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Persbericht

Press release

01-12-2006, 08.30 a.m.
Biotech records EUR 0.68 m profit during
3rd quarter 2006

Following a weak second quarter, a slight market rally and virtually unchanged USD rate made for a
positive result in the third quarter. The simplification (decrease of the number of shares) of the
portfolio of listed paper resulted in substantial capital losses and capital gains. No value
adjustments were made to the portfolio of unlisted paper over the past quarter. The investments in
Ablynx and Peakadilly led to a reduction in cash balances. Since a number of investments are still
being processed, this trend will be consolidated during the fourth quarter. In the first nine months of
2006, the net asset value of Biotech (-2.34%) has significantly outperformed the NASDAQ Biotech
benchmark index (–10.98%). Because the discount (the market price is lower than the net asset
value) has increased over the past few months, Biotech's outperformance relative to the NASDAQ
benchmark (comparison based on the NASDAQ benchmark in EUR) at share price level is slightly
less pronounced (decline of around 6.34%).
Key figures:
Net asset value per share on 30/9/2006 was EUR 9.2 (EUR 9.0 on 30/6/2006);
Price on 30/9/2006 was EUR 6.8 (EUR 6.48 on 30/6/2006);
Earnings per share over 3Q 2006 (compare to 2Q 2006) was EUR 0.20 (-EUR 0.22 over 9 months
2006);
Discount of the share price vis-à-vis the net asset value was 26.0% in 3Q 2006 (22% in 2Q 2006);
Two investments completed (Ablynx and Peakadilly) and two still being processed;
No follow-up investments or exits during 3Q 2006;

SHARE PRICE BIOTECH
vs. Net Asset Value & NASDAQ Biotech Index

Review of activities (non-listed portfolio)

Maize Technologies International (MTI)
(Austria) is a maize breeding company. It
Deal flow. During the third quarter of 2006, 17
develops hybrid maize seeds with a superior yield and stress tolerance profile. Founded in 2000, MTI unlisted companies, the highest number ever operates a number of seed breeding stations and during the third quarter, when there is generally a collaborates with a network of seed breeders allied summer lull. Furthermore, two new investments to research institutes in Central Europe. The first were completed, i.e. Ablynx and Peakadilly, two MTI products were launched on the market in Belgian companies, amounting to EUR 1.5m and 2005. The company has a number of new varieties EUR 0.5m respectively. Two other investments of maize in official registration trials in several were approved and are being processed. There Metabolex (US) is a private company which
Report on the existing portfolio
develops drugs to treat diabetes and other Ablynx (Bel) is a biopharmaceutical company
focusing on the research and development of Metaglidasen, is an insulin sensitiser in a phase IIb Nanobodies®, a novel class of antibody-derived clinical trial. In June 2006, Metabolex and Ortho- therapeutic proteins. Three programmes are at the McNeil (Johnson & Johnson) announced that they stage of advanced pre-clinical development and have concluded a comprehensive strategic Ablynx expects two of them to reach the clinical agreement to collaborate on various programmes stage in 1Q 2007. Ablynx has entered into (including Metaglidasen) addressing metabolic cooperation agreements with pharmaceuticals diseases, including type 2 diabetes, obesity and companies, including Novartis, Centocor (J&J) and dyslipidemia. The transaction will provide P&G Pharma. In August 2006, KBC acted as lead Metabolex with USD 40 million in equity and investor for Ablynx’s new private capital. BIOTECH convertible financing, more than USD 500 million has participated. The Series C financing round for achieving specified development and sales raised a total of EUR 40 million, making it one of the largest private placements in the European Peakadilly (Bel) was established in 2004 for the
commercialisation of a protein biomarker identification technology developed by the VIB and Altea Therapeutics
(US) is a private
Ghent University. The company is applying its pharmaceutical company focusing on transdermal technology for projects with third parties (it already systems that enable the delivery of continuous has various contacts with pharmaceutical therapeutic levels of proteins and water-soluble companies) and for internal projects focusing on drugs in a simple, painless and cost-efficient the development of a new generation of diagnostic manner. The company has three products in and pharmacodiagnostic products. BIOTECH clinical development: a 24-hour transdermal patch invested EUR 0.5 million in Peakadilly in the Series for treating acute and chronic pain, and a patch for A financing round, which raised a total of EUR 14.5 the continuous delivery of a basic dose of insulin to diabetes patients. In 3Q 2006, a Phase I trial was started with apomorhine (given under licence to PR Pharmaceuticals (US) focuses on controlled
Teikoku in early 2006 for the Japanese market) for release drug delivery. At the beginning of 2006, PRP concluded a cooperation agreement with OSI/Pfizer for a new controlled release formulation Ceres (US) uses a broad technology platform for
of Macugen, a medicine for the treatment of age- an integrated and practical industrial method to related macular degeneration (an eye disease). It fast-track the discovery of plant genes and their also started PI trials on one of its own products for functions. A major cooperation agreement with the treatment of pulmonary arterial hypertension. Monsanto ends in 2007, but negotiations about a Finally, the company was awarded an important possible extension began recently. Ceres is evaluating whether or not the technology can also be used/licensed in other areas of application. In Tetragenex (previously Innapharma, In 2003, the
that context, Ceres recently (2Q 2006)entered into FDA asked Innapharma to halt all clinical trials on the lead compound Nemifitide, whereupon the Foundation (a leading scientific institution) for the company applied for Chapter 11. At the end of development and commercialisation of advanced 2004, the courts approved the recovery plan biomass crops for bio-ethanol production. (including an agreement with the preferred shareholders) and the company is operational again) (US) specialises in antidepressants. At the
beginning of 2006, Tetragenex received
authorisation from the FDA to resume clinical
testing of the lead compound Nemifitide. The
company is currently preparing for an IPO and has
submitted a file on it to the SEC.
sisters. These deals yield a fine although not very A look at the future
spectacular premium, but there are hefty milestone premiums which increase in size as the milestones A number of events occurred in the during the third are in fact achieved and substantial royalties. In quarter, such as the successful attainment of the this way, everyone is happy: for biotech next phase of product development, the conclusion companies resources are made available for their of favourable agreements for the Biotech sector with the Pharmaceuticals sector and an increase companies it is no more than a more or less cheap in mergers and acquisitions. In our opinion, option on a programme without having to assume acquisitions will continue to be an issue in the fourth quarter. In the first instance, they will focus on concrete dossiers, small and medium-sized enterprises with products with clear phase Product development and acquisitions are two results or with approval in hand. It is patently essential pillars for a favourable trend in the obvious why the Pharmaceuticals sector only biotech sector. On the other hand, what we have steps on the bandwagon at that stage: the chance little control over is the attitude of the FDA. As we of failure in the development of a drug is (largely) see it, the FDA can react rather unpredictably. obviated, the development risk having been borne This should not be surprising in itself, the number by the Biotech company and its investors. of dossiers is increasing hand over fist and the FDA is overworked and short of funds. This It costs in excess of USD 800 million to develop a causes the FDA to reach for exotic emergency drug, taking account of the costs of failed brakes, such as granting “approvable letters”, programmes. In that respect, it is far from crazy to which are conditional approvals, on the basis of invest large amounts in programmes or Biotech one or other safety and/or effectiveness signal. companies where few doubts remain. A further We have already seen companies decide that the reason is to avoid significant royalties payable to game is not worth the candle. This is an ill wind the commercial partners, to which Biotech for patients. We cannot predict at all which companies often owe 10% to 20% of the royalties. concrete dossiers will suffer from this, but we can That is why acquisitions of companies by their show which type of drugs are possibly more partners sometimes also occur well after the susceptible to further delay. Lifestyle drugs, to introduction of a product on the market. Icos corp start with. Slimming pill Accomplia is an example, could be seen as an example of this. The despite the best efforts of sanofi-aventis. We impotence drug Cialis has already been on the forecast considerable delay for the drug. Risk market for some time and is competing relatively tolerance is zero. All products which are to be successfully with Pfizer’s viagra. Other companies widely used, whether or not chronically, run the which could be taken over include Adolor by same risk, especially if there are valid alternatives GlaxoSmithkline, on condition that positive results available. Neurocrine’s sleeping pill Indiplon runs a are achieved in the final phase III trial for Entereg. Direct competitor Progenix is developing a comparable drug in an important cooperation agreement with Wyeth, so it would not be A third factor, entirely unrelated to the sector, is surprising if Progenix is also taken over sooner or the US mid-term elections. Democrats are known to be hostile to pharmaceuticals companies and an election of a Democrat Parliament will certainly be seen as negative for the pharmaceuticals sector. partnership agreement for their most advanced It will depend on the rhetoric whether it will also programmes are in clover; they have more have a (negative) impact on the performance of possibilities than ever of playing off different the Biotech sector. In reality, however, not all that much will change, as a Republican President and Democrat Parliament keep one another in perfect balance and there is unlikely to be any talk of a Millennium for Anormed has in the meantime already been decided in favour of Genzyme. What we are not seeing happening immediately are acquisitions to obtain access to technological The fourth factor which willl possibly be to the platforms, although we do not immediately advantage of the sector is its seasonal nature. In the run-up to the various medical conferences enterprises with typically a young product pipeline before the end of the year, the Biotech sector on must remain in a position to conclude strong cooperation agreements with large pharmaceutical All things considered, we think that the balance is positive for the Biotech sector and we expect it to KBC Private Equity Fund Biotech
1. Balance sheet as of 30/06/2009 (in EUR)
30/09/2006
30/09/2005
31,584,126.69 32,058,768.39
Total Assets
31,584,126.69
32,058,768.39
LIABILITIES
31,433,531.69 31,897,745.97
150,595.00 161,022.42
Total Liabilities
31,584,126.69
32,058,768.39
KBC Private Equity Fund Biotech
2. Profit and loss account as of 30/06/2009 (in EUR)
30/09/2006
30/09/2005
II. Operating charges
-590,410.75
-584,659.79
C. Remuneration, social security charges & pensions III. Operating loss
-590,410.75
-584,659.79
IV. Financial charges
2,941,115.00
6,845,279.77
V. Financial charges
-3,093,985.29
-2,532,368.76
B. Write-downs on current assets -1,364,017.74 C. Losses on the realization of current assets VI. Result for the period
-743,281.04
3,728,251.22
KBC Private Equity Fund Biotech
2. Profit and loss account for the 3rd trimester 2006 (in EUR)

II. Operating charges
-187,492.78
-186,743.19
-124,041.77
-62,701.42
C. Remuneration, social security charges & pensions III. Operating loss
-187,492.78
IV. Financial income
-242,194.29
-328,838.28
179,729.76
-508,568.04
86,643.99
V. Financial charges
1,110,201.89
1,930,606.38
C. Losses on the realization of current assets -820,336.23
VI. Result for the period
680,514.82


KBC Private Equity Fund Biotech

Biotech NV is a Privak, i.e. a closed-end Belgian investment company, with registered office at 2 Havenlaan,
1080 Brussels. Incorporated in the first quarter of 2001, Biotech invests in biopharmaceutical companies
around the world. It is listed on Euronext Brussels and its capital is represented by 3,416,667 shares. Paying
agents are KBC Bank, CBC Banque and Centea. At the outset, Biotech invested its capital in a portfolio of
listed biotech companies, but has gradually started to invest in unlisted companies when interesting
investment opportunities present themselves. Biotech has already invested in the following unlisted
companies: Ablynx, Altea Therapeutics Inc., Barrier Therapeutics Inc. (exit), Ceres Inc., Maize Technologies
International NV, Metabolex Inc., Peakadilly, PR Pharmaceuticals Inc. and Tetragenex.
For more information, please contact:
Ruth Devenyns (tel. +32 2 429 96 94) - Youri Amerijckx (tel. +32 2 429 42 63)
BIOTECH NV – 2 Havenlaan – BE-1080 Brussels
http://www.kbcam.be/biotech

Source: http://kbc-pdf.kbc.be/ng/feed/am/funds/biotech/press/biotech-press_20061201_en.pdf

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