DGAP-News

Formycon AG: Formycon Reports First Half 2016 Financial and Operating Results - Seite 2

company, the shares of which are held equally by Santo Holding AG and Swiss
Pharma International AG, a company of the Polpharma Group. Nothing will
change in relation to Formycon's forecast future licensing income as a
result of this transfer.

Through the expansion and progress of biosimilar projects, Formycon has
adapted its structures and in the process also further increased its
workforce, as it has done in previous years. At the half-year stage, the
company employed 65 people compared to 53 at the start of 2016. As
reported, from October 1, 2016, the experienced pharmaceutical manager Dr.
Stefan Glombitza will join the management board, which currently comprises
two members. Together with Dr. Carsten Brockmeyer (CEO) and Dr. Nicolas
Combé (CFO), Dr. Glombitza will take on the role of Chief Operating Officer
(COO) with special responsibility for the company's operational development
activities.

In economic terms, Formycon has concluded the first half of 2016 on
schedule. The Formycon Group's turnover was Euro 8.76 million, compared to
Euro 9.82 million in the same period the previous year. Formycon received
income from the development of its partnered biosimilar product candidates
FYB201 and FYB203. As planned, Formycon has invested further in its
biosimilar assets FYB202 and FYB205. As a consequence of this increased
research and development expenditure, the operating result stood at Euro
-1.17 million compared to Euro 1.5 million during the same period last
year.

The company's financial position remains consistently solid: Formycon holds
liquid assets of around Euro 17.8 million. Including short-term receivables
from deliveries and services worth Euro 2.95 million, Formycon's liquid
assets total around Euro 20.7 million (2015: 23.1 million). The Group's
equity ratio is over 93 percent. Based on income from its partnered
projects, the company continues to anticipate a rise in turnover to over
Euro 20 million for the current year. The annual result is greatly
dependent on whether the FYB202 project will be partnered in 2016.

Formycon AG, as the company's central development and operational unit,
achieved a turnover of Euro 7.1 million (previous year: 7.1 million) during
the first six months, with the result from the first half-year being Euro
-1.2 (1.7) million. The full half-year report is available on the Internet
at www.formycon.com/investors/financial-reports.

Dr. Brockmeyer says: "Following last year's excellent results, we have been
able to continue our path to success during the first six months of 2016,
enroll numerous patients in the phase III study with our leading biosimilar