2004-05 Financial Report Highlights Successful Year For ChemGenex
MELBOURNE, Australia, and MENLO PARK, California U.S.A. (August 30, 2005)
ChemGenex Pharmaceuticals Limited (ASX: CXS; NASDAQ: CXSP), based in Melbourne, Australia and Menlo Park, CA, USA, today released its 2004-05 financial report, highlighting revenue growth, reduced loss and increased cash position in comparison to the previous year’s financial report.
Comparisons with the 2003-04 financial report show;
- Revenues from ordinary activities up 13.9% to A$4.1 million
- Loss from ordinary activities down 8.7% to A$4.7 million
- In excess of A$9 million of current assets, an increase of approximately A$8 million
ChemGenex’s financial results cap an excellent year for the company. Other highlights included;
- Listing on the NASDAQ exchange
- Forming an alliance with leading European pharmaceutical manufacturer Stragen Pharma to accelerate clinical development and commercialization of Ceflatonin®
- Expanding the company’s drug development pipeline by in-licensing a novel pre-clinical targeted anti-cancer compound, CXS-299, from the M.D. Anderson Cancer Center in Texas
- Initiation of a Phase 2 clinical trial with Ceflatonin in combination with Gleevec® in resistant chronic myeloid leukemia (CML)
- Initiation of a Phase 2 clinical trial with Quinamed® in prostate cancer patients at the Sarah Cannon Cancer Center in Tennessee
- Partnering the depression gene discovery and validation program with the European biopharmaceutical company Vernalis;
"The past year we have achieved several major strategic milestones and have seen ChemGenex emerge as an integrated biopharmaceutical company using genomics from discovery through to clinical trials," said Dr Greg Collier, Chief Executive Officer and Managing Director. "We are looking forward to a year of significant advances in our clinical programs which should deliver strong growth in shareholder value.”
About ChemGenex Pharmaceuticals Limited
ChemGenex Pharmaceuticals is a pharmaceutical development company dedicated to improving the lives of patients by developing therapeutics in the areas of oncology, diabetes, obesity, and depression. ChemGenex harnesses the power of genomics for target discovery and validation, and in clinical trials to develop more individualized therapeutic outcomes. ChemGenex's lead compound, Ceflatonin®, is currently in phase 2/3 clinical trials for chronic myeloid leukemia and Quinamed® is in phase 2 clinical development for prostate, breast and ovarian cancers. The company has a significant portfolio of anti-cancer, diabetes, obesity and depression programs, several of which have been partnered with international pharmaceutical companies. ChemGenex currently trades on the Australian Stock Exchange under the symbol "CXS" and on NASDAQ under the symbol "CXSP".
Safe Harbor Statement
Certain statements made herein that use the words "estimate", "project", "intend", "expect", "believe", and similar expressions are intended to identify forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties which could cause the actual results, performance or achievements of the company to be materially different from those which may be expressed or implied by such statements, including, among others, risks or uncertainties associated with the development of the company's technology, the ability to successfully market products in the clinical pipeline, the ability to advance promising therapeutics through clinical trials, the ability to establish our fully integrated technologies, the ability to enter into additional collaborations and strategic alliances and expand current collaborations and obtain milestone payments, the suitability of internally discovered genes for drug development, the ability of the company to meet its financial requirements, the ability of the company to protect its proprietary technology, potential limitations on the company's technology, the market for the company's products, government regulation in Australia and the United States, changes in tax and other laws, changes in competition and the loss of key personnel. These statements are based on our management's current expectations and are subject to a number of uncertainties that could change the results described in the forward-looking statements. Investors should be aware that there are no assurances that results will not differ from those projected.