Company Announcement no. 21/2009 Interim report for the 9 Months Ended September 30, 2009 To: NASDAQ OMX Copenhagen A/S Hørsholm, Denmark, November 11, 2009 LifeCycle Pharma Announces Result for the First Nine Months of 2009 and Improves Once Again the Full Year Outlook Highlights • LifeCycle Pharma A/S (OMX:LCP) today announced the Interim Report for the 9 months ended September 30, 2009 and reported in line with expectations a net loss of DKK 211.2 million for the first nine months of 2009, compared to a net loss of DKK 69.1 million for the same period in 2008. During the first nine months of 2009 LCP recognized DKK 2.3 million in revenues compared to DKK 165.3 million in the same period of 2008. Revenue in 2008 includes DKK 152 million up-front payment in connection with the sale of the future royalty stream from Fenoglide®. • For the first nine months of 2009, LCP's research and development costs amounted to DKK 164.4 million compared to DKK 192.2 million during the same period in 2008. • On September 30, 2009, LCP had cash and cash equivalents of DKK 392.1 million. • Positive LCP-Tacro™ results have been obtained from a completed 12 month extension phase of the Phase 2 clinical study of LCP-Tacro™ tablets in stable liver transplant patients. These new data demonstrated that LCP-Tacro™ tablets for stable liver patients continues in the extension phase of the study to have a potential best-in-class profile when compared to the currently marketed twice daily tacrolimus capsule, Prograf®. • On August 31, 2009, LCP announced that the Board of Directors of LCP and Jim New, President & CEO had agreed to terminate the contract with Jim New. Until a new CEO has been identified, Paul Edick, Chairman of the Board of LCP, and Dr. Thomas Dyrberg, Deputy Chairman of the Board, will, upon request from the Board of Directors, assume such specific assignments for the Company, which are necessary to ensure LCP's continual and uninterrupted business together with the management of LCP. The search for a new CEO is ongoing. • The recruitment of patients is progressing in the Phase 3 study for LCP-Tacro™ in stable kidney patients and now approximately 80% are enrolled compared to 50% enrolled in the previous quarter. At the same time the preparation of the phase 3 protocol for LCP-Tacro™ in de novo kidney patients is in its final stage and is expected to be submitted to the U.S. Food and Drug Administration (FDA) before the year-end. • The full year outlook for 2009 is improved once again. LCP now expects an operating loss in the range of DKK 290 - 310 million and a net loss in the range of DKK 280 - 300 million. LCP's cash position is expected to be in the range of DKK 300 - 330 million at year-end 2009. A conference call will be held tomorrow, November 12, 2009 at 2.30 PM CET (Denmark). Please refer to page 7 for further details. Outlook for 2009 The full year outlook for 2009 is improved. LCP now expects an operating loss in the range of DKK 290 - 310 million and a net loss in the range of DKK 280 - 300 million. LCP's earlier outlook for 2009, which was announced in connection with LCP's Interim Report on August 20, 2009, projected an operating loss of DKK 350 - 380 million and a net loss in the range of DKK 330 - 360 million. The improvement is a result of continuous optimization of the cost base as well as postponement in timing of the costs associated with the LCP-Tacro™ Phase 3 development program due to changes in regulatory guidelines influencing the design of this program. Cash and cash equivalents are expected to be in the range of DKK 300 - 330 million at December 31, 2009, and are expected to sustain operations into 2011. This compares with expectations of DKK 250 - 300 million announced in connection with LCP's Interim Report on August 20, 2009. Research & Development Update LCP-Tacro™ in liver patients As announced on August 20, 2009, LCP has received positive interim results of Phase 2 pharmacokinetic clinical studies involving 58 patients in de novo liver transplant patients. These data confirm the previous clinical results with LCP-Tacro™ in stable kidney and liver transplant patients announced in March and July 2008, respectively, as well as data announced in April 2009 for de novo kidney patients. The results demonstrate that over the first 14 days of the pharmacokinetic study stage within the early post-operative period following a liver transplant, LCP-Tacro™ tablets can be safely and efficaciously administered once-daily to de novo liver transplant patients. LCP completed a one year Phase 2 extension study in stable liver patients later in September this year. On that basis, LCP will initiate discussions with the FDA for the design and timing of the pivotal Phase 3 program in de novo liver patients. LCP-Tacro™ in kidney patients The current Phase 3 clinical study in stable patients is continuing to recruit patients in study centers in both U.S. and in Europe. All contracts with the 52 centers (33 in the U.S. and 19 in Europe) have been concluded. The recruitment during the last quarter has been according to the plan announced in connection with the half year results for 2009, and the enrollment is now approximately 80% complete. The study is still expected to be completed in the first quarter of 2011. Based on the positive interim data for the Phase 2 pharmacokinetic clinical studies in de novo kidney transplant patients LCP continues its dialogue with the FDA with a view to submit a final Phase 3 protocol during the fourth quarter of 2009 as previously communicated. The upcoming Phase 3 studies in de novo kidney transplant patients will run in parallel with LCP's current ongoing Phase 3 studies in stable kidney transplant patients. Key Figures YTD YTD Q3 Q3 Year 2009 2008 2009 2008 2008 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Income Statement Revenue 2,294 165,313 447 154,433 170,122 Research and development costs (164,400) (192,191) (43,986) (69,738) (270,875) Administrative expenses (47,668) (55,025) (14,330) (18,626) (73,311) One-off restructuring cost (9,489) - (9,489) - - Operating loss (219,263) (81,903) (67,358) 66,069 (174,064) Net financial income / (expenses) 8,024 12,778 394 5,150 24,285 Net loss for the period (211,239) (69,125) (66,964) 71,219 (149,779) Balance Sheet Cash and cash equivalents 392,133 666,895 392,133 666,895 600,130 Total assets 444,915 708,915 444,915 708,915 646,293 Share capital 56,568 56,288 56,568 56,288 56,288 Total equity 373,583 648,456 373,583 648,456 572,323 Investment in property, plant and equipment 10,555 5,212 890 1,205 6,571 Cash Flow Statement Cash flow from operating activities (194,356) (34,054) (44,714) 80,141 (102,560) Cash flow from investing activities (10,507) (5,212) (843) (1,205) (6,628) Cash flow from financing activities 2,041 375,290 (446) 463 373,637 Cash and cash equivalents at period end 392,133 666,895 392,133 666,895 600,130 Financial Ratios Basic and diluted EPS (3.75) (1.48) (1.19) 1.27 (3.06) Weighted average number of shares 56,401,877 46,561,782 56,467,878 56,135,241 49,006,500 Average number of employees (FTEs) 97 105 88 113 102 Assets/equity 1.19 1.09 1.19 1.09 1.13 The interim report is unaudited. Revenue During the first nine months of 2009 LCP recognized DKK 2.3 million in revenues compared to DKK 165.3 million in the same period of 2008. Revenue consists of payments under LCP's collaboration agreements. Revenue in 2008 includes DKK 152 million up-front payment in connection with the sale of the future royalty stream from Fenoglide®. Research and Development Costs For the first nine months of 2009, LCP's research and development costs amounted to DKK 164.4 million compared to DKK 192.2 million during the same period in 2008. Research and development costs in the third quarter of 2009 were realized at a lower level compared to the previous sequential quarter, with DKK 44.0 million in the third quarter of 2009 compared to DKK 57.6 million in the second quarter of 2009. This decrease is due to fluctuations in activity related to the ongoing Phase 3 trial regarding LCP-Tacro™ (kidney). Administrative Expenses For the first nine months of 2009, LCP's administrative cost amounted to DKK 47.7 million compared to DKK 55.0 million during the same period in 2008. Administrative costs in the third quarter of 2009 were realized at a lower level compared to the previous sequential quarter, with DKK 14.3 million in the third quarter of 2009 compared to DKK 16.4 million in the second quarter of 2009. The decrease in cost is attributable to the continued focus of reducing overall cost, combined with the effect of the reduction in force, which was executed in August 2009. One-off restructuring cost One-off restructuring cost mainly includes provisions for future salary payments to former employees in connection with the reduction in force that was executed in August 2009. Share-based Compensation Costs For the first nine months of 2009, a total of DKK 10.4 million was recognized as share-based compensation. The cost is included in R&D and G&A. The comparable cost for 2008 was DKK 12.5 million. In the third quarter of 2009, a total of 887,644 warrants have been cancelled, a total of 129,490 warrants have been exercised at an average exercise price of DKK 6.48, and a total of 135,000 warrants were granted to members of the Board of Directors at a strike price of DKK 9.55 each. As of September 30, 2009, a total of 4,138,583 warrants were outstanding at an average strike price of DKK 22.4. Members of the Board of Directors held 350,667 warrants at an average strike price of DKK 21.8. Members of Executive Management held 257,572 warrants at an average strike price of DKK 26.9, while other current and former employees held 3,530,344 warrants at an average strike price of DKK 22.1. Please refer to LCP's latest annual report for additional details regarding LCP's warrant programs. Operating Loss LCP's operating loss for the first nine months of 2009 was DKK 219.3 million compared to DKK 81.9 million in the corresponding period of 2008. Financial Income During the first nine months of 2009, LCP recognized net financial income of DKK 8.0 million compared to DKK 12.8 million in the first nine months of 2008. Net Loss LCP's net loss for the first nine months of 2009 was DKK 211.2 million compared to DKK 69.1 million in the corresponding period of 2008. Cash Flow As per September 30, 2009, the balance sheet reflects cash and cash equivalents to DKK 392.1 million compared to DKK 600.1 million as per December 31, 2008. This represents a decrease of DKK 208.0 million related to LCP's operating activities for the period. Balance Sheet As per September 30, 2009, total assets were DKK 444.9 million compared to DKK 646.3 million at the end of 2008. Shareholders' equity equalled DKK 373.6 million as of September 30, 2009, compared to DKK 572.3 million at the end of 2008. Accounting Policies The interim report is prepared in compliance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting” and in accordance with NASDAQ OMX Copenhagen's financial reporting requirements for listed companies. There have been no changes in accounting policies used for the interim report compared to the accounting policies used in the preparation of LCP's annual report 2008. LCP has implemented the following standards and interpretations as of January 1, 2009: • IFRS 8, “Operating Segments” • IAS 1, “Presentation of Financial Statements” (amendment) • IFRS 2, “Share-based payment” (amendment) The standards and interpretations have not changed the recognition, measurement and presentation in the financial statements, except that comprehensive income has been included in the income statement. The implementation has not had any material effect on the numbers or the presentation hereof. The interim report is unaudited. The line “one-off restructuring cost” includes major restructuring costs, mainly future salary to former employees, and is shown separately to facilitate the comparability of income statement and to provide a better picture of the operational result. Financial Review LCP publishes its financial statements in Danish Kroner (DKK), which is the functional currency of LCP and the group. Solely for the convenience of the reader, this Interim Report contains a conversion of certain DKK amounts into Euro (EUR) at a specified rate. These converted amounts should not be construed as representations that the DKK amounts actually represent such EUR amounts or could be converted into EUR at the rate indicated or at any other rate. Unless otherwise indicated, conversion herein of financial information into EUR has been made using the Danish Central Bank's spot rate on September 30, 2009, which was EUR 1.00 = DKK 7.4443. Grant of Warrants At a board meeting held on November 11, 2009, the Board of Directors decided to issue 218,000 warrants to employees of the Company and the Company's US subsidiary. Out of the total granted warrants, William J. Polvino, Chief Operating Officer was granted 150,000 warrants. Each warrant entitles the holder to subscribe one share of nominal DKK 1 in LCP against a cash contribution equal to the closing price of LCP's shares at the NASDAQ OMX Copenhagen on November 12, 2009, thus ensuring that the exercise price reflects the fair market price per share following the disclosure of the interim report for the first nine months of 2009. By application of the Black-Scholes formula, the market value of the warrant program can be calculated as DKK 2.9 per warrant assuming an exercise price of DKK 7.00, equal to the closing price of LCP's share at the NASDAQ OMX Copenhagen on November 11, 2009, based on an interest rate of 2.67% and a volatility of LCP's shares set to 48%. From January 1, 2009, the volatility is based on LCP's historical share prices since its Initial Public Offering in November 2006. Financial calendar for 2010 February 24, 2010 Annual report 2009 April 21, 2010 Annual General Meeting May 12, 2010 Interim report for the first three months of 2010 August 18, 2010 Interim report for the first six months of 2010 November 10, 2010 Interim report for the first nine months of 2010 Conference Call Tomorrow, November 12, 2009, LCP's Management will host a conference call , at 2:30 PM CET (Denmark); 1:30 PM GMT (London), 8:30 AM ET (New York), 05:30 AM PT (San Francisco), To access the call, please dial one of the following numbers: +1 866 966 5335 (US), +44 (0) 2030 032 666 (UK), +45 (0) 32 729 273 (DK). If you cannot access the conference call by mobile phone this could be caused by some mobile providers blocking the mobile phone from getting access to certain numbers i.e. toll-free numbers. Therefore please use the DK number (+45 (0) 32 729 273) or the UK number (+44 (0) 2030 032 666) as these numbers are not toll-free numbers. An audio replay of the conference call will be available on www.lcpharma.com from tomorrow Thursday, November 12, 2009 at 5:30 PM CET (Denmark); 4:30 PM GMT (London), 11:30 PM ET (New York), 8:30 AM PT (San Francisco), through Friday, December 11, 2009 by dialing +44 (0) 2081 961 998 (UK) or +1 866 583 1035 (US), and entering access code 8403264#. Additional information: Dr. William J. Polvino Peter Schøtt Knudsen Chief Operating Officer General Counsel and Head of Investor Relations +1 (917) 647 9107 +45 20 55 38 17 wjp@lcpharma.com psk@lcpharma.com The forward looking statements and targets contained herein are based on LifeCycle Pharma A/S' management's current view and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. LifeCycle Pharma A/S expressly disclaim any obligation or undertaking to update or revise any forward looking statements, targets or estimates contained in this interim report to reflect any change in events, conditions, assumptions, or circulations on which any such statements are based unless required by applicable law. About LifeCycle Pharma A/S (LCP) Based in Hørsholm, Denmark, with an office in New York, LCP is an emerging specialty pharmaceutical company. Clinical development is the core of LCP's effort to develop a product portfolio which includes products for immunosuppression, specifically organ transplantation, and products to combat certain cardiovascular diseases. As a fully integrated company, LCP adapts new technologies on a fast commercial timetable. LCP's unique, patented delivery technology, MeltDose®, can improve absorption and bioavailability - at low-scale up costs - not only for a broad spectrum of drugs already on the market but also for new chemical entities. LCP has a cholesterol-lowering product, Fenoglide®, currently on the U.S. market and a diversified near- and medium-term pipeline with four product candidates in clinical trials and a number of projects in preclinical development. LCP is listed on the NASDAQ OMX Copenhagen under the trading symbol (OMX: LCP). For further information, please visit www.lcpharma.com. Executive Management's and the Board of Directors' Statement on the Interim Report The Executive Management and the Board of Directors have considered and adopted the Interim Report of LifeCycle Pharma A/S. The Interim Report is prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting” and additional Danish disclosure requirements for financial reporting of listed companies. We consider the applied accounting policies to be appropriate and, in our opinion, the Interim Report gives a true and fair view of the assets and liabilities, financial position, results of the operation and cash flow of the group for the period under review. Furthermore, in our opinion the management review includes a fair review of the development and performance of the business and the financial position of the group, together with a description of the material risks and uncertainties the group faces. The group does not face any material risks or uncertainties relating to the financial statements. Hørsholm, November 11, 2009 Executive Management Peter G. Nielsen Dr. William J. Polvino Executive Vice President Chief Operating Officer Board of Directors Paul Edick Thomas Dyrberg Kurt Anker Nielsen (Chairman) (Deputy Chairman) Jean Deleage Gérard Soula Anders Götzsche Quarterly Numbers in DKK Q3 Q2 Q1 Q4 Q3 Q2 Q1 2009 2009 2009 2008 2008 2008 2008 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Income Statement Revenue 447 1,499 349 4,809 154,433 7,952 2,928 Research and development costs (43,986) (57,604) (62,810) (78,684) (69,738) (69,537) (52,916) Administrative expenses (14,330) (16,357) (16,981) (18,286) (18,626) (18,854) (17,545) One-off restructuring cost (9,489) - - - - - - Operating loss (67,358) (72,462) (79,443) (92,161) 66,069 (80,439) (67,533) Net financial income / (expenses) 394 (2,105) 9,735 11,507 5,150 5,305 2,323 Net loss for the period (66,964) (74,567) (69,708) (80,654) 71,219 (75,134) (65,210) Balance Sheet Cash and cash equivalents 392,133 439,809 520,228 600,130 666,895 588,001 265,501 Total assets 444,915 500,455 574,148 646,293 708,915 634,100 311,892 Share capital 56,568 56,439 56,439 56,288 56,288 56,093 32,105 Total equity 373,583 436,727 507,712 572,323 648,456 571,863 266,277 Investment in property, plant and equipment 890 7,149 2,515 1,358 1,205 3,207 801 Cash Flow Statement Cash flow from operating activities (44,714) (71,872) (77,772) (68,616) 80,250 (48,362) (65,832) Cash flow from investing activities (843) (7,064) (2,600) (1,415) (1,205) (3,207) (801) Cash flow from financing activities (446) 2,593 (105) (1,653) 463 373,930 897 Cash and cash equivalents at period end 392,133 439,809 520,228 600,130 666,895 588,001 265,501 Financial Ratios Basic and diluted EPS (1.19) (1.32) (1.24) (1.43) 1.27 (1.46) (2.05) Weighted average number of shares 56,467,878 56,438,320 56,297,561 56,287,507 56,135,241 51,611,713 31,833,188 Average number of employees (FTEs) 88 99 102 107 113 101 93 Assets/equity 1.19 1.15 1.13 1.13 1.09 1.11 1.17 Quarterly Numbers in Euro Q3 Q2 Q1 Q4 Q3 Q2 Q1 2009 2009 2009 2008 2008 2008 2008 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 Income Statement Revenue 60 201 47 645 20,745 1,068 393 Research and development costs (5,908) (7,738) (8,438) (10,569) (9,368) (9,341) (7,108) Administrative expenses (1,925) (2,197) (2,281) (2,456) (2,502) (2,532) (2,357) One-off restructuring cost (1,275) - - - - - Operating loss (9,048) (9,734) (10,672) (12,380) 8,875 (10,805) (9,072) Net financial income / (expenses) 53 (283) 1,308 1,546 692 713 312 Net loss for the period (8,995) (10,017) (9,364) (10,834) 9,567 (10,093) (8,760) Balance Sheet Cash and cash equivalents 52,676 59,080 69,883 80,616 89,585 78,987 35,665 Total assets 59,766 67,227 77,126 86,817 95,229 85,179 41,897 Share capital 7,599 7,582 7,582 7,561 7,561 7,535 4,313 Total equity 50,184 58,666 68,201 76,881 87,108 76,819 35,769 Investment in property, plant and equipment 120 960 338 182 162 431 108 Cash Flow Statement Cash flow from operating activities (6,006) (9,655) (10,447) (9,217) 10,780 (6,497) (8,843) Cash flow from investing activities (113) (949) (349) (190) (162) (431) (108) Cash flow from financing activities (60) 348 (14) (222) 62 50,230 120 Cash and cash equivalents at period end 52,676 59,080 69,883 80,616 89,585 78,987 35,665 Financial Ratios Basic and diluted EPS (0.16) (0.18) (0.17) (0.19) 0.17 (0.20) (0.28) Weighted average number of shares 56,467,878 56,438,320 56,297,561 56,287,507 56,135,241 51,611,713 31,833,188 Average number of employees (FTEs) 88 99 102 107 113 101 93 Assets/equity 1.19 1.15 1.13 1.13 1.09 1.11 1.17 Income Statement Consolidated (DKK'000) YTD YTD Q3 Q3 Year 2009 2008 2009 2008 2008 Revenue 2,294 165,313 447 154,433 170,122 Research and development costs (164,400) (192,191) (43,986) (69,738) (270,875) Administrative expenses (47,668) (55,025) (14,330) (18,626) (73,311) One-off restructuring cost (9,489) - (9,489) - - Operating loss (219,263) (81,903) (67,358) 66,069 (174,064) Financial income 19,733 18,422 1,889 7,714 45,474 Financial expenses (11,709) (5,644) (1,495) (2,564) (21,189) Loss before tax (211,239) (69,125) (66,964) 71,219 (149,779) Tax for the period - - - - - Net loss for the period (211,239) (69,125) (66,964) 71,219 (149,779) Basic and diluted EPS (3.75) (1.48) (1.19) 1.27 (3.06) Weighted average number of shares 56,401,877 46,561,782 56,467,878 56,135,241 49,006,500 Statement of comprehensive income Consolidated (DKK'000) YTD YTD Q3 Q3 Year 2009 2008 2009 2008 2008 Net loss for the period (211,239) (69,125) (66,964) 71,219 (149,779) Other comprehensive income: Currency translation differences 356 341 (12) (276) 922 Other comprehensive income for the period 356 341 (12) (276) 922 Total comprehensive income for the period (210,883) (68,784) (66,976) 70,943 (148,857) Assets Consolidated (DKK'000) Sept. 30 Sept. 30 Dec. 31 2009 2008 2008 Licenses and rights 642 692 679 Intangible assets 642 692 679 Property, plant and equipment 20,835 21,420 20,628 Leasehold improvements 7,942 5,395 5,224 Property, plant and equipment 28,777 26,815 25,852 Non-current assets 29,419 27,507 26,531 Trade receivables 448 6,854 1,670 Other receivables 4,824 6,722 10,928 Prepayments 18,091 937 7,034 Receivables 23,363 14,513 19,632 Cash and cash equivalents 392,133 666,895 600,130 Current assets 415,496 681,408 619,762 Assets 444,915 708,915 646,293 Equity & Liabilities Consolidated (DKK'000) Sept. 30 Sept. 30 Dec. 31 2009 2008 2008 Share capital 56,568 56,288 56,288 Share premium 1,080,253 1,079,214 1,078,740 Translation reserves 2,099 1,162 1,743 Retained earnings/loss (765,337) (488,208) (564,448) Equity 373,583 648,456 572,323 Provisions 10,492 10,492 10,492 Finance lease 15,465 17,094 16,082 Non-current liabilities 25,957 27,586 26,574 Finance lease 5,316 4,619 4,450 Trade payables 14,683 13,669 22,910 Other payables 25,376 14,585 20,036 Current liabilities 45,375 32,873 47,396 Liabilities 71,332 60,459 73,970 Equity and liabilities 444,915 708,915 646,293 Cash Flow Statement Consolidated (DKK'000) YTD YTD Q3 Q3 Year 2009 2008 2009 2008 2008 Operating loss (219,263) (81,903) (67,358) 66,069 (174,064) Share-based payment 10,350 12,465 2,995 3,905 16,879 Depreciation and amortization 7,664 6,497 2,772 2,283 8,834 Changes in working capital (2,974) 16,312 16,552 2,825 23,371 Cash flow from operating activities before interest (204,223) (46,629) (45,039) 75,082 (124,980) Financial items received 21,679 18,146 1,820 7,649 43,503 Financial items paid (11,812) (5,571) (1,495) (2,590) (21,083) Cash flow from operating activities (194,356) (34,054) (44,714) 80,141 (102,560) Purchase of property, plant and equipment (10,555) (5,212) (890) (1,205) (6,571) Cash transfer to restricted security deposit 48 - 47 - (57) Cash flow from investing activities (10,507) (5,212) (843) (1,205) (6,628) Installments on bank borrowings and finance lease 248 (3,795) (1,285) (1,281) (4,975) Proceeds from issuance of shares, net 1,793 379,085 839 1,744 378,612 Cash flow from financing activities 2,041 375,290 (446) 463 373,637 Increase/(decrease) in cash and cash equivalents (202,822) 336,024 (46,003) 79,399 264,449 Cash and cash equivalents at beginning of period 598,735 330,402 438,415 586,746 330,402 Exchange gains/(losses) on cash and cash equivalent (5,128) (919) (1,627) (638) 3,884 Cash and cash equivalents at end of period 390,785 665,507 390,785 665,507 598,735 Cash and cash equivalents at end of period comprise: Restricted bank deposit 1,348 1,388 1,348 1,388 1,395 Deposit on demand and cash 390,785 665,507 390,785 665,507 598,735 392,133 666,895 392,133 666,895 600,130 Consolidated Equity Number of Shares Share Capital Share Premium Translation Reserves Retained Earnings Total DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Equity as of January 1, 2008 31,770,705 31,771 724,645 821 (431,548) 325,689 Total comprehensive income 341 (69,125) (68,784) Issuance of shares 23,987,771 23,988 383,804 407,792 Warrant exercises 529,031 529 3,560 4,089 Share-based payment 12,465 12,465 Costs related to capital increases (32,795) (32,795) Equity as of September 30, 2008 56,287,507 56,288 1,079,214 1,162 (488,208) 648,456 Total comprehensive income 581 (80,654) (80,073) Share-based payment 4,414 4,414 Costs related to capital increases (474) (474) Equity as of December 31, 2008 56,287,507 56,288 1,078,740 1,743 (564,448) 572,323 Total comprehensive income 356 (211,239) (210,883) Warrant exercises 280,303 280 1,523 1,803 Share-based payment 10,350 10,350 Costs related to capital increases (10) (10) Equity as of September 30, 2009 56,567,810 56,568 1,080,253 2,099 (765,337) 373,583 The share capital is not available for distribution, while other reserves are distributable for dividend purposes subject to the provision of the Danish Public Company Act.
LifeCycle Pharma Announces Result for the First Nine Months of 2009 and Improves Once Again the Full Year Outlook
| Source: Veloxis Pharmaceuticals A/S
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