MorphoSys reports strong results for Q1 2009

Higher levels of funded research, licensing fees and sales in the therapeutic antibodies division, as well as increased sales across AbD helped produce strong results in the first quarter of 2009 for MorphoSys.

Group revenues rose by 17% to Euro 19.1m (Q1 2008: â"šÂ¬16.3m) and operating profit amounted to â"šÂ¬4.2m (Q1 2008: â"šÂ¬4.1m).

Highlights of the first quarter included the expansion of the company's proprietary pipeline. MorphoSys selected two new targets as the basis for the therapeutic antibody programmes MOR203 and MOR205, both of which are in oncology

HuCAL, the company's core technology, received extended patent protection from the European Patent Office. The newly granted patent captures the technology's modular design at the DNA level, providing solid product claim protection throughout Europe.

Novartis advanced the HuCAL-based antibody programme BHQ880 into a phase I/II combination study.

MorphoSys's partnered pipeline increased to 58 therapeutic antibody programmes in total, up from 55 at the beginning of the year, of which four are currently in clinical development, 31 are in preclinical development and 23 are in research.

The company also appointed Dr Ulrich Moebius as vp and head of preclinical development and project management and Dieter Feger as svp and head of the AbD Serotec business.

"We continue to make significant progress in both operating segments, as evidenced by the highlights of this quarter," said Dave Lemus, chief financial officer of MorphoSys. "Moreover, we also continue to increase substantially our r&d investment in proprietary antibody therapeutics, thereby creating sizeable future value in the form of a larger, and more mature, proprietary product pipeline."

For the full year, MorphoSys anticipates total group revenues of between â"šÂ¬80-â"šÂ¬85m, and an operating profit of â"šÂ¬8-â"šÂ¬11m. Investments in technology and product development will rise to between â"šÂ¬18m-â"šÂ¬20m, compared with â"šÂ¬7.7m in 2008.