DGAP-News

PAION AG REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FOR THE FIRST NINE MONTHS OF 2015

DGAP-News: PAION AG / Key word(s): 9-month figures
PAION AG REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FOR THE FIRST
NINE MONTHS OF 2015

11.11.2015 / 07:30

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PAION AG REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FOR THE FIRST NINE
MONTHS OF 2015

- Financial results for the period in line with plans

- Successful initiation of U.S. and EU Phase III program of Remimazolam

- Two positive DMC safety reviews of U.S. Phase III trials

- Know-how and technology transfer from Ono completed

- Positive feedback from Japanese authority PMDA about Remimazolam
production for Japan

- Cash and cash equivalents of EUR 40.5 million

- Conference call (in English) today at 2:00 pm CET (1:00 pm GMT/8:00 am
ET)

Aachen (Germany), 11 November 2015 - 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 nine months of 2015.
These were in line with planning.

Research and development expenses increased significantly compared to the
prior-year period due to intensified development activities with
Remimazolam, particularly in connection with the preparation, initiation
and conduct of the Phase III programs. General administrative and selling
expenses increased compared to the prior-year period as a result of the
increase of staff and higher selling expenses due to the conduct of market
research, pre-marketing, market access and congress activities. In total, a
net loss of EUR 20.4 million has been incurred in the first nine months of
2015 compared to a net loss of EUR 6.3 million in the prior-year period.

Cash and cash equivalents decreased as planned by EUR 18.4 million compared
to 31 December 2014 and amounted to EUR 40.5 million as of 30 September
2015.

Dr. Wolfgang Söhngen, CEO of PAION AG, commented: "We have achieved a lot
at PAION in the first nine months. We are now one of the few German
companies that launched two Phase III programs, one in the U.S. and one in
Europe. For a company of our size, this is a remarkable and important step.
To take this positive development into account, we have strengthened our
team with important personnel in parallel. In Japan, we were successful in
achieving a milestone towards market approval. The positive feedback from
the Japanese regulatory authority PMDA regarding Japanese market supply
with Remimazolam produced in Europe is an essential factor for our
discussions with potential partners in this important market."