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Leiden, The Netherlands, February 11, 2002 - Dutch antibody and vaccine company Crucell (NASDAQ, Euronext Amsterdam: CRXL) saw its
total net revenues for the full year 2001 increase by 33% compared to 2000.
In 2001, the pro forma net loss was EUR 12.9 million (US$ 11.4 million), compared to EUR 11.2 million (US$ 9.9 million) in 2000. In
2001, the pro forma results exclude a non-cash charge of EUR 10.2 million (EUR 5.1 million in 2000) for amortization of goodwill and other intangible assets, as well as a non-cash charge relating to stock option plans of EUR 0.9 million (EUR 31.2 million in 2000). In 2000, the pro forma results also exclude a non-cash charge for acquired in-process research and development of EUR 84.1 million.
Key figures
(In EUR '000)
2001 % change 2000
Revenues 9,181 33% 6,910
Pro forma net loss (12,942) 15% (11,245)
Net loss (23,986) (82%) (131,617)
Net loss per share (basic and diluted) (0.68) (87%) (5.38)
Cash and cash equivalents 120,243 (12%) 136,056
Details of the financial results 2001
Revenues
Crucell's revenues for the year 2001 were EUR 9.2 million (US$ 8.1 million), a 33% increase over 2000 revenues of EUR 6.9 million (US$
6.1 million). License revenues increased to EUR 8.0 million (US$ 7.1 million) in 2001, compared to EUR 6.0 million (US$ 5.3 million) in 2000. Government grants amounted to EUR 1.2 million (US$ 1.1 million) in 2001, compared to EUR 0.9 million (US$ 0.8 million) in the prior year. License revenues relate to agreements with companies such as
Merck Inc. and Centocor (Johnson & Johnson) as well as from other agreements with 17 (bio)pharmaceutical licensees.
Results
In 2001 Crucell posted a pro forma net loss of EUR 12.9 million (US$ 11.4 million), compared to a pro forma net loss of EUR 11.2 million (US$ 9.9 million) in 2000. The pro forma net loss excludes non-cash charges relating to the amortization of goodwill and other intangibles assets, stock option plans, and acquired in-process research and development totaling EUR 11.0 million (US$ 9.7 million) in 2001 and EUR 120.4 million (US$ 106.7) in 2000.
The increase in the pro forma net loss was mainly attributable to increasing research and development (R&D) expenses. Total R&D
expenses increased to EUR 17.4 million (US$ 15.4 million) in 2001, compared to EUR 7.2 million (US$ 6.4 million) in 2000.
Selling, general and administrative (SGA) expenses increased a mere 8% over last year to EUR 8.9 million (US$ 7.9 million).
Interest income amounted to EUR 6.2 million (US$ 5.5 million) in 2001, compared to EUR 0.9 million (US$ 0.8 million) in the prior year as a result of increased interest earned on cash deposits.
Cash flow and cash position
Total cash used in operations was EUR 12.0 million (US$ 10.6 million) in 2001, compared to EUR 6.2 million (US$ 5.5 million) in 2000. The increase in cash used in operations was mainly attributable to increased research and development expenditures and, to a lesser
extent, increased SGA expenditures and a decrease in accounts payable. Cash used in investing activities decreased to EUR 5.2
million (US$ 4.6 million) compared to EUR 9.8 million (US$ 8.7 million) in 2000, mainly relating to a lower level of investments in
plant and equipment in 2001.
The company's cash and cash equivalents amount to EUR 120.2 million (US$ 106.5 million) at December 31, 2001.
Fourth quarter results
Revenues for the fourth quarter 2001 were EUR 3.9 million (US$ 3.4 million), compared to revenues of EUR 4.5 million (US$ 4.0 million)
for the fourth quarter in 2000. Revenues in 2001 included a EUR 1.6 million (US$ 1.5 million) milestone-payment from Centocor. Fourth quarter revenues in 2000 included significant initial payments on PER.C6 contracts.
R&D expenses in the fourth quarter 2001 increased 118% over the same quarter last year. The net loss amounted to EUR 5.3 million (US$ 4.7 million), a decrease of 76% compared to the fourth quarter of the
prior year (EUR 21.7 million and US$ 19.2 million). This change was mainly due to a decrease in stock-based compensation expenses.
Other events in 2001
Major antibody deal closed with Johnson & Johnson's Centocor for the development and commercialization of Crucell's CD46 specific
human antibodies for the treatment of cancer. In addition to receiving upfront and annual fees during 2001, the company achieved
the first US$ 1.5 million milestone under this agreement in the fourth quarter;
Merck & Co. initiated clinical trials using PER.C6-derived HIV-1 vaccines;
The company concluded 6 contracts with new licensees for its PER.C6 human cell technology, among which is Molecular Medicine, which will provide PER.C6 contract manufacturing services to customers in the
United States;
Appointment of HIV specialist Professor Jaap Goudsmit to head vaccine research;
Appointment of immunologist Professor Ada Kruisbeek to head oncology and inflammatory disease research;
CFO Leon Kruimer assumed responsibilities for investor relations after Mr. Aslani, VP Strategy, left the company in the fourth
quarter;
Commenting on the results CEO Dinko Valerio said: "After a successful 2000, the year 2001 has again been a very rewarding year. Major
successes of 2001 were the antibody deal in August with Johnson & Johnson's Centocor for the development and commercialization of
Crucell's CD46-specific human antibodies for the treatment of cancer.
Also Merck & Co.'s decision to use PER.C6 in its HIV-1 vaccine clinical development program was made during the year. In 2001 we
continued to attract top talent in science, intellectual property and business development. We have substantially increased our pool of outstanding skills and experience to fuel Crucell's future growth."
Outlook
The company raised capital at its IPO in October 2000 to fund its development needs. Crucell seeks to increase revenues from year to year. The company is expected to reach profitability once products are brought to market by licensees using our technology.
About Crucell
Dutch biotechnology company Crucell discovers and develops antibody and vaccine products against cancer, inflammatory and infectious
diseases.
The company licenses products with (bio)pharmaceutical firms for which it receives upfront and annual payments, milestones and
royalties.
Crucell is currently developing antibodies against different types of cancer and has additional programs in inflammation, diabetes and cardiovascular diseases. Crucell will leverage its proprietary MAbstract technology to discover new targets and antibodies.
Crucell's CD-46 antibody against various types of cancers is licensed
to Centocor, a Johnson & Johnson company. Crucell retains the commercial rights for Europe for this product.
Merck & Co. has obtained the exclusive rights to use Crucell's PER.C6 human cell system for the production of the vaccine's key adenoviral vector. Merck & Co. is currently conducting Phase I/II trials with its vaccine.
The company has furthermore developed a revolutionary new flu vaccine production system, based on its patented human cell system PER.C6. PER.C6 is widely embraced by the industry for the production of gene
therapy products and viral vectors.
Crucell has been listed on the NASDAQ and Euronext exchanges since October 2000. Crucell has its headquarters in Leiden, the
Netherlands, and currently employs 178 people.
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