Robust progress in Q3 2016

Financial results of the first nine months:Group revenues increased by €17.8 M to €65.0 MOperating loss reduced by €14.8 M to €48.5 MEnd of third quarter cash €938.8 MProgress in R&D:Start FINCH Phase 3 program with filgotinib in rheumatoid arthritis (RA)...

London, 27/10/2016 (informazione.it - comunicati stampa - salute e benessere)

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"This quarter, we are again encouraged by the progress made in our R&D programs. The FINCH Phase 3 program in RA is recruiting. By year end, Gilead is expected to have in total three major late stage clinical programs dosing patients with filgotinib, with more Phase 2 studies targeting other inflammatory diseases expected in 2017. The endoscopy and histopathology data reported from the FITZROY study with filgotinib in Crohn's disease at UEG Week set a high bar for Crohn's clinical research going forward. We are excited about the progress made in our cystic fibrosis program, keeping us on track to potentially have a triple combination therapy in Class II patient studies by mid-year 2017," said Onno van de Stolpe, CEO. "In the background, our research teams continue to discover new targets and molecules, propelling them forward toward patients, as we go for our ambitious goal of delivering three novel target based Proofs-of-Concept in patients every year."

"The financial results for the first nine months of 2016 were fully in line with our expectations, leaving us with a solid cash position of €939 million on 30 September. Our revenues increased by 38% compared to the same period in 2015. We reiterate our cash burn guidance for the full year within the range of €100-120 million, excluding payments from Gilead for filgotinib," said Bart Filius, CFO.

A detailed Q3 Report for 2016 is available at www.glpg.com/financial-reports. Printed versions of the report can be requested via ir@glpg.com.

Galapagos will conduct a conference call open to the public tomorrow (28 October 2016) at 14:00 Central European Time (CET), which will also be webcast. To participate in the conference call, please call one of the following numbers ten minutes prior to commencement:

A question and answer session will follow the presentation of the results. Go to www.glpg.com to access the live audio webcast. The archived webcast will also be available for replay shortly after the close of the call.

Galapagos (Euronext & NASDAQ: GLPG) is a clinical-stage biotechnology company specialized in the discovery and development of small molecule medicines with novel modes of action. Our pipeline comprises Phase 3, 2, 1, pre-clinical, and discovery programs in cystic fibrosis, inflammation, fibrosis, osteoarthritis and other indications. We have discovered and developed filgotinib: in collaboration with Gilead we aim to bring this JAK1-selective inhibitor for inflammatory indications to patients all over the world. Galapagos is focused on the development and commercialization of novel medicines that will improve people's lives. The Galapagos group, including fee-for-service subsidiary Fidelta, has approximately 480 employees, operating from its Mechelen, Belgium headquarters and facilities in The Netherlands, France, and Croatia. More information at www.glpg.com.