The News

Ablynx announces half-year results for 2008

28/08/2008

GHENT, Belgium, 28 August 2008 - Ablynx [Euronext Brussels: ABLX], a pioneer in the discovery and development of Nanobodies®, a novel class of antibody-derived therapeutic proteins, announced today its results for the six month period ending 30 June, 2008, which have been prepared in accordance with the IAS 34 'Interim Financial Reporting' as adopted by the European Union.
 
H1 2008 Highlights
• Initiated a Phase Ib study in patients for ALX-0081 in May
• Initiated 5 new Nanobody® programmes during the first half of 2008 and on track to reach the target of 6-8 new programmes for 2008
• 36% increase in revenue to €6.2 million for the six month period (2007: €4.5 million)
• €0.7 million grant was approved in April by the Flemish government to explore "Novel uses of Nanobodies®"
• Received milestone payment from Novartis in February
• Increased staff by 25 people, to reach a total of 173 at 30 June
• Developed plans for future facility expansion
• €115.3 million in cash at 30 June, 2008
 
Boehringer Ingelheim also confirmed on 21 August a one year extension of the research term for the Alzheimer disease collaboration.
 
 
Prospects for 2008
The Company aims to complete its multi-dose Phase Ib patient study of ALX-0081 during the fourth quarter. It also expects to initiate the preparations for Phase II development by engaging with regulatory authorities before the end of the year. As part of Ablynx's strategy to exploit the advantages of Nanobodies® and to access additional potential markets, it has also started the development of ALX-0681, a subcutaneous delivery form of ALX-0081, and is on track to file an IND equivalent for ALX-0681 by the end of 2008.
 
70% of Ablynx's R&D resources are dedicated to the development of its own internal pipeline. During the second half of 2008, Ablynx will advance other Nanobodies® into pre-clinical studies. The Company will also achieve its target of starting 6-8 new internal discovery programmes before the end of the year. In addition, it will continue to develop its own technology platform and exploit the key Nanobody® advantages in areas such as alternative routes of administration and generating Nanobodies® against target classes which are typically difficult for monoclonal antibodies.