Biotechnology drug company Galapagos reported revenue for the first quarter of 2018 was up at €44.8 million from €39.9 million in the same period of 2017.
Net loss for the period after increased R&D expenditure was -€37.3 million compared to -€13.6 million in Q1 2017.
Cash at period end was €1.1 billion and forecast 2018 cash burn is expected to be between €220 million and €240 million.
Onno van de Stolpe, CEO, said "Galapagos is delivering on a very productive biotech pipeline. The first quarter of 2018 brought us closer to the expected start in the second quarter of the next patient studies in our osteoarthritis, atopic dermatitis, and cystic fibrosis programs. Importantly, we received feedback from regulatory authorities for our ISABELA global pivotal studies with GLPG1690 in idiopathic pulmonary fibrosis, expected to start in the second half of 2018. We await the next round of filgotinib clinical study results starting with the EQUATOR study in psoriatic arthritis in the second quarter as well. First quarter 2018 was about preparation for a significant expected future newsflow."