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Devgen reports €28 million of cash at end of first half
By E. Janene Geiss
Philadelphia, Sept. 15 - Devgen reported a six-month cash burn rate that increased to €4.2 million for the first half of 2006 and a cash position of €28 million at June 30.
A net decrease of €6.7 million in cash and cash equivalents was recorded during the first half of 2006, composed of
cash used in operations totaling €6 million, €500,000 used in investing activities and €200,000 used in financing activities.
The company said it expects to end the year with a cash position of €22 million to €24 million. The final figure will be influenced by working capital differences.
The Ghent, Belgium, biotechnology company said in a news release that its revenue for the first half of the year was €5 million compared to €6.2 million for the same period in 2005.
Of the total revenue, €4.8 million was generated by Devgen Crop Protection, which came in less than the €5.9 million for the first six months of 2005.
Devgen explained that the decline was partly due to the accelerated completion of the research agreement with FMC in the year-earlier period. As a result, €1.6 million of revenue was recognized in the first half of 2005 that would otherwise have been recognized in subsequent periods.
Government grant income for the first six months of 2006 totaled €1.1 million, up from €400,000 in the same period of 2005. In December 2005, Devgen said it was awarded a new grant from IWT, the Institute for the Promotion of Innovation by Science and Technology in Flanders, which accounted for €700,00 of revenue in the first half of 2006.
Research and development expenses in the first half were €7.3 million, up from €5.4 million in the same period of 2005.
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