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Jerini AG. (8/14/09). "Press Release: Jerini AG Reports Financial Results for First Half 2009 [incl. Download of Half-year Report]". Berlin.
|Organisation||Jerini AG (FSE: JI4)|
|Organisation 2||Shire (Group)|
|Index term 2||Jerini–Shire: investment, 200807–200906 acquisition €328m public takeover offer €6.25/share + squeeze-out €7.53/share|
Jerini AG (FSE:JI4) reported financial results for the first six months ended June 30, 2009. Under International Financial Reporting Standards (IFRS), total revenues for this period increased by 82 percent to EUR 4.0 million (compared to EUR 2.2 million in the prior year period). Revenues from product sales of Firazyr® amounted to EUR 1.4 million (prior year period: € nil). Revenues from collaboration agreements increased to EUR 2.6 million (prior year period: EUR 2.2 million). Cash and cash-equivalents, excluding restricted cash in the amount of EUR 0.3 million, amounted to EUR 16.2 million (prior year period: EUR 17.6 million).
Research and development expenses decreased to EUR 8.3 million in this six-month period (compared to EUR 9.6 million in the prior year period). Sales and distribution costs decreased to EUR 2.9 million (prior year period: EUR 5.3 million) due to expenses in 2008 for the preparation of Firazyr®'s product launch. General and administrative expenses increased to EUR 7.2 million (prior year period: EUR 5.4 million). Losses from operations before tax and finance costs (EBIT) decreased to EUR 14.0 million (compared to EUR 17.9 million in the prior year period). Net loss from continuing operations for this period decreased to EUR 9.6 million (prior year period: EUR 17.2 million), and loss per share amounted to EUR 0.16 (prior year period: EUR 0.33).
Net cash burn for the first six months of 2009 amounted to EUR 9.7 million (prior year period: EUR 20.1 million). Net cash burn is calculated by the addition of cash used in operating activities (EUR 14.9 million) and cash provided by investing activities (EUR 0.1 million) as well as cash provided by the divestment of JPT Peptide Technologies GmbH (EUR 5.3 million), as disclosed in the unaudited consolidated cash-flow statements for the six-month period ended June 30, 2009.
Shire Deutschland Investments GmbH currently holds more than 98 percent of Jerini's outstanding shares. Upon registration in the commercial register of the squeeze-out resolution adopted at Jerini's Shareholders' Meeting on June 16, 2009, Shire Deutschland Investments GmbH will hold 100 percent of Jerini's outstanding shares. As compensation, minority shareholders will receive cash compensation of EUR 7.53 per share from Shire Deutschland Investments GmbH. After the completion of the squeeze-out, Jerini plans to review the options for integration into the Shire Group of Companies.
About Jerini AG
Jerini is a pharmaceutical company based in Berlin, Germany. On July 3, 2008, Jerini and Shire plc's German wholly-owned indirect subsidiary Shire Deutschland Investments GmbH entered into a business combination agreement regarding a strategic partnership. Jerini is now a subsidiary of Shire plc and a member of the Shire group of companies. Shire currently holds more than 98 percent of Jerini's shares.
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Record changed: 2011-11-25
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