DGAP-News

Formycon AG announces its results for the first half of 2014

Formycon AG / Key word(s): Half Year Results

23.09.2014 08:15

Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this announcement.

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Munich - The first half of 2014 has been marked by the expansion of the
company's research and development activities. The company has started with
the development of a third product, which, like the two previous products,
is intended to mimic a biopharmaceutical active ingredient of the third
wave of biosimilars. The company has also already licensed a biosimilar
candidate out to Santo Holding GmbH and is currently in discussions with
national and international pharmaceutical and generics companies about
licensing out further product candidates.

In the first half of 2014, Formycon AG recorded a turnover of 7.4 million
euros (2013: 0.2 million euros). This increase is substantially due to the
high revenues achieved as a result of the above mentioned licence agreement
and the resulting development alliance. The company's EBITDA amounted to
2.6 million euros in the first half of 2014 (first half of 2013: -3.5
million euros). Overall, the company expects to achieve positive EBITDA for
the business year 2014. The company's liquid assets, comprising cash on
hand, bank credit balances and financial securities, amounted to 11.2
million euros at the end of June 2014.

The current data for the first half of 2014 is available on the company's
website at www.formycon.com.

About Formycon AG
Formycon AG is a leading independent developer of biosimilars for global
marketing and has become a recognised innovator in the field. The team of
the present Formycon AG has extensive experience in the development of
complex molecules. The company has already successfully licensed two
protein-based product portfolios out to major pharmaceutical companies - in
2008 and 2011. Its specialist expertise allows the company to develop
high-quality biosimilars that meet the strict requirements of the
regulatory authorities in highly regulated countries and regions such as
Europe and the USA. Formycon currently has three biosimilar candidates
under development, the first of which has already been licensed out to
Santo Holding GmbH. Other product developments are in the pipeline. The aim
is to be the first company in the world to present clinical data for each
respective product candidate and on this basis to license the products out
to major pharmaceutical and generics companies for further development.
Alternatively, Formycon offers to attain marketing authorisation for
biosimilars on behalf of the licensee and to assume responsibility for
their production.

Contact
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg
Germany
Tel +49 (0) 89 - 86 46 67 100
Fax + 49 (0) 89 - 86 46 67 110
[e-mail]
www.formycon.com

Disclaimer
This press release may contain forward-looking statements and information,
as indicated by the use of words such as 'expect', 'want', 'anticipate',
'intend', 'plan', 'believe', 'strive', 'estimate', 'will' or the like. Such
statements are based on our current expectations and certain assumptions
that carry a number of risks and contingencies. The results actually
achieved by Formycon AG may therefore differ significantly from the
statements made in the forward-looking statements. Formycon AG assumes no
responsibility to update these forward-looking statements or to adjust them
in the event of developments which deviate from those that had been
anticipated.


23.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Formycon AG
Fraunhoferstraße 145
82152 Planegg-Martinsried
Germany
Phone: [phone]
Fax: [phone]
E-mail:
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Listed: Freiverkehr in Berlin; Frankfurt in Open Market (Entry
Standard)

End of Announcement DGAP News-Service

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