SYGNIS reports results for the first quarter of 2014
- Operating expenses decreased by 32 percent
- Net loss significantly reduced by 31 percent
- Second technology deal signed (after period-end)
- Further expansion of technology portfolio
- Outlook confirmed
Madrid, Spain and Heidelberg, Germany, May 13, 2014 – SYGNIS AG (Frankfurt: LIO1; ISIN: DE000A1RFM03; Prime Standard) today announced its financial results for the first quarter of 2014, ended 31 March 2014.
In the first quarter of 2014, revenues were € 0.1 million (Q1 2013: € 0.1 million). Operating loss significantly improved by more than 31% to € 0.8 million (Q1 2013: € 1.2 million) in Q1 2014, reflecting a decrease in operating expenses of more than 32% to € 0.9 million (Q1 2013: € 1.3 million). Operating expenses included sales, general & administrative costs of € 0.5 million as well as research & development costs of € 0.4 million. The decrease of operating costs mainly resulted from lower personnel costs of € 0.4 million (Q1 2013: € 0.7 million) due to a reduced headcount during the first quarter compared with the previous year period. The resulting net loss for the period was € 0.8 million, an improvement of 31% compared to the previous year period (Q1 2013: € 1.2 million).
As of March 31, 2014, cash and cash equivalents amounted to € 1.2 million (31 December 2013: € 2.2 million). Total short term assets amounted to € 1.8 million (31 December 2013: € 2.5 million).
In February 2014, SYGNIS announced that its licensing partner QIAGEN launched the first two products of a series of kits based on SYGNIS’ proprietary amplification technology QualiPhi® now renamed SensiPhi®. The two kits, REPLI-g WTA Single Cell Kit and REPLI-g Cell WGA & WTA Kit, are available now and will be commercialized globally through QIAGEN’s established distribution channels. The product launches result from a global exclusive license agreement with QIAGEN signed in 2012.
Yesterday, SYGNIS announced that it has signed a patent transfer agreement for some patents linked to the Double Switch project with SYSTASY Bioscience GmbH, a service provider in drug discovery. The transferred IP is part of a broader IP family covering SYGNIS’ proprietary Double Switch technology for the qualitative and quantitative detection of the interactions of two proteins.
Pilar de la Huerta, CEO and CFO of SYGNIS commented: “We are very happy about the financial and strategic progress we made during the first quarter. We were able to further increase our operational efficiency and in parallel, we achieved an important milestone with the launch of the first products based on our SensiPhi® technology. During the first quarter we also focused on the development of our technology pipeline. With PrimPol®, an innovative polymerase for the amplification of DNA and RNA and QualiPhi® mutants we now have two exciting technologies ready for commercialization in the fast growing market of next generation sequencing. Moreover we are currently working on other innovative products and technologies in the molecular diagnostic field, which significantly will expand our technology portfolio. We continue to deliver on our objectives and have announced a second technology deal for our proprietary Double Switch technology for the analysis of protein-protein interactions. With the first products in the market and based on our exciting technology portfolio we feel very comfortable to achieve our financial and strategic goals and become one of the key players in the field of DNA amplification and sequencing.”
SYGNIS confirmed the outlook published on March 31, 2014. According to this guidance and depending on the market launch of additional products on SensiPhi® and on the success of commercialization activities, SYGNIS expects revenues in 2014 within a range of € 2.0 to € 2.5 million and net loss to be significantly reduced. In addition, beside the just signed patent agreement with SYSTASY, SYGNIS aims to conclude up to two additional commercial agreements for its products and technologies.
The financial resources available as at 31 March 2014 and the expected cash inflow during the remaining fiscal year 2014 will provide SYGNIS with a liquidity that will cover the operating expenses until break-even, which is still estimated to be in 2015.
Press Release as PDF
For further information please contact:
Pilar de la Huerta, CEO/CFO