Ablynx announces full-year results, shares drop 5%

Belgian drug developer Ablynx (Euronext Brussels: ABLX) has announced its 2016 financial results, which show the company received just over 85 million euros ($90 million) in grants, a 10% increase on the year before.

Operating costs increased 20% to 114 million euros, and net cash burn stood at 72 million euros, in line with the previously guided range of 65 to 75 million euros. At year’s end, the company’s cash position was 235 million euros, about the same as last year.

In its guidance for the year ahead, Ablynx noted it will hold meetings with regulators in Europe and the USA to discuss its Phase IIb results for vobarilizumab, a candidate rheumatoid arthritis therapy, and plans for a Phase III program.