Transgene: Cash Position and Net Cash Expenditures as of March 31, 2005
April 13 2005 - 1:01AM
PR Newswire (US)
Transgene: Cash Position and Net Cash Expenditures as of March 31,
2005 STRASBOURG, France, April 13 /PRNewswire-FirstCall/ --
Transgene (Nasdaq: TRGNY; Eurolist Paris: FR0005175080) today
announced its cash position and net cash expenditures at and for
the three months ending March 31, 2005 (unaudited figures, US
GAAP). Net cash expenditures amounted to euro 4.6 million (US$ 6.0
million) for the first quarter of 2005. Net cash expenditures for
the first quarter of 2004 amounted to euro 5.3 million (US$ 6.9
million). Cash and cash equivalents totaled euro 10 million (US$ 13
million) at March 31, 2005. We believe that, based on our current
cost estimates for our on-going operations, including clinical
development plans, research and development activities, operating
revenues and anticipated capital expenditures, our cash position at
March 31, 2005, will be sufficient to meet our expected financial
requirements through September 2005. In December 2004, Transgene's
principal shareholder informed the Board of Directors of its
commitment to cover Transgene's cash needs until the end of 2005
unless another financing option is adopted during this timeframe.
First quarter 2005 highlights: * New Strategic focus both in cancer
and infectious diseases; * MVA-Muc1-IL2 therapeutic vaccine meets
the primary endpoint in Phase II trial for the treatment of
non-small cell lung cancer. Data from the clinical testing of our
MVA-Muc1-IL2 vaccine in non-small cell lung and prostate cancers
has been accepted for presentation at the 2005 Annual Meeting of
the American Society of Clinical Oncology which will take place in
Orlando, Florida, May 13-17, 2005. Transgene, based in Strasbourg,
France, is a biopharmaceutical company dedicated to the discovery
and development of therapeutic vaccines and immunotherapy products
for the treatment of cancer and infectious diseases. Transgene has
a broad portfolio of products in clinical development. This press
release contains forward-looking statements regarding Transgene's
anticipated financial requirements and expenditures. These
statements are based on Transgene's current expectations, beliefs,
estimates, forecasts and assumptions and are not guarantees of
Transgene's future liquidity and ability to continue operations.
Accordingly, actual outcomes and results may differ materially from
what is expressed. Important factors which may affect Transgene's
future financial requirements and expenditures include the
following: regulatory approvals for product development and testing
may be suspended or delayed, causing additional expenses to
continue testing or obtain testing rights; proceedings to obtain
patents and litigation of third party infringement claims are
expensive and could exceed anticipated budgets; rights to
proprietary genes and other technologies to further develop our
business may be more costly than anticipated; we may incur
significant costs in connection with our product liability
exposure; we may incur unanticipated costs in connection with our
use and handling of hazardous material; and other important factors
described in Transgene's Annual Report on Form 20-F for the most
recent fiscal year filed with the U.S. Securities and Exchange
Commission, including those factors described in the section
entitled "Risk Factors." In addition, the statement made by the
Company's principal shareholder to the Board of Directors in
December 2004 is not a guaranty by the Company that it will have
sufficient funds to maintain on-going operations. Note: The
official financial information of Transgene is stated in Euros. The
financial information expressed in US$ is translated solely for the
convenience of the reader at euro 1.00 = $1.2964, the rate of the
Central European Bank on March 31, 2005. DATASOURCE: Transgene
CONTACT: Philippe Poncet, Chief Financial Officer of Transgene,
+33-3-88-27-91-21; or Michael Long of Cohn & Wolfe,
+1-415-365-8523; or Tiphaine Hecketsweiler of Image 7,
+33-1-53-70-74-70 Web site: http://www.transgene.fr/
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