As we move into the last quarter of this breakthrough year, we thought it would be a good time to review what Galapagos has been up to the past few months and also look ahead to some upcoming events.
Solid interim results
Galapagos reported 19% revenue growth, a 21% reduction in cash burn, and a 7% reduction in net loss for the first half year 2009. Galapagos maintains its guidance of €100 M for full year revenues and a €20 M year-end cash position.
This summer Galapagos advanced its bone metastasis candidate drug, GLGP0187, into the clinic and plans to announce top line results for this first-in-human trial in the next few months.
Based on the positive safety and dosing profile from the first-in-human trial for its rheumatoid arthritis candidate drug GLGP0259, Galapagos has recently initiated a second Phase I study and remains on-track to begin a Phase II efficacy study by mid-2010.
Meanwhile, Galapagos is advancing three pre-clinical projects towards the clinic: its SARM molecule for cachexia and two arthritis molecules, which are part of the GSK alliance. For the SARM candidate drug, Galapagos is looking into expanding the therapeutic indication into Duchenne muscular dystrophy through a collaboration with two U.S. foundations, Charley’s Fund and the Nash Avery Foundation.
In the past months, Galapagos has also announced milestones in all three of its bone and joints alliances with GlaxoSmithKline, Eli Lilly and Janssen Pharmaceutica. These payments help to finance the expansion of Galapagos’ R&D to more than 40 discovery programs plus 3 preclinical and 3 clinical programs.
BioFocus has recently signed new deals with Schering-Plough and Procter & Gamble, and has expanded its network of cutting-edge capabilities through collaborations with Oncodesign and TET Technology. In addition, BioFocus announced the launch of ten new compound libraries and reported success in its collaborations with two not-for-profit organizations: the Institute for OneWorldHealth and Medicines for Malaria Venture.
Overall, BioFocus had a solid first half year, recording an operating profit of €3.4M, compared to a loss of €1.2M in the first half of 2008.
Galapagos in the news
Galapagos scientists have recently published articles in well-respected scientific journals like Arthritis & Rheumatism and the Journal of Molecular Endocrinology (view list of recent Galapagos publications)
and will present Galapagos research at the International Meeting on Cancer Induced Bone Disease, the North American Cystic Fibrosis Conference and Discovery of Target this fall (view list of upcoming conferences).
Dates to remember
13 November 2009: Q3 2009 Interim Update
5 March 2010: Full Year Results 2009
27 April 2010: Annual General Shareholders’ Meeting
As always, if you have any questions or would like further information, feel free to contact the IR team at firstname.lastname@example.org or +32 15 342 900.
With kind regards,
The Galapagos IR team
Director Investor Relations
P.O. Box 127
2300 AC Leiden
T: +31 71 7506 764
M: +31 62 291 6240
Associate Director Communications
Generaal de Wittelaan L11A3
T: +32 15 342 982
M: +32 479 99 46 34