Genmab Announces First Quarter Financial Results

Apr 19, 2001, 01:00 ET from Genmab A/S

    COPENHAGEN, Denmark, April 19 /PRNewswire/ -- Genmab A/S (CSE: GEN and
 Neuer Markt: GE9D) announced today results for the three months period ended
 March 31, 2001.  During this period, Genmab reported a net loss of
 DKK 139,467, approximately USD 17 Thousand, an operating loss of
 DKK 35.2 Million, approximately USD 4.2 Million, and net financial income
 totaling DKK 35.1 Million, approximately USD 4.1 Million, for a total loss of
 DKK 0.006 per share, approximately USD 0.0008 per share.  These results
 compare with a net loss of DKK 5.5 Million, approximately USD 660 Thousand, an
 operating loss of DKK 5.9 Million, approximately USD 700 Thousand, and net
 financial income of DKK 400 Thousand, approximately USD 40 Thousand for the
 three months period ended March 31, 2000.  The increased rate of expenditure
 reflects expansion of research and development, clinical trials and business
 activities.
 
     HIGHLIGHTS
 
     Genmab has had a number of business and scientific achievements in the
 first quarter of 2001, including:
 
     *  Initiating a HuMax-CD4 Phase II study to treat psoriasis.
 
     *  Establishment of a new antibody development partnership with Glaucus
        Proteomics B.V.
 
     *  Presentation of positive HuMax-CD4 data from an extension of the Phase
        I/II study, including strong safety profile and patient responses to
        the antibody.
 
     *  Expansion of clinical development capabilities with the addition of two
        senior clinical researchers Dr. Ole Baadsgaard, Ph.D. and Dr. Rinette
        Andreasen.
 
     "The achievements of the first quarter show that Genmab continues to
 deliver on its promises to build a broad portfolio of antibody products," said
 Michael Wolff Jensen, Chief Financial Officer of Genmab A/S.  "The results of
 the quarter are in line with our expectations and reflects the rapid expansion
 of our research and development, clinical trials and business activities."
 
     Genmab A/S is a biotechnology company that creates and develops fully
 human antibodies for the treatment of life-threatening and debilitating
 diseases.  Genmab has four products in development to treat cancer, rheumatoid
 arthritis and other inflammatory conditions, and intends to assemble a broad
 portfolio of new therapeutic products arising from research into the human
 genome.  At present, Genmab's commercial opportunities are based upon research
 conducted at leading international companies, including Immunex Corporation,
 Oxford GlycoSciences Ltd. Gemini Genomics plc, Eos Biotechnology Inc., and
 Glaucus Proteomics B.V., as well as in its own laboratories.  A broad alliance
 provides Genmab with access to Medarex Inc.'s array of proprietary
 technologies, including the UltiMAb(TM) platform for the rapid creation and
 development of fully human antibodies to virtually any disease target.  For
 more information about Genmab, visit http://www.genmab.com .
 
     Except for the historical information presented herein, matters discussed
 in this press release are forward-looking statements that are subject to risks
 and uncertainties that could cause actual results to differ materially from
 any future results, performance or achievements expressed or implied by such
 statements. Statements that are not historical facts, including statements
 preceded by, followed by, or that include the words "believes"; "anticipates";
 "plans"; "expects"; "estimates"; or similar statements are forward-looking
 statements.
 
     UltiMAb(TM) is a trademark of Medarex, Inc.
 
 
     Genmab Consolidated Statement of Operations
 
                            3 months      3 months       3 months     3 months
                               ended         ended          ended        ended
                            31 March      31 March       31 March     31 March
                                2001          2000           2001         2000
                                 DKK           DKK            USD          USD
 
     Research and
      development costs  (28,360,773)   (4,877,733)    (3,347,628)    (575,754)
     General and
      administrative
      expenses            (6,877,684)   (1,028,721)      (811,823)    (121,428)
 
     Operating loss      (35,238,457)   (5,906,454)    (4,159,451)    (697,182)
 
     Revaluation of short
      term marketable
      securities excluding
      imputed interest
      on zero
      coupon-securities    3,441,278             0       406,199             0
 
     Financial income     35,696,947       380,545     4,213,570        44,919
     Financial expenses   (4,039,235)            0      (476,780)            0
 
     Loss before tax        (139,467)   (5,525,909)      (16,462)     (652,263)
 
     Tax on loss                   0             0             0             0
 
     Net loss               (139,467)   (5,525,909)      (16,462)     (652,263)
 
     Basic and diluted
      net loss per share        (0.0)         (0.7)         (0.0)         (0.1)
 
     Weighted average number
      of ordinary shares
      outstanding during
      the period -
      basic and diluted   21,812,020     7,387,470    21,812,020     7,387,470
 
 
     Genmab Consolidated Balance Sheets
 
      Assets
                            31 March      31 March      31 March      31 March
                                2001          2000          2001          2000
                                 DKK           DKK           USD           USD
 
     Licenses            117,969,869    68,046,880    13,924,842     8,032,068
     Deposits
      on leasehold         1,378,959       233,900       162,769        27,609
 
     Total intangible
      assets             119,348,828    68,280,780    14,087,611     8,059,677
 
     Plant and
      equipment            9,248,418     1,316,892     1,091,658       155,443
 
     Other securities and
      equity interests    21,504,739             0     2,538,360
 
     Total
      financial assets    21,504,739             0     2,538,360
 
     Total long-term
      assets             150,101,985    69,597,672    17,717,629     8,215,120
 
     Other receivables    31,033,201       549,814     3,663,075        64,898
     Prepayments             639,700       121,477        75,508        14,339
 
     Other
      current assets      31,672,901       671,291     3,738,583        79,237
 
     Short term
      marketable
      securities       1,733,343,763             0   204,599,177             0
 
     Cash and cash
      equivalents         34,715,947    70,515,979     4,097,776     8,323,514
 
     Total
      current assets   1,799,732,611    71,187,270   212,435,536     8,402,751
 
     Total assets      1,949,834,596   140,784,942   230,153,165    16,617,871
 
 
     Genmab Consolidated Balance Sheets
 
      Liabilities and shareholders' equity
 
                            31 March      31 March      31 March      31 March
                                2001          2000          2001          2000
                                 DKK           DKK           USD           USD
 
     Share capital        21,812,020       973,440     2,574,631       114,902
     Share premium
      reserve          1,909,439,994   161,660,251   225,385,096    19,081,935
     Revaluation
      surplus             12,636,260             0     1,491,550             0
     Deficit accumulated
      during development
      stage              (67,009,461)  (23,410,481)   (7,909,614)   (2,763,309)
     Unearned
      compensation        (9,465,953)            0    (1,117,335)            0
 
     Shareholders'
      equity           1,867,412,860   139,223,210   220,424,328    16,433,528
 
     Payable
      technology rights   43,075,479             0     5,084,512             0
 
     Total
      long-term debt      43,075,479             0     5,084,512             0
 
     Short term portion
      of payable
      technology rights   16,028,568             0     1,891,969             0
     Accounts payable      8,300,704       132,808       979,792        15,676
     Other liabilities    15,016,985     1,428,924     1,772,564       168,667
 
     Total current
      liabilities         39,346,257     1,561,732     4,644,325       184,343
 
     Total liabilities    82,421,736     1,561,732     9,728,837       184,343
 
     Total liabilities
      and shareholders'
      equity           1,949,834,596   140,784,942   230,153,165    16,617,871
 
 

SOURCE Genmab A/S
    COPENHAGEN, Denmark, April 19 /PRNewswire/ -- Genmab A/S (CSE: GEN and
 Neuer Markt: GE9D) announced today results for the three months period ended
 March 31, 2001.  During this period, Genmab reported a net loss of
 DKK 139,467, approximately USD 17 Thousand, an operating loss of
 DKK 35.2 Million, approximately USD 4.2 Million, and net financial income
 totaling DKK 35.1 Million, approximately USD 4.1 Million, for a total loss of
 DKK 0.006 per share, approximately USD 0.0008 per share.  These results
 compare with a net loss of DKK 5.5 Million, approximately USD 660 Thousand, an
 operating loss of DKK 5.9 Million, approximately USD 700 Thousand, and net
 financial income of DKK 400 Thousand, approximately USD 40 Thousand for the
 three months period ended March 31, 2000.  The increased rate of expenditure
 reflects expansion of research and development, clinical trials and business
 activities.
 
     HIGHLIGHTS
 
     Genmab has had a number of business and scientific achievements in the
 first quarter of 2001, including:
 
     *  Initiating a HuMax-CD4 Phase II study to treat psoriasis.
 
     *  Establishment of a new antibody development partnership with Glaucus
        Proteomics B.V.
 
     *  Presentation of positive HuMax-CD4 data from an extension of the Phase
        I/II study, including strong safety profile and patient responses to
        the antibody.
 
     *  Expansion of clinical development capabilities with the addition of two
        senior clinical researchers Dr. Ole Baadsgaard, Ph.D. and Dr. Rinette
        Andreasen.
 
     "The achievements of the first quarter show that Genmab continues to
 deliver on its promises to build a broad portfolio of antibody products," said
 Michael Wolff Jensen, Chief Financial Officer of Genmab A/S.  "The results of
 the quarter are in line with our expectations and reflects the rapid expansion
 of our research and development, clinical trials and business activities."
 
     Genmab A/S is a biotechnology company that creates and develops fully
 human antibodies for the treatment of life-threatening and debilitating
 diseases.  Genmab has four products in development to treat cancer, rheumatoid
 arthritis and other inflammatory conditions, and intends to assemble a broad
 portfolio of new therapeutic products arising from research into the human
 genome.  At present, Genmab's commercial opportunities are based upon research
 conducted at leading international companies, including Immunex Corporation,
 Oxford GlycoSciences Ltd. Gemini Genomics plc, Eos Biotechnology Inc., and
 Glaucus Proteomics B.V., as well as in its own laboratories.  A broad alliance
 provides Genmab with access to Medarex Inc.'s array of proprietary
 technologies, including the UltiMAb(TM) platform for the rapid creation and
 development of fully human antibodies to virtually any disease target.  For
 more information about Genmab, visit http://www.genmab.com .
 
     Except for the historical information presented herein, matters discussed
 in this press release are forward-looking statements that are subject to risks
 and uncertainties that could cause actual results to differ materially from
 any future results, performance or achievements expressed or implied by such
 statements. Statements that are not historical facts, including statements
 preceded by, followed by, or that include the words "believes"; "anticipates";
 "plans"; "expects"; "estimates"; or similar statements are forward-looking
 statements.
 
     UltiMAb(TM) is a trademark of Medarex, Inc.
 
 
     Genmab Consolidated Statement of Operations
 
                            3 months      3 months       3 months     3 months
                               ended         ended          ended        ended
                            31 March      31 March       31 March     31 March
                                2001          2000           2001         2000
                                 DKK           DKK            USD          USD
 
     Research and
      development costs  (28,360,773)   (4,877,733)    (3,347,628)    (575,754)
     General and
      administrative
      expenses            (6,877,684)   (1,028,721)      (811,823)    (121,428)
 
     Operating loss      (35,238,457)   (5,906,454)    (4,159,451)    (697,182)
 
     Revaluation of short
      term marketable
      securities excluding
      imputed interest
      on zero
      coupon-securities    3,441,278             0       406,199             0
 
     Financial income     35,696,947       380,545     4,213,570        44,919
     Financial expenses   (4,039,235)            0      (476,780)            0
 
     Loss before tax        (139,467)   (5,525,909)      (16,462)     (652,263)
 
     Tax on loss                   0             0             0             0
 
     Net loss               (139,467)   (5,525,909)      (16,462)     (652,263)
 
     Basic and diluted
      net loss per share        (0.0)         (0.7)         (0.0)         (0.1)
 
     Weighted average number
      of ordinary shares
      outstanding during
      the period -
      basic and diluted   21,812,020     7,387,470    21,812,020     7,387,470
 
 
     Genmab Consolidated Balance Sheets
 
      Assets
                            31 March      31 March      31 March      31 March
                                2001          2000          2001          2000
                                 DKK           DKK           USD           USD
 
     Licenses            117,969,869    68,046,880    13,924,842     8,032,068
     Deposits
      on leasehold         1,378,959       233,900       162,769        27,609
 
     Total intangible
      assets             119,348,828    68,280,780    14,087,611     8,059,677
 
     Plant and
      equipment            9,248,418     1,316,892     1,091,658       155,443
 
     Other securities and
      equity interests    21,504,739             0     2,538,360
 
     Total
      financial assets    21,504,739             0     2,538,360
 
     Total long-term
      assets             150,101,985    69,597,672    17,717,629     8,215,120
 
     Other receivables    31,033,201       549,814     3,663,075        64,898
     Prepayments             639,700       121,477        75,508        14,339
 
     Other
      current assets      31,672,901       671,291     3,738,583        79,237
 
     Short term
      marketable
      securities       1,733,343,763             0   204,599,177             0
 
     Cash and cash
      equivalents         34,715,947    70,515,979     4,097,776     8,323,514
 
     Total
      current assets   1,799,732,611    71,187,270   212,435,536     8,402,751
 
     Total assets      1,949,834,596   140,784,942   230,153,165    16,617,871
 
 
     Genmab Consolidated Balance Sheets
 
      Liabilities and shareholders' equity
 
                            31 March      31 March      31 March      31 March
                                2001          2000          2001          2000
                                 DKK           DKK           USD           USD
 
     Share capital        21,812,020       973,440     2,574,631       114,902
     Share premium
      reserve          1,909,439,994   161,660,251   225,385,096    19,081,935
     Revaluation
      surplus             12,636,260             0     1,491,550             0
     Deficit accumulated
      during development
      stage              (67,009,461)  (23,410,481)   (7,909,614)   (2,763,309)
     Unearned
      compensation        (9,465,953)            0    (1,117,335)            0
 
     Shareholders'
      equity           1,867,412,860   139,223,210   220,424,328    16,433,528
 
     Payable
      technology rights   43,075,479             0     5,084,512             0
 
     Total
      long-term debt      43,075,479             0     5,084,512             0
 
     Short term portion
      of payable
      technology rights   16,028,568             0     1,891,969             0
     Accounts payable      8,300,704       132,808       979,792        15,676
     Other liabilities    15,016,985     1,428,924     1,772,564       168,667
 
     Total current
      liabilities         39,346,257     1,561,732     4,644,325       184,343
 
     Total liabilities    82,421,736     1,561,732     9,728,837       184,343
 
     Total liabilities
      and shareholders'
      equity           1,949,834,596   140,784,942   230,153,165    16,617,871
 
 SOURCE  Genmab A/S