Azanta Announces Year End 2011 Financial Results

By Author: Ben James
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Azanta reports positive financial results for 2011 and guides for intensified development efforts.

Azanta reports positive financial results for 2011 and guides for intensified development efforts.

Hellerup, Denmark; March 28, 2012 – Azanta A/S announced today financial results for the year ended December 31, 2011.

Revenues of DKK 37 million compared to DKK 22 million in 2010, corresponding to a 68 % increase over 2010.

A Net Result of DKK 3 million compared to a loss of DKK 14 million in 2010. The 2011 Net Result is in line with our expectations.

Azanta ended the year with cash and unused credit facilities of DKK 9 million, which despite expectations of continued growth is deemed to be sufficient to fund our working capital requirements throughout 2012.

During 2011, Azanta made available a new formulation of Nimoral, its proprietary oncology product for head and neck cancer. Nimoral received Orphan Drug Status from EMA in early 2011, and is being provided under compassionate use programs in a number of countries. Further, the portfolio was expanded with the inlicensing of Zybrestat, ...
... a novel cancer treatment for anaplastic thyroid cancer, also available under compassionate use programs.

“We are excited to see our commercial activities reach the critical level of profitability, while still preserving resources for investment in development projects. This balance represents the essence of the Azanta business model, where a self-funding development regime forms the basis of our future growth”, said Claus Møller, Chief Executive Officer at Azanta A/S.

2012 Guidance
We expect revenues to increase to approximately DKK 50 million in 2012. This corresponds to a growth of almost 40% over 2011. While increased development efforts, including preparation for a pivotal trial with Nimoral, will increase our investment in development, we expect our business to stay profitable in 2012.

2012 Guidance
We expect revenues to increase to approximately DKK 50 million in 2012. This corresponds to a growth of almost 40% over 2011. While increased development efforts, including preparation for a pivotal trial with Nimoral, will increase our investment in development, we expect our business to stay profitable in 2012.

About Azanta
Azanta A/S is a specialty pharma company primarily operating within oncology, women's health and addiction medicine. The vision of Azanta A/S is to become an international market leader within specialty pharma products and innovative pharmaceutical concepts. Azanta A/S currently markets or makes available nine specialty pharma products, including Nimoral, a hypoxic radiosensitizer for the treatment of head and neck cancer patients undergoing primary radiotherapy. In addition, Azanta A/S has a portfolio of low risk development project for commercialization within the next two to three years.
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