BRUSSELS Aug 8 Belgian biotech group Galapagos
on Friday said it expected to have more cash at the
end of 2014 than initially thought, following the sale of a unit
in the first half of the year.
Galapagos, which develops several new drugs in association
with large pharma firms, said its cash position at the end of
the first half was 232 million euros ($309.93 million) and it
expected to have 175 million euros of cash at the end of the
The group had previously guided for a year-end cash position
of 170 million.
Excluding the sale of its services unit, the group burned
through 15 million euros of cash in the first half, to fund its
various clinical studies and trials.
In the next 18 months, Galapagos said, it expected several
test results to become available, traditionally a stronger
trigger for the shares than quarterly results.
The company said one of its partners, pharma group GSK
, had decided to end work on its drug GSK2586184 for
treatment of ulcerative colitis and psoriasis and was now
considering how to proceed with the project.
Galapagos said a new type of antibiotic it was researching
to combat the MRSA bug would be tested on volunteers in early
(Reporting by Robert-Jan Bartunek; Editing by Clarence