Liestal, Switzerland, August31, 2012 - Santhera Pharmaceuticals (SIX:SANN) announced today the financial results for the first half of 2012. In the first six months of 2012, Catenagenerated net sales of CHF1.7 million. The net cash burn was significantly reduced to CHF7.2 million resulting in a net loss of CHF5.5 million. As of June30, 2012, Santhera had cash reserves of CHF16.2 million, which secure the funding of the current operations into 2013 and well beyond the expected decision by the European Medicines Agency (EMA) on the Marketing Authorization Application (MAA) in Leber`s Hereditary Optic Neuropathy (LHON).
Main achievements in 2012:
Stable Catenasales in Canada and through named patient and special access programs in Europe and other territories
Preparations for product commercialization in LHON in Europe following potential approval by the EMA
Key financial figures (unaudited)
1 as of December31, 2011
Commenting on the operational and financial performance in the first six months of 2012, Thomas Meier, Chief Executive Officer of Santhera, said, "In the first six months of 2012, we have focused on the regulatory approval process and prepared for product commercialization in LHON. During this period we also achieved substantial cost reductions, which resulted in a markedly reduced cash burn in the first half of 2012 compared to the previous year. The cash position by mid-year secures the funding of Santhera`s operations beyond the upcoming decision by the EMA, which is expected by the end of this year."
Cash reserves of CHF16.2 million by mid-year 2012 As of June30, 2012, Santhera had cash and cash equivalents of CHF16.2 million (end of 2011: CHF23.4 million) and no debts. Net change in cash in the first half year of 2012 was substantially reduced to CHF-7.2 million (2011: CHF-12.3 million). Total equity amounted to CHF37.4 million by mid-year 2012 (2011: CHF54.5 million).
Stable product revenues and substantially reduced expenses in first half of 2012 In the first six months of 2012, Catena generated net sales of CHF1.7 million, slightly higher than in the same period in 2011 (CHF1.6 million). The majority of sales continue to originate from Canada (CHF1.5 million) while the remainder are sales under named patient and special access programs in Europe and the rest of the world.
Operating expenses were markedly reduced to CHF7.1 million (first half of 2011: CHF15.6 million) as a result of the refocused operations and restructuring of the Company. The expenses for development accounted for CHF3.5 million, while expenses for marketing and sales amounted to CHF1.1 million including costs associated with the preparation of the launch in Europe in LHON. General and administrative expenses amounted to CHF2.5 million. The lower expenses resulted in a substantially reduced operating result of CHF-5.6 million (first half of 2011: CHF-13.9 million). As a consequence, Santhera reports a net result of CHF-5.5 million (first half of 2011: CHF-15.0 million).