Quarterly Performance Review - Report on ProQR Therapeutics

Jul 16, 2015, 09:10 ET from www.aciassociation.com

NEW YORK, July 16, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on ProQR Therapeutics N.V. (NASDAQ: PRQR). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=PRQR

Highlights from our PRQR Report include:

  • Financial Highlights - On May 21, 2015, ProQR Therapeutics N.V. released results for the first quarter of 2015. Net profit attributable to equity holders of the Company amounted to EUR 0.2 million, as compared to a loss of EUR 1.9 million in Q1 2014. Consequently, earnings per share for the period were EUR 0.01, compared to loss per share of EUR 0.30 in previous year quarter. Other income increased from EUR 4,000 in prior year quarter to 0.3 million in Q1 2015.
  • R&D-led Product Development - In Q1 2015, research and development (R&D) cost increased to EUR 5.5 million from EUR 1.3 million in Q1 2014, reflecting the expansion of R&D activities to support the further development of the Company's lead product candidate, QR-010, for the treatment of cystic fibrosis, and the development of the Company's other pipeline product candidates, including QR-110 for the treatment of Leber's congenital amaurosis, the leading genetic cause of childhood blindness. Meanwhile, general and administration cost amounted to EUR 1.6 million, higher than EUR 0.6 million in the previous year quarter. The increase is related to the expansion of the Company through 2014.
  • Improved Liquidity Position -  The Company's cash and cash equivalent stood at EUR 113.8 million as of March 31, 2015, higher than EUR 112.7 million at December 31, 2014. The net increase in cash and cash equivalents was mainly due to foreign exchange gain of EUR 6.8 million. In addition, net cash used in operating activities during Q1 2015 was recorded at EUR 5.3 million, versus EUR 1.9 million for the same period last year.
  • Strengthening Leadership - Supervisory Board nominated Paul Baart as a member and the Chair of the Audit Committee, so as to further strengthen the capabilities of the Supervisory Board. The Company informed that Paul has significant experience in public accounting in both the Netherlands and the USA. He previously served on PwC Netherlands' Management and Supervisory Boards and was also a member of the Global Board of PwC International.
  • Clinical Study Update - The Company stated that the European Committee (EC) granted ProQR and its academic partners a grant of EUR 6 million under the Horizon 2020 program to finance the Phase Ib and PoC clinical studies of QR-010. Further, ProQR has selected the product candidate in its second program QR-110 for the treatment of Leber's congenital amaurosis (LCA) and intends to start first clinical trial for QR-110 in patients suffering from the most common mutation in LCA in H1 2016.

To find out how this influences our rating on ProQR Therapeutics N.V., read the full report in its entirety here: http://www.aciassociation.com/?c=PRQR

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