Wilex improves result
Munich – Looking back with satisfaction and bent on a prize for good behaviour, German biopharmaceutical company Wilex AG reported yesterday on the fiscal year 2011 and outlined the shores in sight.
The 2011 total revenue was better than last year (€11.7m, 2010: €1.3m), with the licence agreement from Prometheus Inc. about a therapeutic antibody named Rencarex accounting for the biggest share: In April 2011, Wilex received €19m from the Californian company which in turn, secured the rights to promote the anti-cancer remedy in the US. After an FDA approval last autumn, Rencarex is now on an amended study protocol. If data are positive, Wilex could file for drug approval in Europe and the US in early 2013. As foreseen in the Prometheus deal, the Munich biotech start-up becomes eligible for a €20m payment at the end of April. Whether Wilex grabs the money or instead takes hold of the option to secure the marketing rights in Europe for one–yet unnamed–Prometheus product remains elusive so far.
Data on Wilex' second pipeline drug Mesupron is also nervously anticipated. In a clinical Phase II study, it is being tested on 132 patients with a certain type of breast cancer. The primary endpoint PFS will be accomplished in 2012, data for overall survival will likely be available in 2013. CFO Peter Llewellyn-Davies pointed out that Wilex had diversified its service portfolio: "In 2011 we successfully integrated two acquisitions." One of them, Heidelberg Pharma, is specialised in customer-oriented CR. The other, Oncogene Science successor Wiley Inc., does in vitro diagnostic tests. For 2012 sales are expected to grow from €11.7m up to €16m. However, the operating loss would still remain between €10m and €14m (2011:€13,4m). WestLB research analyst Mark Belsey reports that due to higher revenues and lower operating costs the FY-11 results were slightly better than he expected. For FY-12 his opinion is in line with the company's expectations: His sales forecast lies at €15.6m, EBIT guidance at €-12,7m.