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Amsterdam Molecular first half 2010 net loss in line with last year

March 31, 2017

During the period ended June 30, 2010, Alexander Ribbink and George Morstyn retired from the Supervisory Board and AMT thanks them for their substantial contributions. On April 28, 2010, AMT's co-founder Sander van Deventer was appointed to the Supervisory Board, and in addition Joseph M. Feczko, Steven H. Holtzman and Francois Meyer were nominated to the Supervisory Board for consideration at the Extraordinary General Meeting to be held on September 20, 2010.

Financials

Results comparison

Total net loss for the period ended June 30, 2010 amounted to EUR 9.4 million, in line with the net loss for the period ended June 30, 2009 which also amounted to EUR 9.4 million.

The main item within operating costs reflects the investment in Glybera(R) to support the registration process. Development of our Duchenne Muscular Dystrophy program, which is 35% funded by a research credit from SenterNovem through to completion of a Phase I clinical study continues. Expenditure on our other development projects has been reduced as we are constrained by our current resources and are focusing on the successful completion of the Glybera registration process. Research and development costs increased to EUR 8.1 million for the period ended June 30, 2010 from EUR 7.1 million in the same period of 2009. At the same time, general and administrative costs decreased to EUR 1.8 million in the period ended June 30, 2010 from EUR 2.9 million in the same period of 2009.

Net interest income/(cost) decreased to EUR (0.0) million for the period ended June 30, 2010 from EUR 0.5 million in the same period in 2009 as a result of the Company's decreasing cash balance combined with continuing low market interest rates for deposits.

Cash and cash equivalents amounted to EUR 13.5 million at June 30, 2010, a decrease of EUR 9.1 million compared to EUR 22.6 million at December 31, 2009. The decrease in cash and cash equivalents mainly stems from the operational cash outflow which amounted to EUR 8.9 million for the period ended June 30, 2010 (compared to an operating cash outflow of EUR 9.5 million for the period ended June 30, 2009).

SOURCE Amsterdam Molecular Therapeutics B.V