Belgium's Ablynx expects higher cash burn in 2014
BRUSSELS Feb 27 (Reuters) - Belgian biopharmaceutical company Ablynx reported a 34 percent rise in revenue in 2013 and ended the year with a large cash pile, although cautioned that it would burn through more of it this year than last.
Ablynx, which struck a licensing deal with AbbVie worth up to $840 million in milestone payments , said on Thursday its revenue increased to 35.9 million euros ($49.06 million).
Thanks to an upfront payment from AbbVie of $175 million and a 31.5 million euro private placement of shares, the company ended 2013 with cash and equivalents of 200.4 million euros.
Ablynx burnt through 20.0 million euros in 2013, in line with its forecast, and said this would rise to between 30 and 35 million euros in 2014. ($1 = 0.7317 Euros) (Reporting By Philip Blenkinsop)