Agennix has posted its financials for 2009 which show that the German company has enough cash to last until the third quarter this year

The company, which was formed last year through the merger of the USA’s Agennix and GPC Biotech, said that revenues declined 38% to 7.7 million euros. This was due to no more funds coming in from partner Celgene Corp’s once development of satraplatin, a late-stage compound for prostate cancer, was halted in July 2007.

However, net loss for 2009 decreased 44% to 11.9 million euros, helped by restructuring plans that have drastically cut staffing levels. Future hopes for the company now rest on the success of talactoferrin, which is in Phase III for non-small cell lung cancer and mid-stage trials for severe sepsis.

Earlier this week, Agennix raised 9.8 million euros in a private placement and chief financial officer Torsten Hombeck said that was “the first part of our plan to re-finance the company this year”. More funds will needed, seeing as how Agennix ended 2009 with cash and equivalents of just 11.5 million euros and said it has sufficient funds to keep operations going into the third quarter of 2010.

Dr Hombeck said that getting sufficient funding “to get to the next major milestone with talactoferrin, which we expect to be Phase III data in NSCLC at the end of 2011, is a high priority”. Agennix also noted that it is “actively seeking a partnership for oral talactoferrin, which would provide a non-dilutive source of funding”.