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 Cash burn is a closely watched figure for rising biotech companies
that generate revenue only from development milestone payments, and
not drug sales.
The group, which makes treatments based on nanobodies, reported a
net cash outflow of 2.5 million euros ($2.9 million) in the quarter
and had remaining cash and cash equivalents of 233.7 million euros.
Last year, the group had reported a cash burn of 12.9 million euros.
For the full year 2016, it reiterated that net cash burn guidance
would be 65-75 million euros.
Ablynx said R&D costs increased nearly 50 percent compared with the
same period last year.
Quarterly revenues nearly doubled to 27.4 million euros, driven by
higher milestones and recognition of upfront payments from ongoing
collaborations.
Ablynx said it was on track to communicate in the third quarter top
line results for its ALX-0061 Phase IIb trial in patients with
rheumatoid arthritis, for which it had partnered with U.S. peer
AbbVie
[to top of second column] |
(Reporting by Wout Vergauwen; Editing by Biju Dwarakanath)
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