THERAMetrics holding AG (SIX: TMX) announces today its half year interim report 2013 Mittwoch, 31. Juli 2013 - 18:00
THERAMetrics holding AG (SIX: TMX) announces today its half year interim report 2013.
General Overview The Group has not generated revenue in the half year ending 30 June 2013 (as in the first half of 2012), against ordinary operating expenses of CHF 2.52 million (2012: CHF 3.22 million). The cost reduction compared to the previous year (-22%) is relevant when taking into account the CHF 0.55 million - with no cash implication - attributable to the pro-rata impact of the stock option plan implemented in February 2012. Net of such effect, the operating expenses are CHF 1.97 million.
The total loss for the period is CHF 2.86 million, including CHF 0.34 million finance cost - with no cash implication as it will be converted at the next capital increase - attributable to the interests on the loan facility previously granted by BIOPHARMAinvest AG (2012: CHF 3.22 million), represents an improved basic and diluted loss per Common Share of CHF 0.04 (2012: basic and diluted loss of CHF 0.05).
The above figures show the results of the Company's successful austerity plan, in line with what was announced in the last annual report, continuing to reduce the Company's operating costs to a level which makes the Company's business model sustainable in the mid-term, until recurring revenues and other form of profit deriving from the announced business combination eventually kick in.
The most relevant Company's activities over the last six months concentrated on the business combination with Pierrel Research International whereas:
- On 24th January 2013 the company entered into a binding agreement for the combination of the Contract Research Organization (CRO) of Pierrel SpA. According to the binding agreement signed by the parties, Pierrel SpA will contribute 100% of the share capital of Pierrel Research International AG, the holding company of the CRO, by way of a contribution in kind through a dedicated capital increase of THERAMetrics. Thereby, Pierrel Research International AG shall become a wholly owned subsidiary of THERAMetrics, and Pierrel SpA shall be allocated 2.75 new shares of THERAMetrics for each share held by the current shareholders and by the holders of option and conversion rights in THERAMetrics. Such exchange ratio has been derived from a number of criteria and confirmed by an independent valuation and a fairness opinion. As a result of the transaction, Pierrel SpA will become the majority shareholder of THERAMetrics.
- On 25th January 2013 the majority shareholder of the Company BIOPHARMAinvest AG (BPI) has exercised its right to convert the CHF 2.5 million loan facility granted to the Company on 11th November 2011 into common shares of the Company. The loan is to be converted into common shares at the average stock market price of the last 60 days prior to todayís notice of conversion. The respective shares will have to be issued by the Company by way of a dedicated share capital increase.
- On 20 June 2013 THERAMetrics shareholders approved at the Annual General Meeting all the agenda items and in particular:
- The Change of Name from mondoBIOTECH holding AG into THERAMetrics holding AG
- The Dedicated Capital increase of up to 321'786'546 nominal shares for the business combination with Pierrel Research International AG and the conversion of BIOPHARMAinvest AG loan
- The creation of a new Conditional Capital of 120'000'000 nominal shares, replacing the old conditional capital that has expired on 26 May 2013
- Appointment of the new auditor Ernst&Young
- The election of the new Board of Directors for a one year period mandate
Research & Development expenses decreased from CHF 1.4 million in the first half of 2012 to CHF 0.45 million in the same period of 2013 (-68%). The Company's R&D activities have been addressing at the development of the bio-mathematical model for Drug Rescuing and repurposing which is instrumental to business combination with Pierrel Research International AG.
Sales and marketing Sales and marketing expenses increased from CHF 0.24 million in the first half of 2012 to CHF 0.26 million in the first half of 2013 (+8%) reflecting the efforts have been placed into the licensing activities.
Management and administration Management and administration expenses were CHF 1.8 million of which CHF 0.55 million - with no cash implication - related to the stock option plan, against CHF 1.6 million (CHF 1.07 related to the stock option plan) in the first half of 2012 (+12%). The increase in the expenses for management and administration are due to costs connected to legal counselling and advisors activities necessary for the completion of the business combination with Pierrel Research International AG.
The Half Year Interim Results 2013 Report is available under: http://www.therametrics.com/investor/investors/key-information
About THERAMetrics Screening potential drugs in virtual biosystems, evaluating therapies in virtual in patients and predicting real-world health outcomes and costs are the main drivers that inspires the Company’s business model. THERAMetrics is a TCRDO (Tech Contract Research & Development Organization) offering full competitive technological solutions through the entire value chain of drug discovery & development and innovative partnerships-alliances business opportunities to Biopharma companies.
For further information please contact THERAMetrics holding AG Andreas Hildenbrand, Lemongrass Communications Tel.: +41 44 202 5268 andreas.hildenbrand@lemongrass-communications.com www.therametrics.com Disclaimer This communication expressly or implicitly contains certain forward-looking statements concerning THERAMetrics holding AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of THERAMetrics holding AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. THERAMetrics holding AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.