Galapagos Business Update
Market Wire, November, 2009
Galapagos NV (Euronext: GLPG)
announces today that third quarter 2009 operational and financial
results were in line with management expectations. These results
encourage the Company to retain full year guidance of EUR 100 million
revenues, a growth of 30% compared to 2008. Galapagos’ service
division BioFocus will significantly increase its cash contribution
to the Group result for the full year 2009. With operational cash
burn also on track, Galapagos management increases guidance for
year-end 2009 cash position to EUR 38 million due to the successful
EUR 18.2 million private placement completed in October.
Galapagos also achieved progress in its development programs in the
third quarter. The Company announced that its most advanced
first-in-class program, GLPG0259 for rheumatoid arthritis,
demonstrated safety and an excellent pharmacokinetic profile in a
first Phase I study; this compound started a second Phase I study in
September. Galapagos has completed its first-in-human trial for the
IRA program in bone metastasis (GLPG0187) and expects to announce
top-line results at the start of 2010. With Nanocort starting Phase
II studies for the treatment of MS flares shortly and the first
candidate drug from the osteoarthritis alliance with GSK entering the
clinic next month, Galapagos is on-track to have four programs in
clinical development by the end of 2009.
Furthermore in the third quarter, the Company announced milestones in
its arthritis alliance with GlaxoSmithKline and its osteoporosis
alliance with Lilly. BioFocus signed agreements with Procter &
Gamble and Schering-Plough, and strengthened its network of
cutting-edge capabilities through partnerships with Oncodesign and
DiscoveRx. In September, Galapagos announced a collaboration with
Charley’s Fund and the Nash Avery Foundation to investigate the
potential effectiveness of Galapagos’ SARM candidate drug (GLPG0492)
for the treatment of Duchenne muscular dystrophy. In October,
Galapagos reached the first milestone in the anti-infectives alliance
with GlaxoSmithKline and expanded the metabolic diseases alliance
with Merck & Co to include atherosclerosis.
About Galapagos
Galapagos (Euronext: GLPG; OTC: GLPYY) is a drug discovery and
development company with small molecule programs in bone and joint
diseases, bone metastasis, cachexia, anti-infectives and metabolic
diseases. It has established risk sharing alliances with
GlaxoSmithKline, Janssen Pharmaceutica, Eli Lilly and Merck and Co.
Through an alliance with MorphoSys, Galapagos is also developing new
antibody therapies in bone and joint diseases. Its division BioFocus
offers a full suite of target-to-drug discovery products and services
to pharmaceutical and biotech companies and to patient foundations,
encompassing target discovery and validation, screening and drug
discovery through to delivery of pre-clinical candidates. Galapagos
currently employs 495 people and operates facilities in six
countries, with global headquarters in Mechelen, Belgium. More info
at: www.glpg.com
CONTACT Galapagos NV Onno van de Stolpe, CEO Tel: 31 6 2909 8028 ir@glpg.com
This release may contain forward-looking statements, including,
without limitation, statements containing the words “believes,”
“anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,”
“may,” “will,” “could,” “stands to,” and “continues,” as well as
similar expressions. Such forward-looking statements may involve
known and unknown risks, uncertainties and other factors which might
cause the actual results, financial condition, performance or
achievements of Galapagos, or telemarketing services industry results, to be materially
different from any historic or future results, financial conditions,
performance or achievements expressed or implied by such
forward-looking statements. Given these uncertainties, the reader is
advised not to place any undue reliance on such forward-looking
statements. These forward-looking statements speak only as of the
date of publication of this document. Galapagos expressly disclaims
any obligation to update any such forward-looking statements in this
document to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on which
any such statement is based, unless required by law or regulation.
This announcement was originally distributed by Hugin
Nov 13, 2009
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