 |
| Home > Investors relations > Financials > Highlights |
|
| Highlights |
|
|
2004
The strategic partnership agreement with
Sanofi-Aventis entered into in 1997 was renewed for 2005.
The strategic collaboration with Pfizer on BioPrint® initiated in
2003 continued into 2004 and was recently renewed for an additional period of 2 years (i.e. until December 2006).
Most significant Cerep service agreements were renewed for 2005.
The major scientific partnership agreement signed with Eli Lilly
& Company continued through 2004 and was recently renewed for 2005.
In January 15, 2004, Cerep announced the acquisition of Hesperion,
a company specialized in clinical development services. The transaction was finalized on February 9, 2004 by the payment of approximately
EUR 10 million in exchange for all outstanding shares of Hesperion. Hesperion is part of Cerep’s scope of consolidation effective January 1, 2004.
On May 25, 2004, Cerep announced its project to acquire
MEL (Molecular Engines Laboratories). The acquisition was finalized on January 7, 2005. 400,000 new shares were issued
for the payment of this acquisition. Cerep holds as of this date 100% of MEL’s equity.
On October 5, 2004, Cerep announced its decision to move
its headquarters and laboratories located in Rueil-Malmaison by the end of the three-year period of its current real-estate
lease (October 2005). The significant effects of this event on the consolidated balance sheet, income statement
and cash flows will be known at the end of the first quarter 2005.
Research programs
The strategic drug discovery partnership agreement entered into with Sanofi-Aventis was renewed for 2005 with
the goal to identify before the end of the year a drug candidate in the therapeutic area selected by the
partners. Under the terms of this agreement, Cerep will receive payments at certain development stages
of the compound and royalties when it reaches the market.
Cerep recently announced that the compound developped with Bristol-Myers Squibb (BMS) for the treatment
of immuno-inflammatory disorders might enter into phase II of clinical trials during first quarter 2005.
Clinical development is fully finance by BMS. Under the terms of this agreement, Cerep will receive
payments at certain development stages of the compound and royalties when it reaches the market.
In addition, the Company is currently evaluating a new possible indication for the 5-HT4 receptor antagonist
that it synthesized and optimized. Resources allocated by Cerep to this project should remain limited in 2005.
Use of the compound in the gastro-intestinal area was abandoned. Results of the phase I/II clinical trial
of the compound MEL (subsidiary of Cerep) identified in the area of cancer should be available at
the end of 2005.
As of today over ten patients suffering from acute myeloblastic leukaemia received the treatment;
the compound is tested at escalating doses.
Finally, Cerep investigates possibilities of identifying new indications for existing drugs
using BioPrint®. Analysis of results evidenced original properties of a drug currently on the market.
This compound might be reoriented in the treatment of depression. Decision to enter clinical
trials in this new indication will be taken during the course of the year.
|
2003
|
Cerep incurred in 2003 an operating loss. Accumulated over the first three quarters of the year, this
loss was noticeably reduced with the operating profit earned over the last quarter. The loss stems principally
from the following factors: |
|
the completion, in the
last quarter of 2002, of the first phase of the strategic partnership agreement with Bristol-Myers Squibb.
This resulted in the termination of payments that funded Cerep’s share in the research program;
increased efforts
in research and development;
the significant
decrease of the US dollar against the euro throughout the period. Cerep earns more than half of its sales revenues
in this currency, this decline significantly impacts sales revenues and operating results. This impact is mitigated
by the effect of the hedging policy put in place in 2002, which revenues are recognized to the
financial result. |
In order to both maintain its strategy of building a portfolio of drug-candidates to be licensed out in early
phase of clinical development and maintain profitability, Cerep initiated a productivity increase program.
The operating profit earned in the last quarter of 2003 reflects notably the results of efforts conducted
for this purpose.
On January 17, 2003, the Group created a commercial
subsidiary in Japan to strengthen its development in this geographic area.
On January 17, 2003, Cerep announced the signing
of a strategic collaboration with Pfizer pertaining to BioPrint®. Under the terms of this agreement, Pfizer has
access to BioPrint® data and related pharmaco-informatics tools. Cerep also produces, for the exclusive use of
Pfizer, new BioPrint® data based on Pfizer proprietary compounds.
On February 10, 2003, Cerep announced the renewal
for 2003 of the strategic partnership agreement entered into in 1997 with Sanofi-Synthelabo.
On February 18, 2003, Cerep announced the signing
of a major scientific agreement with Eli Lilly & Company. Under the terms of this agreement, Cerep and Lilly
undertook an intensive profiling project to define the chemical space that is most suitable for use in discovering
lead compounds active against important target classes. As part of the collaboration, Lilly will gain access to
selected parts of Cerep’s proprietary BioPrint® database.
On September 16, 2003, Cerep confirmed the filing
of an Investigational New Drug (IND) with the U.S. Food and Drug Administration (FDA) for a novel LFA-1
antagonist as a result of its collaboration with Bristol-Myers Squibb Company. The IND filing triggered
the first milestone payment to Cerep in accordance with the terms of the strategic partnership agreement.
On January 15, 2004, Cerep announced the acquisition
of Hesperion, a company specialized in clinical development services, which employs approximately 130 professionals
in Switzerland (Headquarters), the Netherlands and Israel, and generated sales revenues of approximately EUR
11 million in 2003. The transaction was finalized on February 9, 2004 by the payment of approximately EUR 10,2
million in exchange for all outstanding shares of Hesperion. Cerep will include Hesperion in its scope of
consolidation for 2004. |
2002
Substantial increase in net income with a continuing ambitious
R&D program.
Substantial enrichment of the BioPrint® database, which now contains
approximately 2,000,000 data.
Inauguration of new laboratories at Celle l’Evescault.
Over 200 commercial partners including Aventis, BMS, Johnson & Johnson,
Pfizer, Roche, Sanofi-Synthélabo, Sepracor and Solvay.
Successful implementation of two research programs under the
terms of our partnership agreement with Bristol-Myers Squibb (BMS), one in the inflammation domain concerning
to ICAM-1/LFA-1 adhesion proteins, and the other relating to coagulation. The corresponding drug candidates
identified were transferred to BMS. Commencement of clinical phase I for the product (inflammation)
having reached the most advanced stage is scheduled during 2003. Cerep holds rights on products discovered
within the framework of the research agreement, and will receive milestone payments and
royalties on the sale of products subsequently marketed.
Signature of two new research service agreements with Sanofi-Synthélabo.
The first relates to the supply of a compound library originating from the Cerep combinatorial chemistry platform, and the second
concerns access to Cerep’s high throughput profiling technology.
Signature of a scientific collaboration agreement with Roche.
Under the terms of this contract, Roche will receive part of BioPrint® data, and Cerep will use predictive
tools associated with BioPrint® on behalf of Roche, which will also have access to high throughput
profiling facilities for determining the biological activity of certain of its compounds.
Signature of an agreement with Pfizer providing for access to the
BioPrint® database and associated pharmaco-IT tools. The agreement also covers the development and optimization
of IT tools, and the supply of new, Pfizer-specific data by Cerep.
Extension of the strategic collaboration agreement with
Sanofi-Synthélabo for 2003.
2001
Positive net result obtained while maintaining a high level
of research & development activities.
€ 11.63 million capital increase in October 2001.
Extension of Rueil-Malmaison and Celle L’Evescault laboratories.
Production in January of Cerep’s 2002 catalogue, featuring the services
proposed by the company. It includes 51 new assays developed in 2001, bringing the total number of assays
offered in 2002 to 579.
Over 200 customers worldwide.
Sustained commercial efforts in Japan which amounted to 11% of sales
revenues in 2001.
Approximately 1,100,000 records in BioPrint™.
Extension for year 2002 of the strategic collaboration agreement
signed with Sanofi-Synthélabo. Both parties decided to focus and pursue discovery efforts on two
of the more advanced programs and to initiate high throughput screening and lead optimization on two novel
targets of therapeutic interest.
Signing of several multi-year service agreements which reassert
the recurrence of these activities (including the Aventis agreement announced in June 2001).
Continuation of the four combinatorial and medicinal chemistry
agreements signed at the end of 2000. These agreements last through the first half of 2002 (January 2001
press release).
Signing of a scientific cooperation agreement in medicinal chemistry
with Aventis Pharma. Under the terms of the agreement, Cerep provides Aventis Pharma, on a fee for
services basis, resources in medicinal chemistry for the realization of a research program
essentially focused on optimizing molecules that are protein-kinase inhibitors.
Signing of a 5-year R&D agreement with Sepracor. This agreement
is based on the use of BioPrint™ technology in specific discovery efforts. Under the terms of the
agreement, Sepracor has also access to Cerep’s in vitro and in vivo assays
to support discovery and development of new drug candidates.
Inception by Cerep of its first internal drug discovery
aimed at building a pipeline of products that could be licensed out at the end of pre-clinical
phase, or, at the latest, while in clinical phase I or IIa. In particular, one program is under
way in collaboration with an academic laboratory, focused on an active target of the
gastrointestinal and cardiovascular areas. The first patents were filed in February 2001.
2000
Profitability attained while maintaining a high level of
research & development activities.
Centralization in Rueil-Malmaison facility completed allowing leases
of Lille and Paris facilities to be terminated. Operational and financial efficiencies are immediately realized.
First sales of pre-clinical tests, confirming Cerep's increased breadth
of technologies. Pre-clinical pharmacology competencies had been incorporated to Cerep's platform at the
end of 1999.
More than 80 new pre-clinical and in vitro pharmacological assays
developed.
Number of clients reaches 160 worldwide.
Signature of a three-year worldwide agreement with
Solvay for access to a large panel of Cerep's technologies available on a fee for service basis.
Signature of a three-year partnership with Roche
(announced in January 2001).
Significant progress in its collaboration with
Bristol-Myers Squibb both in drug discovery and in the pharmaco-informatic database tool,
BioPrintTM. First patents filed.
First predictive models using BioPrintTM knowledge developed.
Culminating months of competitive negotiations, signature of
four collaborative agreements in combinatorial and medicinal chemistry in the fourth quarter.
These two-year agreements provide for four pharmaceutical companies to be furnished with libraries
synthesised by Cerep to exacting standards of purity and diversity (announced in January 2001).
1999
Expansion of the original research and development collaboration
signed with Sanofi in 1997 to include the screening of two additional targets.
Development of the BioPrint™ biological and physico-chemical
database, containing data on drugs currently on the market, and drugs which failed during the development stage.
Signature of a five-year partnership agreement with Bristol-Myers
Squibb, by which BMS subscribes to BioPrint™ and funds three research projects. The whole agreement is valued
at 43 million dollars, plus royalties on any marketed drugs.
Signature of a three-year worldwide agreement with Pfizer for
access to high throughput profiling technology.
Signature of two partnership agreements with Aventis CropScience,
the terms of which include the payment of royalties on sales resulting from the partnership.
Signature of an R&D agreement with Tibotec NV for the discovery
of new drugs active against HIV.
Launch of the service sales by our American subsidiary Cerep Inc.
Initial marketing launch of new Odyssey 5000™ compound library.
Annual sales worth FF 70.6 million, showing a 126 % increase in
the fourth quarter compared with 1998.
1998
Raised FF 90 million through an Initial Public Offering on the
Nouveau marché and Sanofi’s equity investment.
Signed a licensing agreement with Xenometrics Inc. Granting access
to a patent for gene expression profiling and a drug discovery agreement with ExonHit Therapeutics.
Introduced High Troughput Lead Development (HTLD) technology
to our integrated drug discovery platform.
Made key additions and structural changes to our management
team by the appointments of John Dwyer as Chief Financial Officer, Frédéric Revah as VP Drug Discovery,
Michael Entzeroth as VP Technology Development and Karen manson as VP Business development.
Generated revenue of FF 56.1 million primarily through
our fee-for-service activities, and increased our international customer base.
|
|
|
|
 |
|
