Heidelberg (ots) – SYGNIS reports financial results for fiscal year 2012
– Strategic realignment completed – discontinuation of drug
– New business model shows first commercial success
– Progress in restructuring and cost saving
SYGNIS Pharma AG (Frankfurt: LIO1; ISIN: DE000A1RFM03; Prime Standard) today reported results for the fiscal year 2012 ending on December 31, 2012. The reverse acquisition of X-Pol Biotech led to a change in the fiscal year. Due to the business combination the new SYGNIS includes the total income and expenses of X-Pol for 2012 and those of old SYGNIS only for December 2012, which affects equity in the fully consolidated balance sheet accordingly. In addition, the prior year figures published relate to X-Pol Biotech fiscal year 2011, due to accounting requirements based on the reverse acquisition. Thus, the changes in financial statements primarily result from the purchase price allocation and the recognition of fair values of the old SYGNIS, while values of X-Pol products are reflected in the balance sheet only with their carrying amounts and not with their fair values. The comparability of the financial results reported with the corresponding prior-year data is therefore very limited.
In 2012, SYGNIS was focussed on the strategic realignment. In this context, activities in the area of drug development for diseases of the central nervous system have been stopped and extensive restructuring measures were initiated to significantly reduce the Company’s cost basis. As a result of the business combination with the Spanish company X-Pol Biotech, which was successfully completed in December 2012, SYGNIS now owns an entirely new business model focussed on the development and marketing of novel technologies in the area of molecular diagnostics, e.g. in DNA amplification and sequencing. In July 2012, SYGNIS granted an exclusive global license to
After the merger in 2012 between X-Pol Biotech, specialising in DNA amplification and sequencing, and SYGNIS Pharma AG, listed in the German Stock Exchange (Prime Standard segment, Tick: LIO1; ISIN: DE000A1RFM03), SYGNIS’ new mission is to develop and distribute technologies and products from X-Pol, which has a commercial product in the DNA amplification segment, QualiPhi® and is currently developing other products in the field of Next Generation Sequencing.
### Disclaimer Some statements included in this press release, relating neither to proven financial results nor other historical data, should be viewed as forward-looking, i.e. not definite. Such statements are mainly predictions of future results, trends, plans or goals. These statements should not be considered to be total guarantees since given their very nature they are subject to known and unknown risks and imponderability and can be affected by other factors as a consequence of which the actual results, plans and goals of SYGNIS Pharma AG may deviate greatly from the established conclusions or implied predictions contained in such statements. SYGNIS does not undertake to publicly update or revise these statements in the light of new information or future results or for any other reason. ###
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