DGAP-News: Elanix Biotechnologies AG: Correction of 2015 Financial Statements - Release according to § 109 Paragraph 2 Sentence 1 WpHG

Elanix Biotechnologies AG: Correction of 2015 Financial Statements

Berlin, March 27, 2019

Release according to § 109 Paragraph 2 Sentence 1 WpHG

The German Financial Reporting Enforcement Panel (FREP) determined that the consolidated financial statements of Elanix Biotechnologies AG, Berlin, for the year ended December 31, 2015 are incorrect:

In the consolidated financial statements of Elanix Biotechnologies AG as at 31.12.2105, the balance sheet item intangible assets - with a balance sheet total of EUR 22.7 million - is too high by EUR 22.5 million. The amortised cost of the intangible asset of EUR 22.5 million on which the balance sheet was based was not affected by a business combination within the meaning of IFRS 3.3 in conjunction with IFRS 3.5 in conjunction with IFRS 22.5 million. IAS 38.33 f., by a separate acquisition within the meaning of IAS 38.25, or by the contribution of a shareholder. In addition, the company has not demonstrated the capitalisation requirements required by IAS 38.57 for an intangible asset under development and has not incurred any expenses attributable to the intangible asset up to 31 December 2015. Furthermore, the Company does not have any suitable accounting documents that would enable an expert third party to reconstruct the balance sheet value of the intangible asset as of 31 December 2015 and its first-time recognition in the consolidated financial statements as of 31 December 2014.

This violates IAS 38.21 and § 238 (1) HGB.

Contacts

Elanix Biotechnologies AG
Lee Ann Laurent-Applegate, interim CEO
info@elanix-bt.com

About Elanix

Elanix develops and commercializes tissue regeneration products for acute wound care, dermatological and gynecological applications, and provides services in cell technologies. The company was founded in 2012 as a spin-out from the University Hospital of Lausanne (CHUV), Switzerland, to commercialize a patented human progenitor cell technology. Progenitor cells are fully differentiated yet immunologically neutral cells that are very potent inducers of tissue growth and healing.

Forward-looking statements

This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.