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AMT provides Q3 business update

Posted on: Wed, 18 Nov 2009 05:31:00 EST

Symbols: AMLRF, EVTCV

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Nov 18, 2009 (M2 EQUITYBITES via COMTEX) --
EVTCV | Quote | Chart | News | PowerRating -- Human gene therapy company Amsterdam Molecular Therapeutics (AMT)
(EuroNext Amsterdam: AMT) today provided its non-audited business
update in compliance with the EU transparency directive for the third
quarter of 2009.

AMT appointed Jorn Aldag, previously President and CEO of Evotec AG,
Germany, as Chief Executive Officer on 5 October 2009.

Simultaneously Professor Sander van Deventer stepped down as interim
CEO. AMT said that he will continue to contribute his expertise and
experience to AMT as Chairman of the Scientific Advisory Board and
Business Consultant.

AMT's had cash of EUR21.4m as on 30 September 2009, as compared with
EUR25.0m at the end of the preceding quarter.

The cash outflow in the third quarter of 2009 of EUR3.6m mainly
represented operational cash flow and is reportedly well within the
guidance for this period. The company said that it is adjusting its
guidance for the year-end cash balance to approximately EUR17.0m.

Total expenses for the quarter were EUR4.4m, as compared with EUR4.7m
in the third quarter of 2008.

Also, the company said that the ongoing trial with Glybera for
lipoprotein lipase deficient (LPLD) patients in Canada was closed for
patient recruitment on 30 October 2009, with five patients dosed.

AMT is reportedly well on track to file for regulatory approval for
Glybera within the next three months.

In addition, AMT and Progenika Biopharma have entered into a
development and commercialisation agreement for LPLchip, a diagnostic
tool to rapidly diagnose patients with complete and partial lipoprotein
lipase deficiency (LPLD).

The company has also received Orphan Drug Designation for its treatment
for Duchenne Muscular Dystrophy (DMD).

AMT said that it will continue to develop its own technology platform
and exploit its advantages in AAV gene therapy by focusing its
preclinical development on 4 projects: Hemophilia B, Duchenne Muscular
Dystrophy (DMD), Acute Intermittent Porphyria (AIP) and Parkinson's
Disease.

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