Transgene Reports Third Quarter 2015 Financial Results

€46.1 Million in Cash and Cash Equivalents as of September 30

STRASBOURG, France--()--Regulatory News:

Transgene S.A. (Paris:TNG) today announced its quarterly financial results1 as of September 30, 2015 (third quarter of 2015).

Operating revenue:

The following table summarizes operating revenue for the third quarter and first nine months of 2015 compared to the same period in 2014:

  Q3   First Nine Months
In million euros 2015   2014   2015   2014
     
Revenue from collaborative and licensing agreements 0.4 0.2 1.1 1.2
Government financing for research expenditures 1.9 2.7 6.4 7.7
             
Operating revenue 2.3 2.9 7.5 8.9

During the third quarter of 2015, revenue from collaborative and licensing agreements was mainly related to research services and royalties.

Government financing for research expenditures mainly consisted of the research tax credit estimated for the first nine months of 2015 of €6.2 million.

Cash, cash equivalents, available-for-sale financial assets and other financial assets:

Cash, cash equivalents, available-for-sale financial assets and other financial assets amounted to €46.1 million as of September 30, 2015, compared to €65.9 million as of December 31, 2014.

In the first nine months of 2015, Transgene’s cash burn was €19.8 million, compared to €26.5 million (excluding capital increases) for the same period in 2014. Cash burn was €8.9 million in the first quarter, €4.1 million in the second quarter, and €6.8 million in the third quarter of 2015.

The Company has narrowed its cash burn guidance for 2015 and now expects it to be closer to €35 million.

Transgene plans to provide a strategic business update once the restructuring plan announced in June is final, upon approval by French authorities.

About Transgene:
Transgene S.A. (Euronext: TNG), part of Institut Mérieux, is a publicly traded French biopharmaceutical company focused on discovering, developing and manufacturing targeted immunotherapies for the treatment of cancer and infectious diseases. Transgene’s programs utilize viral vector technology with the goal of indirectly or directly killing infected or cancerous cells. The Company’s two lead clinical-stage programs are: TG4010 for non-small cell lung cancer and Pexa-Vec for liver cancer. The Company has several other programs in clinical and pre-clinical development. Transgene is based in Strasbourg, France, and has additional operations in Lyon, as well as satellite offices in China and the U.S. Additional information about Transgene is available at www.transgene.fr.

Disclaimer
This press release contains certain forward-looking statements about the Company’s financial situation, including statements about cash burn. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated and have a significant negative outcome for the Company’s activities, perspectives, financial situation, results and development. The Company’s ability to commercialize its products depends on but is not limited to the following factors: positive pre-clinical data may not be predictive of human clinical results, the success of clinical studies, the ability to obtain financing and/or partnerships for product development and commercialization, and marketing approval by government regulatory authorities. For a discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors (“Facteurs de Risque") section of the Document de Référence and its Actualisation, which are available on the AMF website (http://www.amf-france.org) or on Transgene’s website (www.transgene.fr).

1 Unaudited and not subject to approval by the Board of Directors.

Contacts

Transgene:
Elisabetta Castelli, Director, Investor Relations
+33 (0)3 88 27 91 21
Laurie Doyle, Director, Investor Relations U.S. & Corporate Communications
+1 (339) 832 0752
investorrelations@transgene.fr
or
Media Contacts:
MC Services
Raimund Gabriel
+49 89 210 228 30
raimund.gabriel@mc-services.eu
Shaun Brown
+44 207 148 5998
shaun.brown@mc-services.eu

Contacts

Transgene:
Elisabetta Castelli, Director, Investor Relations
+33 (0)3 88 27 91 21
Laurie Doyle, Director, Investor Relations U.S. & Corporate Communications
+1 (339) 832 0752
investorrelations@transgene.fr
or
Media Contacts:
MC Services
Raimund Gabriel
+49 89 210 228 30
raimund.gabriel@mc-services.eu
Shaun Brown
+44 207 148 5998
shaun.brown@mc-services.eu