Legend Biotech Announces Preliminary Results for First Half of 2020
03 August 2020 - 12:43AM
Business Wire
Legend Biotech (NASDAQ: LEGN) today announced preliminary
results for the first half of 2020.
For the six months ended June 30, 2020, Legend Biotech expects
to record a loss from approximately US$89.0 million to US$103.0
million from continuous operations (before one-time charges,
including commission fee for issuance of Series A convertible
redeemable preferred shares (“Series A Preferred Shares”), changes
of fair value of such Series A Preferred Shares, and listing
expenses), including research and development expenses of
approximately US$96.5 million to US$111.8 million.
In addition, Legend Biotech expects to report a one-time
non-cash charge of approximately US$80.0 million caused by the
changes of fair value of Series A Preferred Shares, which was
derived from the automatic conversion of all outstanding Series A
Preferred Shares (plus any dividends accrued but unpaid on the
Series A Preferred Shares) into ordinary shares, par value $0.0001
per share, of Legend Biotech (“Ordinary Shares”) upon Legend
Biotech’s listing on the Nasdaq Global Market. The details of the
automatic conversion of the Series A Preferred Shares into Ordinary
Shares are described in Legend Biotech’s prospectus filed with the
Securities and Exchange Commission on June 8, 2020. The changes in
fair value led to an increase of share premium, which in essence,
had no impact on the net assets of Legend Biotech and its
subsidiaries.
As of June 30, 2020, Legend Biotech had approximately US$562.4
million of cash and cash equivalents and approximately US$75.6
million in time deposits.
The information contained in this press release is preliminary
and is based on the latest estimated unaudited management accounts
for the six month period ended June 30, 2020. Such information is
not a comprehensive statement of Legend Biotech’s results for, and
as of, this period, and are subject to the completion of
management’s and Legend Biotech’s audit committee’s reviews and
other financial closing processes and potential adjustments.
Accordingly, Legend Biotech’s actual results for this period may
differ materially from the preliminary estimated data presented in
this press release. The information contained in this press release
has not been, and is not based on information that has been,
audited, or reviewed by Legend Biotech’s independent auditor.
This preliminary estimated data should not be considered a
substitute for the interim financial results for the six months
ended June 30, 2020, to be filed with the Securities and Exchange
Commission (the “SEC”) under cover of Form 6-K, which Legend
Biotech expects to occur before the end of August 2020.
About Legend Biotech
Legend Biotech is a global clinical-stage biopharmaceutical
company engaged in the discovery and development of novel cell
therapies for oncology and other indications. Our team of over 700
employees across the United States, China and Europe, along with
our differentiated technology, global development, and
manufacturing strategies and expertise, provide us with the strong
potential to discover, develop, and manufacture best-in-class cell
therapies for patients in need.
We are engaged in a strategic collaboration with Janssen Biotech
to develop and commercialize our lead product candidate,
LCAR-B38M/JNJ-68284528, an investigational BCMA-targeted CAR-T cell
therapy for patients living with multiple myeloma. This candidate
is currently being studied in registrational clinical trials.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include
statements relating to the anticipated financial results for the
six months ended June 30, 2020, including expected research and
development expenses. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,”
“would” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including the
factors discussed in the “Risk Factors” section of Legend Biotech’s
prospectus filed with the Securities and Exchange Commission on
June 8, 2020. Any forward-looking statements contained in this
press release speak only as of the date hereof, and Legend Biotech
specifically disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200802005021/en/
Media and Investor Relations: Jessie Yeung, Head of Corporate
Finance and Investor Relations, Legend Biotech
jessie.yeung@legendbiotech.com or investor@legendbiotech.com
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