Paion AG reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported revenues of EUR 1,217,000 against EUR 22,945,000 a year ago. The net loss amounted to EUR 0.7 million or EUR 0.03 per basic and diluted share compared to a net income of EUR 20.4 million or EUR 0.70 per basic and diluted share in the prior-year period. The revenue result in the prior-year period was significantly affected by the EUR 20.1 million sale of Desmoteplase to Lundbeck. Cash flows used in operating activities were EUR 977,000 against cash flows generated from operating activities of EUR 14,111,000 a year ago.

Paion AG Presents at 2013 BIO International Convention, Apr-24-2013 03:15 PM. Venue: McCormick Place - Chicago Bulls Room, 2301 S. Lake Shore Drive, Chicago, IL 60616, United States.

Paion AG reported consolidated financial results for the year ended December 31, 2012. For the year, the company reported revenues of EUR 26.812 million against EUR 3.249 million a year ago. Net result for the period was EUR 16.009 million or $0.63 per basic and diluted share against net loss for the period of EUR 13.684 million or $0.54 per basic and diluted share a year ago. Cash flows from operating activities was EUR 15.475 million against cash flows used in operating activities of EUR 7.358 million a year ago. The revenues were mainly generated by the sale of Desmoteplase to Lundbeck for EUR 20.1 million. Furthermore, the revenues relate in the amount of EUR 2.5 million to the complete release of deferred income, resulting from a milestone payment received in 2008 from Lundbeck, in the amount of EUR 2.4 (USD 3 million) to a milestone payment from Ono for the start of the Phase III study with Remimazolam in Japan and in the amount of EUR 1.8 to the licence agreement with Yichang. The company's major goals for 2013 are the start of a Phase II study with Remimazolam in anaesthesia, production development for Remimazolam and out-licensing of Remimazolam outside Japan and China. Furthermore, PAION expects the continuation of development activities by the company's partners Ono (Remimazolam), Yichang (Remimazolam) and Acorda (GGF2). The company announced that for the year 2013 revenues of EUR 1.2 million are expected. These relate to the technology transfer with Yichang that was completed in March 2013.