-1 of 2- 16 Apr 2013 05:11:00 UTC *DJ Santhera Reports 2012 Financial Figures and Announces Restructuring
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April 16, 2013 01:11 ET (05:11 GMT)- - 01 11 AM EDT 04-16-13
-2 of 2- 16 Apr 2013 05:11:00 UTC PRESS RELEASE: Santhera Reports 2012 Financial Figures and Announces Restructuring
Santhera Pharmaceuticals Holding AG / Santhera Reports 2012 Financial Figures and Announces Restructuring . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Liestal, Switzerland, April 16, 2013 - Santhera Pharmaceuticals (SIX: SANN) announced today financial results for 2012. The operating result increased to CHF -31.2 million and the net result to CHF -31.4 million both due to non-cash-relevant impairments. With a significantly reduced cash burn of CHF 11.1 million in 2012, the cash position at year-end amounted to CHF 12.3 million. To secure operations, the Company has initiated further financial and operational restructuring measures. The Annual Shareholders' Meeting will be convened on May 13, 2013 to decide on the future direction of Santhera.
Key financial figures 2012
(IFRS, consolidated, in CHF thousands) 2012 2011 Cash and cash equivalents 12,283 23,406 Net change in cash and cash equivalents -11,123 -20,276 Net sales 3,538 3,265 Operating expenses -34,701 -30,517 Operating result -31,155 -27,213 Net result -31,448 -27,838
CHF 12.3 million cash reserves at year-end 2012 reflect significant reduction in cash burn
As of December 31, 2012, Santhera had cash and cash equivalents of CHF 12.3 million (2011: CHF 23.4 million). Net change in cash for 2012 versus 2011 was CHF 11.1 million (2011: CHF -20.3 million). In 2012, the net cash burn was decreased to below the one-million-threshold per month (CHF 0.9 million compared to CHF 1.7 million in 2011). Total equity at year-end 2012 amounted to CHF 11.7 million (2011: CHF 43.0 million).
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PRESS RELEASE: Santhera Reports 2012 Financial Figures and Announces Restructuring