To NASDAQ OMX Copenhagen A/S
Announcement no. 14-13 / Copenhagen, May 2, 2013
Today, Topotarget announced that the Board of Directors has reviewed and approved the company’s interim report for the period January 1 to March 31, 2013.
Highlights from the financial results for the period January 1 to March 31, 2013:
- Topotarget has changed its outlook for the year and now expects an estimated pre-tax income in the range of DKK 49-54 million for the full-year financial result for 2013 (compared to the previous outlook of DKK 74-79 million). The expected net cash and cash equivalents will be around DKK 114-119 million at year-end 2013 (compared to the previously estimated DKK 109-114 million). The change in the outlook is due to the proceeds from the directed share issue as well as the fluctuation in Spectrum Pharmaceuticals' share price. Topotarget expects to receive 1 million shares in Spectrum Pharmaceuticals.
- Topotarget recognized revenues of DKK 0.4 million during the period (DKK 1.2 million in the same period in 2012)
- The research and development costs were DKK 6.1 million during the period (DKK 12.6 million in the same period in 2012)
- The administrative expenses were DKK 3.8 million during the period (DKK 7.5 million in the same period in 2012)
- The net financials were a net loss of DKK 0.4 million during the period (net income of DKK 0.4 million in the same period in 2012)
- The net loss from continued operations before tax for the period was DKK 10.2 million (net loss of DKK 18.8 million for the same period in 2012)
- The Group’s net cash and cash equivalents as of March 31, 2013 totaled DKK 53.8 million (DKK 41.5 million at year-end 2012)
A teleconference will be held today at 1:00 pm CET.
CEO Anders Vadsholt will present the interim report for Q1 2013 and answer questions. The teleconference will be conducted in English. A presentation will be available on Topotarget’s website, www.topotarget.com, before the start of the conference call.
To participate in the conference call please dial:
- Denmark: 32 72 80 18
- International: +44 (0) 1452 555131
Conference ID: 54070931
You will be able to stream the telephone conference via the following link:
http://storm.zoomvisionmamato.com/player/topotarget/objects/ts6008k2/
After the call, a playback will be available via the same link.
Topotarget A/S
For further information, please contact:
Anders Vadsholt, CEO: Direct: +45 39178345
Background information
About Topotarget
Topotarget (NASDAQ OMX: TOPO) is an international biopharmaceutical company headquartered in Copenhagen, Denmark, dedicated to clinical development and registration of oncology products. In collaboration with Spectrum Pharmaceuticals, Inc., Topotarget focuses on the development of its lead drug candidate, belinostat, which has shown positive results in the treatment of hematological malignancies and solid tumors, obtained by both mono- and combination therapy. For more information, please refer to www.topotarget.com.
Topotarget Safe Harbor Statement
This announcement may contain forward-looking statements, including statements about Topotarget A/S’ expectations to the progression of Topotarget A/S’ clinical pipeline and with respect to cash burn guidance. Such statements are subject to risks and uncertainties of which many are outside the control of Topotarget A/S, and which could cause actual results to differ materially from those described. Topotarget A/S disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by Danish law.
