Leiden, The Netherlands, April 15, 2002 - Dutch antibody and vaccine company Crucell (Nasdaq, Euronext Amsterdam: CRXL) saw its first quarter 2002 revenues increase by 135% compared to the same period last year. The pro forma loss increased by 60 %. The net loss decreased by 6 %. In 2002 the pro forma results exclude a non-cash charge for developed technology of EUR 0.3 million (EUR 2.5 million in 2001) for amortization of goodwill, developed technology and workforce amortization, as well as a non-cash charge relating to stock option plans of EUR 0.3 million (EUR 0.2 million in 2001).

Q1 2002 % change Q1 2001
Revenues 2,161 135% 920

Pro forma net loss
(4,677) 60% (2,932)

Net loss (5,292) (6%) (5,636)

Net loss per share (basic and diluted) (0.15) (6%) (0.16)

Net decrease in cash and cash equivalents 3,193 (26%) 4,338

Cash and cash equivalents per March 31, 2002
and December 31, 2001 117,050 (3%) 120,243

Details of the financial results first quarter 2002

Revenues

Crucell's revenues for the first quarter of 2002 were EUR 2.2 million (US$ 1.9 million), a 135% increase over the revenues of EUR 0.9 million (US$ 0.8 million) in the same period last year. License revenues increased to EUR 1.9 million (US$ 1.7 million), compared to EUR 0.8 million (US$ 0.7 million) in the first quarter of 2001. Government grants amounted to EUR 0.3 million (US$ 0.2 million) in the first quarter of 2001, compared to EUR 0.1 million (US$ 0.1 million) in the same period last year year. The increase in license revenues relates to a non-exclusive license agreement with Innogenetics N.V. for the manufacturing of monoclonal antibody products on Crucell's human cell line PER.C6 and to other license fees.

Crucell's revenues are related to specific deals and can therefore vary from quarter to quarter. Crucell seeks to increase revenues from year to year.

Results

The pro forma loss amounted to EUR 4.7 million (US$ 4.1 million) compared to EUR 2.9 million (US$ 2.6 million) for the same period in 2001.

The increase in the pro forma net loss was mainly attributable to increased investment in research and development (R&D) activities. Total R&D expenses increased to EUR 5.3 million (US$ 4.6 million), compared to EUR 2.8 million (US$ 2.4 million) in the first quarter of 2001.

Selling, general and administrative expenses decreased to EUR 2.1 million (US$ 1.8 million), compared to EUR 2.7 million (US$ 2.3 million) as a result of ongoing strict cost control.

The pro forma results exclude a non-cash charge of EUR 0.3 million (US$ 0.3 million) for developed technology amortization, as well as a non-cash charge relating to stock based compensation of EUR 0.3 million (US$ 0.2 million).

Including non-cash charges, the total loss for the first quarter was EUR 5.3 million (US$ 4.6 million), or EUR 0.15 net loss per share (US$ 0.13), compared to a net loss of EUR 5.6 million (US$ 4.9 million) for the first quarter of 2001, or EUR 0.16 per share (US$ 0.14).

Equity in losses of unconsolidated investments amounted to a loss of EUR 0.5 million
(US$ 0.4 million), compared to a loss of EUR 0.4 million (US$ 0.3 million) in the first quarter of 2001. This result reflects Crucell's pro-rata share in the losses of Galapagos Genomics N.V.
Galapagos Genomics N.V. completed a private placement on March 6th, which reduced Crucell's share in the company to 22%.

Cash flow and cash position

Total cash used in operations was EUR 5.1 million (US$ 4.4 million) in the first quarter of 2002, compared to EUR 4.1 million (US$ 3.6 million) in the comparable quarter of 2001. The increase in cash used in operations was primarily attributable to increased research and development expenditures and, to a lesser extent, the reduction of accrued liabilities. Cash used in investing activities decreased to EUR 0.8 million (US$ 0.7 million) compared to EUR 1.5 million (US$ 1.3 million) in 2001, mainly relating to a lower level of investments in plant and equipment in 2002.
The company's cash and cash equivalents amount to EUR 117.1 million (US$ 101.8 million) at March 31, 2002.
The average monthly cash burn rate in the first quarter was EUR 1.1 million (US$ 0.9 million), compared to EUR 1.4 million (US$ 1.3 million) in the comparable quarter of 2001.

Other highlights in the first quarter of 2001

Merck & Co, Inc. presents encouraging data from a Phase I clinical trial involving its experimental recombinant adenovirus vaccine, produced on PER.C6;

Innogenetics selects Crucell's human cell line PER.C6 for the manufacturing of monoclonal antibody products;

Joint venture Galapagos Genomics N.V. completes EUR 20.7 million private placement;

Crucell appoints Stef Heylen to Vice-President Development and Regulatory Affairs.


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 184 people on a full-time basis.

 

To view the formatted release and financials, please click on the link. Please contact Noonan Russo/Presence on +44 20 7726 4452 if you have any questions.