WILEX reports a successful financial year 2006 – positive outlook for 2007

Munich, 27 February 2007

The Munich-based biopharmaceutical company WILEX AG (ISIN DE0006614720/Frankfurt Stock exchange/Prime Standard) today published its results and annual report for financial year 2006 (1 December 2005 – 30 November 2006). Operating income, operating expenses and earnings are all in line with the Company’s expectations.

- WILEX has achieved important milestones in financial year 2006 with its clinical development projects. Operating income rose from EUR 0.8 million in 2005 to EUR 1.7 million in 2006, representing an increase of 108.2 %.
- Operating expenses amounted to EUR 19.9 million in 2006 (previous year: EUR 11.4 million; increase of 75.3%). Of this figure, EUR 15.7 million (previous year: EUR 8.1 million) or 78.9% (previous year: 71.1%) was attributable to research and development. Research costs for antibody development for RENCAREX®, which is currently in a clinical Phase III trial, accounted for EUR 10.3 million or 65.4% of total costs. Research and development costs in connection with small molecule compounds amounted to EUR 3.4 million or 21.7%. WILEX invested EUR 2.0 million or 12.9% of total costs in other programmes.
- An increase in research and development progress, in particular with RENCAREX®, WILEX recorded a budgeted net loss of EUR 18.7 million in financial year 2006 (previous year: EUR 11.1 million; increase of 67.7%).
- The equity ratio increased from 36.8% to 79.9% as a result of the successful IPO in November 2006.Die Eigenkapitalquote erhöhte sich aufgrund des in November 2006 erfolgreich durchgeführten Börsengangs von 36,8 % auf 79,9 %

The Company achieved important milestones in its business development in 2006:

- A high-calibre Medical Advisory Board was appointed for the development of RENCAREX®
- WILEX reported positive results for two Phase Ib trials with the small molecule WX-UK1
- The Company successfully concluded a Phase I trial with another small molecule, WX-671
- The US Department of Defense increased the grant to WILEX for the research programme on small molecules from approximately USD 4 million by a further USD 1 million, on condition that WILEX assumed the Phase II trial costs and the additional associated costs
- WILEX reported a survival benefit in a Phase II trial with RENCAREX®/Interferon
- The results of a proof-of-concept trial for the imaging diagnostic agent CA9-SCAN were published. The medical product candidate showed a 100% positive predictive value in diagnosing of clear cell renal cell carcinoma.
- The IPO in November 2006 generated liquid funds of approximately EUR 55 million
- The Company signed a contract with IBA Molecular N.A. to cooperate on the further development of CA9-SCAN
- WILEX received approval to conduct a clinical Phase II trial with WX-671 in patients with pancreatic cancer

"We are very pleased with our progress in 2006," said Professor Olaf G. Wilhelm, CEO of WILEX AG. He continued: "We have achieved important milestones, especially the successful IPO, and have therefore created a solid basis for the ongoing development of our research and development programmes".

"We will continue to invest in the long-term creation of value and increase our operating expenses for research and development in 2007“, said Peter Llewellyn-Davies, CFO of WILEX AG. "We are planning operating expenses of between EUR 29 million and EUR 34 million, of which EUR 26 million to EUR 31 million is to be allocated to research and development. This means that we could expect to see research and development costs as a percentage of total costs rise from approximately 79% to 87%".

Expected milestone payments in line with the progress of our projects could lead to a increase in operating income of approximately 50% to between EUR 2.2 million and EUR 2.7 million in 2007. Llewellyn-Davies continued: "The profit & loss statement for financial year 2007 will again show a clear deficit as we continue to invest to increase the value of our projects".

"As part of our growth strategy research and development costs will again be financed from shareholders’ equity in financial year 2007" said Llewellyn-Davies. The CFO went on to comment: "The equity ratio of 79.9% in 2006 represents a sound financial position. At the end of 2006, total assets amounted to EUR 59.7 million, of which 95% were liquid funds“.

The annual report including the annual financial statements in accordance with IFRS and the annual financial statements pursuant to HGB (German Commercial Code) were published on the Company's website: www.wilex.com

About WILEX
WILEX is a biopharmaceutical Company based in Munich, which was founded in 1997 by a team of physicians and oncologists from the Technical University of Munich. WILEX is focused on the development of new cancer therapies based on antibodies and small molecules. The therapeutic approach of WILEX targets the prevention of growth, spread and the metastasis of malignant tumours and the destruction of malignant tumours in the body. The portfolio includes both drug and medical product candidates ranging from research to late stage clinical development. Currently the following compounds are in clinical development: WX-G250 (development name: RENCAREX®), WX-671, WX-UK1 and CA9-SCAN. The company’s strategy is to develop WILEX into a commercially successful biopharmaceutical company with a broad portfolio of new drugs and medical products for the treatment of cancer. Since November 13, 2006 WILEX AG is listed at the Frankfurt Stock Exchange on the Official Market Segment (Amtlicher Markt) / Prime Standard. (ISIN DE0006614720 / WKN 661472 / Stock market symbol WL6

Contact
Juliane Giese
Manager Public Relations
WILEX AG
Grillparzerstr. 10
81675 München
Germany
Tel.: +49 (0)89-41 31 38-29
Fax: +49 (0)89-41 31 38-99
Email: juliane.giese@wilex.com

Profit & loss key figures in EUR ‘000

This communication contains certain forward-looking statements, relating to the Company’s business, which can be identified by the use of forward-looking terminology such as “estimates”, “believes”, “expects”, “may”, “will” “should” “future”, “potential” or similar expressions or by general discussion of strategy, plans or intentions of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial condition, performance, or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.

Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.

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