Intercell AG Announces Q1 2011 Results and Updates on R & D Progress
VIENNA, May 10, 2011 /PRNewswire/ -- Today, the biotech-vaccine company Intercell AG (VSE: ICLL) announced its financial results for Q1 and presented an update on the Company's development programs.
Financial ResultsYear-on-year revenue growth of 19.7% driven by strong IXIARO®/JESPECT® sales revenues Restructuring process progressing successfully – operating loss reduced by 33.1% Higher sales and reduced spending lead to reduced net loss of EUR 11.3m Cash position of EUR 87.7m at quarter-end Unchanged net loss expectation of EUR 3
40m for full year 2011
Key Financial Figures EUR in thousands
3 months ended
March 31,Year ended Dec. 31,201120102010Revenues
(11,257)(14,702)(255,182)Net operating cash flow
(23,453)(15,468)(65,120)Cash and marketable securities, end of period
87,697158,21686,182IXIARO®/JESPECT® Revenues from IXIARO®/JESPECT® product sales increased from EUR 0,4m in Q1 2010 to EUR 3.3m in Q1 2011. This excellent result in the usually weakest quarter of the year - due to travel seasonality - reflects the positive trend of increasing sales of IXIARO®/JESPECT® a already seen in 2010 in key travel markets and to U.S. military.
Intercell expects a growth of sales to the U.S. military in 2011 due to higher vaccination rates and the finally expired stock of no longer manufactured JE-Vax®.
Intercell continues to expand the global availability of IXIARO® by increasing the number of regulatory approvals and subsequent launches in various global markets. Furthermore it is planning to launch the product with its partner Novartis in additional European countries as well as Hong Kong and Singapore as the first Asian territories during 2011.
The U.S. authorities recently confirmed to Intercell that the first postmarketing safety