.25 ADSs |
| |
| INNOCOLL
AG |
| CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL
POSITION |
| at December 31, 2014 and
December 31, 2013 |
| |
|
|
|
| Thousands of Euros (except
where indicated in US$; conversion rate of $1.2141
per euro) |
12/31/2014 |
12/31/2014 |
12/31/2013 |
| |
($'000) |
(€'000) |
(€'000) |
| Assets |
Unaudited |
|
|
| Property, plant and equipment |
$ 1,503 |
€ 1,238 |
€ 732 |
| Total non-current assets |
1,503 |
1,238 |
732 |
| Inventories |
1,357 |
1,118 |
1,723 |
| Trade and other receivables |
924 |
761 |
409 |
| Cash and cash equivalents |
55,383 |
45,616 |
2,692 |
| Total current assets |
57,664 |
47,495 |
4,824 |
| Total assets |
59,167 |
48,733 |
5,556 |
| Equity |
|
|
|
| Share capital |
1,825 |
1,503 |
39 |
| Share premium |
148,222 |
122,084 |
7,074 |
| Capital contribution |
878 |
723 |
723 |
| Other reserves |
15,073 |
12,415 |
10,642 |
| Currency translation reserve |
(755) |
(622) |
1 |
| Accumulated share compensation reserve |
6,251 |
5,149 |
-- |
| Accumulated deficit |
(129,566) |
(106,718) |
(86,052) |
| Total equity attributable to equity holders
of the company |
41,928 |
34,534 |
(67,573) |
| Liabilities |
|
|
|
| Interest bearing loans and borrowings |
-- |
-- |
63,026 |
| Warrant liability |
8,789 |
7,239 |
974 |
| Defined pension liability |
74 |
61 |
81 |
| Total non-current
liabilities |
8,863 |
7,300 |
64,081 |
| Trade and other payables |
6,137 |
5,055 |
6,389 |
| Deferred income |
2,228 |
1,835 |
2,607 |
| Deferred taxation |
-- |
-- |
49 |
| Current taxes payable |
11 |
9 |
3 |
| Total current
liabilities |
8,376 |
6,899 |
9,048 |
| Total liabilities |
17,239 |
14,199 |
73,129 |
| Total equity and
liabilities |
$ 59,167 |
€ 48,733 |
€ 5,556 |
| |
| INNOCOLL
AG |
| CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS |
| for the 12 months ended
December 31, 2014 and 2013 |
| |
|
|
|
| Thousands of Euros
(except where indicated in US$; converted at a rate of
$1.2141 per euro) |
12 months ended
12/31/2014 |
12 months ended
12/31/2014 |
12 months ended
12/31/2013 |
| |
($'000) |
(€'000) |
(€'000) |
| |
Unaudited |
|
|
| Operating activities (loss)/profit
for the period |
$(25,090) |
€(20,666) |
€2,109 |
| Adjustments for: |
|
|
|
| Finance expense |
5,506 |
4,535 |
6,949 |
| Depreciation/impairment of property, plant
& equipment |
489 |
403 |
386 |
| Income tax expense/(credit) |
185 |
152 |
(17) |
| Profit on disposal of property, plant and
equipment |
(91) |
(75) |
-- |
| Share based payment |
6,251 |
5,149 |
-- |
| Gains on financial instruments |
-- |
-- |
(16,073) |
| Foreign exchange (gains)/losses |
(157) |
(129) |
50 |
| Operating cash outflows before
movements in working capital |
(12,907) |
(10,631) |
(6,596) |
| Decrease/(increase) in inventory |
733 |
605 |
(202) |
| (Increase) in trade and other
receivables |
(427) |
(352) |
(100) |
| (Decrease)/increase in trade and other
payables |
(1,620) |
(1,334) |
725 |
| (Decrease)/increase in deferred income and
defined benefit pension liability |
(961) |
(792) |
1,508 |
| Income taxes paid |
(238) |
(196) |
(12) |
| Net cash used in operating
activities |
(15,420) |
(12,700) |
(4,677) |
| Cash flows from investing
activities: |
|
|
|
| Purchases of property, plant and
equipment |
(1,104) |
(909) |
(448) |
| Interest received |
79 |
65 |
-- |
| Proceeds from disposal of property, plant and
equipment |
91 |
75 |
-- |
| Net cash used in investing
activities |
(934) |
(769) |
(448) |
| Cash inflows from financing
activities: |
|
|
|
| Proceeds from issue of preferred stock and
convertible promissory notes |
10,585 |
8,718 |
7,965 |
| Proceeds from issue of ordinary shares |
55,197 |
45,463 |
-- |
| IPO costs |
(2,456) |
(2,023) |
-- |
| Net cash inflows from financing
activities |
63,326 |
52,158 |
7,965 |
| Net increase in cash and cash
equivalents |
46,972 |
38,689 |
2,840 |
| Cash and cash equivalents at the beginning of
the period |
3,269 |
2,692 |
(148) |
| Effect of foreign exchange rate changes on
cash and cash equivalents |
5,142 |
4,235 |
-- |
| Cash and cash equivalents at the end
of the period |
$55,383 |
€45,616 |
€2,692 |
CONTACT: Denise Carter
Executive Vice President Business Development
and Corporate Affairs
T: (215) 765-0149
E: dcarter@innocollinc.com
Robert Flamm, Ph.D.
Russo Partners, LLC
T: (212) 845-4226
E: robert.flamm@russopartnersllc.com
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