Financial Review

Financial Highlights 2005-2009

Income Statement (1 January - 31 December)

2009 2009 2008 2007 2006 2005
(EUR '000) (DKK '000) (DKK '000) (DKK '000) (DKK '000) (DKK '000)
Revenues 9.744 72.595 66.722 37.828 78.874 -
Research and development costs -20.315 -151.350 -220.358 -128.930 -81.862 -73.502
Administrative costs -2.084 -15.525 -23.216 -16.980 -9.926 -8.819
Profit/Loss from operating activities -13.281 -98.945 -182.581 -111.633 -14.032 -82.321
(Profit/Loss for the year) -11.815 -88.022 -171.938 -102.461 -13.110 -84.378

Balance Sheet (As per 31 December)

Total Assets 28.662 213.535 302.978 363.847 131.948 25.739
hereof:
Cash and cash equivalents 20.686 154.110 195.030 276.820 68.661 14.196
Intangible assets 2.293 17.085 19.202 21.414 23.238 1.443
Total Equity and liabilities 28.662 213.535 302.978 363.847 131.948 25.739
hereof:
Equity 19.025 141.734 218.352 327.295 103.513 -44.712
Short Term 7.846 58.450 60.121 35.084 28.251 70.264

Cash Flow (1 January - 31 December)

Cash generated from operating activities -7.019 -52.228 -157.067 -63.346 -16.890 -72.378
Cash generated from investing activities 1.614 12.028 -1.501 -3.484 -22.180 -1.486
-hereof investments in tangible and intangible assets -205 -1.526 -12.306 -11.500 -24.838 -1.915
Cash generated from financing activities -88 -659 -76.777 -274.990 -93.534 -56.620
Net increases in cash and cash equivalents -5.493 -40.919 -81.790 208.160 54.464 -17.245

Key Rations (1 January - 31 December)

Earning per share -0,13 -0,98 -2,01 -1,49 -0,37 -11,47
Diluted earnings per share -0,13 -0,98 -2,01 -1,49 -0,37 -11,47

The warrants have an anti-dilutive effect as a result of the loss for the year, and they have consequently not been taken into account in connection with the calculation diluted earnings per share. The diluted earnings per share are therefore the same as the basic earnings per share.

The figures in Euro have been calculated for the information purposes only based on an exchange rate of 7.45.