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PAION AG REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST HALF-YEAR 2014

DGAP-News: PAION AG / Key word(s): Half Year Results
PAION AG REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST
HALF-YEAR 2014

06.08.2014 / 07:30

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PAION AG REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST HALF-YEAR
2014

- Licensing deals signed for Remimazolam in the MENA region and Canada

- Positive Phase II results with Remimazolam in cardiac surgery

- Proceeds of EUR 61.4 million from the capital increases

- Liquid funds secure Phase III programmes with Remimazolam in the EU and
the U.S. including filing process as well as premarketing and market
access activities

- Conference call (in English) today at 2:00 pm CEST (1:00 pm BST/8:00 am
EDT)

Aachen (Germany), 06 August 2014 - Specialty pharma company PAION AG (ISIN
DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today reports
its consolidated financial results according to International Financial
Reporting Standards (IFRS) for the first half-year 2014.

Revenues amounted to EUR 1.5 million in the first six months of 2014 and
thus were EUR 0.3 million higher than in the corresponding prior-year
period. The revenues mainly comprise the upfront payment from TR-Pharm in
connection with the expansion of the license agreement to include the MENA
region (Middle East and North Africa). Research and development expenses
increased, from EUR 2.0 million in the prior-year period to EUR 4.3
million, as a result of an increase in development activities for
Remimazolam. At EUR 1.8 million, general administrative and selling
expenses slightly increased compared to the prior-year period.

The company incurred a net loss of EUR 3.8 million in the first half-year
2014, which is higher than the net loss of EUR 2.2 million recorded in the
prior-year period.

Cash and cash equivalents increased by EUR 5.4 million, mainly due to the
capital increases carried out in the first quarter 2014. As of 30 June
2014, PAION's cash and cash equivalents amounted to EUR 18.7 million.
Including cash and cash equivalents and the proceeds from the capital
increases that were successfully completed in early July 2014 PAION has
sufficient funds to conduct the planned Phase III programmes with
Remimazolam in the EU and the U.S., including filing process, and to
initiate premarketing and market access activities.

Dr Wolfgang Söhngen, CEO of PAION commented: "We can look back at an
extremely successful first half of 2014. In addition to the evaluation and
release of the positive Phase II study headline data in cardiac surgery,
our focus was primarily on the various capital measures and the additional