Basilea reports 2008 interim results

Basilea Pharmaceutica Ltd. announced today its 2008 interim financial results reflecting the advancement of its three late-stage drugs and its activities in establishing an international commercial organization. Basilea focuses on preparing for the launches of its two drugs, alitretinoin and ceftobiprole currently under regulatory review and on bringing forward its broad-spectrum antifungal isavuconazole currently in late-stage phase III clinical trials.

Financial Summary Combined cash and short-term investments amounted to CHF 356.7 million as of June 30, 2008, compared to CHF 424.8 million at year-end 2007. Research and development expenses amounted to CHF 49.0 million in the first half of 2008 compared to CHF 60.6 million in the prior year period. Research and development expenses in the first-half of 2007 included expenses related to the manufacturing of commercial material in the amount of CHF 10.6 million resulting in a decrease in first-half 2008 spending as compared to first-half 2007. General and administrative expenses increased to CHF 29.4 million compared to CHF 10.8 million in the first half of 2007 due to investments related to the preparations for commercialization.

The increase in net cash used for operating activities as compared to the prior year period is mainly the result of a CHF 24.5 million milestone payment which the Company received in the first half of 2007.

The unaudited condensed consolidated interim financial statements of Basilea Pharmaceutica Ltd. for the first half of 2008 can be found on the company’s website at www.basilea.com.

Ron Scott, Chief Financial Officer, commented, “Our financial results in the first-half of 2008 reflect our investments in launch preparation and pre-marketing activities for both alitretinoin and ceftobiprole that are currently under regulatory review. We are very pleased that ceftobiprole has received its first regulatory approval in Canada under the trade name of ZEFTERA™. We also continued to invest in the phase III clinical trials of isavuconazole and in alitretinoin US phase III program preparations.” “Our financial results reflect our diligent and timely preparation for the anticipated launches of alitretinoin and ceftobiprole in 2008, subject to regulatory approval. Furthermore the results mirror our full commitment to bring isavuconazole through its last stage of clinical development”, stated Dr. Anthony Man, CEO.

Editor's note: Image rights belong to the respective publisher.