Shares of Wilex AG (WLXMF.PK) climbed around 19 percent in the morning trade on Frankfurt's Xetra after the German biopharmaceutical company focused on oncology reported substantially narrowed net loss in its fiscal year 2012 on strong revenue growth.
Jan Schmidt-Brand, Chief Financial Officer, said, "The payment made by our partner Prometheus in July gave a strong boost to sales revenue and cash. Through the capital measures executed in February and August 2012 and thanks to our shareholders, we succeeded in strengthening our balance sheet and extending our cash reach."
In the 2012 financial year, Wilex's net loss substantially narrowed to 9.4 million euros from prior year's loss of 13.9 million euros. Loss per share was 0.36 euros, compared to a loss of 0.67 euros in the prior year.
Sales revenue climbed to 16.1 million euros from 9.9 million euro last year, mainly due to the individual components of the licence agreement with Prometheus.
Wilex said the disappointing results of the ARISER trial announced in October 2012 did not have a material negative impact on its results.
According to the company, the only factor pushing down earnings was the provision for restructuring measures amounting to 0.4 million euros.
Looking ahead, the company expects fiscal 2013 sales revenue and other income to be between 15 million euros and 19 million euros. Loss before interest and taxes of the year is projected between 5 million euros and 9 million euros, compared to last year's loss of 8.9 million euros.
On Frankfurt's Xetra, Wilex shares are currently trading at 1.95 euros, up 0.32 euros or 19.39 percent, on a volume of 490,328 against a three-month average volume of 133,800.
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