SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

November 11, 2011
Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011
Company Name: SymBio Pharmaceuticals Limited(URL http://www.symbiopharma.com/)
Security Code: 4582
TEL: +81-3-5472-1125
President/ Representative Director and Chief Executive Officer: Fuminori Yoshida
Inquiries/ Board Director and Chief Financial Officer: Hiroki Maekawa(Millions of Yen - rounded down unless otherwise stated)

1. Financial Results for the Third Quarter of Fiscal Year 2011 (January 1 to September 30)(1) Financial Results (Cumulative)
Net Salesrd

3 Quarter FY 2011rd
3 Quarter FY 2010

%
―
―

1,306
―

rd

%
―
(1,766)――(1,757)―

Quarterly Net Income
per Share(Yen)
3 Quarter FY 2011rd
3 Quarter FY 2010

Ordinary
IncomeOperating Income

Quarterly
Net Income%――(1,775)―%――

Diluted Quarterly Net
Income per Share(Yen)(131.65)
―

―
―

Note:
1. Despite the issuance of new share subscription rights, information in connection with diluted quarterly net income per sharewill not be disclosed due to quarterly net loss per share.
2. As quarterly disclosure of financial results began 1st quarter FY 2011, prior financial information is not included in the above chart.

(2)Financial Positionrd3 Quarter FY 2011
FY 2010Equity Ratio (%)

Shareholders’Equity per
Share(Yen)

Total Assets

Net Assets

4,733

4,307

91.0

307.01

4,262

4,083

95.8

36,541.74

Note:
1. Shareholders' equity 3Q FY 2011: 4,307 Million Yen, FY 2010: 4,083 Million Yen
2. The Company carried out a stock split (100:1) on June 2nd, 2011

2. Dividends(Date of Record)
FY 2010
FY 2011
FY 2011(Forecast)

1st Quarter――

Dividend Per Share (Yen)
2nd Quarter
3rd Quarter
Fiscal Year End
0.00
―
0.00
0.00
―
0.00

Note:
1. Revision of forecast for dividends in this quarter: No-1-

Full Year
0.00
0.00

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

3. Forecast of Financial Results for Fiscal Year 2011 (January 1 to December 31)
Net Sales

Operating
Income%Full Year

1,933

33.4

Ordinary
Income%(2,351)―Net Income%(2,398)―Net Income
per Share(Yen)%(2,407)―(164.39)

Note:
1. Revision of this quarterly forecast in this quarter: No
2. Figures calculated above include the increase in shares from initial public offering in FY 2011

4. Other Information
Note: For further details, please refer to “2. Other Information” in attachments.
(1) Simplified accounting treatment: Not applied(2) Changes in accounting rules, procedures and representation method in relation to the preparationof quarterly financial statements:
1. Changes in accounting principles: Yes
2. Changes other than (1): No(3) Number of issued shares (common shares):
1. Number of issued shares at the end of period (including treasury shares)
Third quarter of FY 2011: 14,030,900 shares, FY 2010: 111,737 shares
2. Number of treasury shares at the end of period
Third quarter of FY 2011: - shares, FY 2010: - shares
3. Average number of shares during this period (quarterly cumulative period)
Third quarter of FY 2011: 13,483,900 shares, Third quarter in FY 2010: - shares
Note: The Company carried out a stock split (100:1) on June 2nd, 2011

Quarterly Review ProceduresThis quarterly business report is out of scope for the quarterly review procedure based on Financial
Instruments and Exchange Act. On the other hand, review procedure for quarterly financial statements has
already been completed at the timing of this disclosure.
Information regarding proper use of financial forecasts, and other important matters
The aforementioned forecasts are estimates made by the Company based on information available at the time,and are subject to risks and uncertainties. Actual results may differ substantially from such forecasts due tovarious factors. Please refer to “Forecast of Business Results for Fiscal Year 2011” in Attachments.

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SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

[Attachments]
1. Financial Results Analysis, Financial Statements
As the Company has started reporting quarterly financial results from the First Quarter of FY 2011, this report does notinclude financial comparison analysis with the First Quarter of FY 2010. Regarding descriptions of future events andforecasts, the company made the decision to disclose such information at the time of release of this report(1) Financial Results Analysis
Financial status of the Company until the end of the Third Quarter of FY 2011 is as follows:
1. Japan
In Japan, the Company’s lead oncology drug SyB L-0501 (generic name: bendamustine hydrochloride, product nameTREAKISYM®) was launched by the Company’s business partner, Eisai Co., Ltd. (Eisai), on December 10, 2010 withthe approved indications of refractory and relapsed low-grade non-Hodgkin’s lymphoma (NHL) and mantle cell
lymphoma (MCL). Since its launch in Japan, TREAKISYM® sales remain steady.
The Company is capitalizing on this “pipeline within a molecule” as it pursues additional indications having a larger
patient population. In Japan and South Korea, the joint phase 2 clinical trial of SyB L-0501 for refractory and relapsedintermediate/high-grade NHL is ongoing with patient registration completed in June, 2011.
In addition, preparations for two phase 2 clinical trials of SyB L-0501, one for the treatment of patients with refractoryand relapsed multiple myeloma and the other for the treatment of frontline low-grade NHL and MCL, are underway.
The phase 2 clinical trial of the Company’s second drug candidate, SyB D-0701 (transdermal antiemetic patch
containing granisetron) for the treatment of radiotherapy-induced nausea and vomiting, is ongoing.
A third oncology drug candidate, SyB 0702 (polyethylene glycol-conjugated zinc protoporphyrin) and Hsp32 inhibitor,
is currently undergoing preclinical studies to support the initiation of a phase 1 clinical trial.
The Company signed a License Agreement with Onconova Therapeutics, Inc., a private biopharmaceutical company
located in Newtown, PA and Princeton NJ, USA, on July 7, 2011, to acquire exclusive development and marketingrights in Japan and South Korea for the oncology drug SyB L-1101 (iv formulation)/ SyB C-1101 (oral formulation)(generic name: rigosertib). Preparations for the phase I clinical trial to treat Japanese patients with refractory andrelapsed MDS are ongoing.
2. Overseas
In Singapore, SyB L-0501 continues to show healthy growth in sales. In South Korea, the drug was launched in
October, 2011, through Eisai after receiving marketing approval from the Korea and Food Drug Administration for
frontline chronic lymphocytic leukemia and multiple myeloma.
In Taiwan, the Company’s business partner, InnoPharmax Inc., received marketing approval from the Taiwan Foodand Drug Administration for SyB L-0501 on October 18, 2011, for the treatment of refractory and relapsed low-grade
NHL and frontline CLL with preparations underway for launch.
3. Financial Results
As a result of these activities, total quarterly sales revenue was 324,243 thousand yen due to TREAKISYM® sales.
Sales and general administrative costs totaled 1,135,920 thousand yen. The Company posted R&D expenditures
totaling 937,600 thousand yen mainly comprising costs of clinical development. R&D expenditures included included
preparations for all indications of SyB L-0501, clinical trial costs of SyB D-0701, pre-clinical costs of SyB 0702, andupfront payment for the recently in-licensed drug candidate, SyB L-1101 / SyB C-1101. Other sales and generaladministrative costs amounted to 198,320 thousand yen.
Thus, for the Third Quarter, the operating loss was 1,056,425 thousand yen. The foreign exchange gain and othernon-operating revenues totaled 12,397 thousand yen. However, non-operating expenses due to IPO-related costs
and other expenses totaled 22,830 thousand yen, leading to an ordinary loss of 1,066,858 thousand yen. Net loss
after tax was recorded as 1,067,808 thousand yen.

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SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

(2) Financial Position Analysis
1. Financial Position
Total assets as of September 30, 2011, stood at 4,733,674 thousand yen, an increase of 470,890 thousand yen
compared to the previous financial year end. Current assets stood at 4,680,997 thousand yen, an increase of 468,197
thousand yen compared to the previous financial year end; this is the result of new shares being issued throughthird-party allocation, thereby increasing cash and cash deposits as well as TREAKISYM® sales, thereby increasing
accounts payable and inventories. Fixed assets increased by 2,693 thousand yen up to 52,676 thousand yen.
Total liabilities stood at 426,104 thousand yen, with an increase of 246,385 thousand yen compared to the previous
financial year end. Current liabilities totaled 424,106 thousand yen, an increase of 246,222 thousand yen comparedto the previous financial year end, mainly due to an increase in accounts payable arising from an increase in sales of
TREAKISYM® as well as other accounts payable. Fixed liabilities at the end of this Third Quarter were posted as
1,998 thousand yen, solely due to retirement benefit reserves.
Net assets increased to 4,307,569 thousand yen, up by 224,505 thousand yen compared to the previous financial
year end. Despite net loss after tax totaling 1,775,148 thousand yen due to loss carried forward (negative profit
surplus), new shares were issued through third-party allocation which resulted in an increase of 1,000,020 thousand
yen in capital stock and capital reserves, increasing capital to 4,710,850 thousand yen and capital reserves to
4,680,850 thousand yen. Capital-to-asset ratio decreased to 91.0% by 4.8% compared to the previous financial yearend.
2. Cash Flow
Cash and cash equivalents (cash) at the end of the Third Quarter of FY 2011 decreased to 4,073,668 thousand yen, adecrease of 1,244,222 thousand yen over the previous financial year end.
The following is a breakdown of the cash flow position and factors prevailing in the Third Quarter of FY 2011.
<Cash Flow from Operating Activities>
The cash flow from operating activities was recorded as a negative balance of 973,518 thousand yen. Despite
inventories decreasing by 140,397 thousand yen and other accounts payable increasing by 13,476 thousand yen,a pre-tax net loss for the quarter of 1,066,858 thousand yen was posted, and accounts payable and other liabilities
decreased by 54,144 thousand yen and 11,695 thousand yen, respectively.
<Cash Flow from Investment Activities>
Cash flow from investment activities ended with a negative balance of 3,328 thousand yen. This was mainly due todeposits and guarantees of 3,825 thousand yen.
<Cash Flow from Financing Activities>
Cash flow from financing activities was recorded as a negative balance of 250,000 thousand yen. This was due to
250,000 thousand yen in short-term loans borrowed for the payment of liabilities purchased for TREAKISYM®

(3) Forecast of Financial Results for Fiscal Year 2011
Progress in pipeline development will lead to greater R&D expenditures, resulting in a rise of sales and generaladministrative costs to 3,021 million yen, a significant increase on a year-on-year basis. The development plan foreach pipeline product is outlined below.
<SyB L-0501>
The phase 2 clinical trial of SyB L-0501 for the treatment of patients with refractory and relapsedintermediate/high-grade NHL will continue. The first patient registration for phase 2 clinical trial in frontline NHL andMCL was completed on November 9, 2011 and further patient registration will continue.
Preparations will also continue for the development of the drug for refractory and relapsed multiple myeloma. To
extend the life-cycle management of SyB L-0501, development of additional indications will be further explored.
<SyB 1101>
The Company will continue with preparations for the initiation of the phase 1 clinical trial for the treatment of patientswith refractory and relapsed myelodysplastic syndrome (MDS).

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SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

<SyB D-0701>
The phase 2 clinical trial for radiotherapy-induced nausea and vomiting will continue.
<SyB 0702>
Based on the results of pre-clinical studies, the next stage of development activities will be considered further.
In terms of profit, TREAKISYM® is expected to continue to generate significant revenues, and the Company willcontinue to drive sales upward through its partnership with Eisai, Sales revenues from SyB L-0501 in Singapore,
Korea, and Taiwan are expected to be booked before the end of 2011. The sales and marketing activities in thesethree markets are the responsibility of Eisai (Singapore) Pte. Ltd., Eisai Korea Inc., and InnoPharmax Inc.,
respectively.
Given this outlook, the forecast for the fiscal year ending on December 31, 2011, is as follows: sales of 1,933 million
yen, operating loss of 2,351 million yen, ordinary loss of 2,398 million yen, and net loss of 2,407 million yen.

2. Other Information(1) No simplified accounting or special accounting methods were used for the compilation of quarterly financial statements(2) Changes have taken place in principles, procedures and presentation methods used in accounting for the compilationof quarterly financial statements
Application of accounting standards relating to asset retirement obligations:Starting from the First Quarter of FY 2011, Accounting Standards Relating to Asset Retirement Obligations(Corporate Accounting Standards No. 18: March 31, 2008) and the Application Guideline for Accounting Standards
Relating to Asset Retirement Obligations (Corporate Accounting Standards Application Guideline No. 21: March 31,2008) have been applied.
This has resulted in an increase of 1,363 thousand yen in operating loss and ordinary loss for Third Quarter of FY 2011
(cumulative), and an increase of 6,694 thousand yen in pre-tax net loss and current net loss for the Third Quarter.
Furthermore, the application of this accounting standard has resulted in a decrease of 5,331 thousand yen in “deposits
and guarantees” for investment and other assets.
(3) No significant event has occurred regarding the going concern of the Company.

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SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

3. Quarterly Financial Statements(1) Quarterly Balance Sheet(Unit: Thousands of Yen)
As of September 30, 2011

As of December 31, 2010

2,321,712

2,314,484

Accounts Receivable

179,319

5,934

Valuable Securities

1,851,975

1,701,323

Inventories

95,778―Prepaid Expenses

101,253

101,905

Advances

73,10486,081Other Current Assets

57,853

3,070

Total Current Assets

4,680,997

4,212,800

Building (Net)

2,509

2,631

Fixtures & Equipment (Net)16,08019,295

Total Tangible Fixed Assets

18,59021,927

Software

10,174772

Total Intangible Fixed Assets

10,174772

Security Deposits

23,911

27,282

Total Investments & Other
Assets23,911

27,282

52,67649,982

4,733,674

4,262,783

AssetsCurrent Assets
Cash & Deposits

Fixed Assets
Tangible Fixed Assets

Intangible Fixed Assets

Investments & Other Assets

Total Fixed Assets
Total Assets-6-

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

(Unit: Thousands of Yen)
As of September 30, 2011

As of December 31, 2010

Accounts Payable

192,189

1,168

Accounts Payable -other

201,995

124,323

Income Tax Payable

7,638

10,702Other Current Liabilities

22,284

41,690Total Current Liabilities

424,106

177,884

Accrued Retirement Benefits

1,998

1,835

Total Long-Term Liabilities

1,998

1,835

426,104

179,719

Capital Stock

4,710,850

3,710,830

Capital Surplus

4,680,850

3,680,830

Earned Surplus(5,083,726)(3,308,577)

Total Shareholders’ Equity

4,307,973

4,083,082

(404)

(18)

(404)

(18)

4,307,569

4,083,064

4,733,674

4,262,783

Liabilities
Current Liabilities

Long-Term Liabilities

Total Liabilities
Net Assets
Shareholders’ Equity

Appraisal
andVariance, etc.
Other
Valuable
Appraisal Variance

Conversion
Securities

Total Appraisal and Conversion
Variance, etc.
Total Net Assets
Total Liabilities and Net Assets-7-

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011(2) Quarterly Income Statement(9 month to September 30, 2011)(Unit: Thousands of Yen)
Third Quarter Fiscal Year
2011
January 1, 2011 to
September 30, 2011
Net Sales

1,306,894

Cost of Sales

891,549

Gross Profit

415,345

Selling, General and Administrative
Expenses

2,173,104

Operating Loss

1,757,759

Total Non-Operating Income

55,514

Total Non-Operating Expense

64,723

Ordinary Loss

1,766,967

Total Extraordinary Expense

5,331

Net Loss before Tax

1,772,298

Income Tax Total

2,850

Net Loss

1,775,148-8-

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

(3 month to September 30, 2011)(Unit: Thousands of Yen)
Third Quarter Fiscal Year
2011
July 1, 2011 to
September 30, 2011
Net Sales

324,243

Cost of Sales

244,748

Gross Profit

79,494

Selling, General and Administrative
Expenses

1,135,920

Operating Loss

1,056,425

Total Non-Operating Income

12,397

Total Non-Operating Expense

22,830Ordinary Loss

1,066,858

Net Loss before Tax

1,066,858

Income Tax Total

950

Net Loss

1,067,808-9-

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011(3) Quarterly Cash Flow Statements(Unit: Thousands of Yen)
Third Quarter Fiscal Year
2011
January 1, 2011 to
September 30, 2011
Cash Flow from Operating Activities
Net Loss before Tax(1,772,298)

Depreciation Expense

6,042

Other Depreciation Expenses

1,751

Loss on adjustment for changes ofaccounting standard for asset retirement
obligations

5,331

Increase in Accrued Retirement Benefits

163

Interest Income(2,557)

Interest Expense

664

Foreign Exchange Loss

20,428

New Share Issuing Expense

7,000

Commission paid

16,828

Increase in Accounts Receivable(173,384)

Increase in Inventories(95,778)

Increase in Prepaid Expense(16,176)

Decrease in Advances

12,977

Increase in Other Current Assets(62,889)

Increase in Account Payable

191,020

Increase in Account Payable –other

77,672

Decrease in Other Current Liabilities(13,413)

Others460

Subtotal(1,796,158)

Interest and Dividends Received

2,748Interest Expenses Paid

(664)

Income Tax Paid

(3,800)Net Cash Used by Operating Activities(1,797,874)- 10 -

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

(Unit: Thousands of Yen)
Third Quarter Fiscal Year
2011
January 1, 2011 to
September 30, 2011
Cash Flow from Investing Activities
Payment for Purchase of Securities(100,610)

Securities Redemption Revenue

100,000

Payment for purchase of tangible fixed
assets(1,167)

Payment for purchase of intangible fixed
assets(10,940)

Payment for other investments(4,257)

Proceeds from investments and otherassets546

Net Cash Used by Investing Activities(16,428)

Cash Flow from Financing Activities
Proceeds from Issuance of New Stock

2,000,040

Payment for Issuance of New Stock(7,000)Net Cash Provided by Financing Activities

1,993,039

Effect of Foreign Exchange Rate Changes on
Cash and Cash Equivalents(20,833)

Net Increase (Decrease) in Cash and Cash
Equivalents

157,903

Cash and Cash Equivalents at the Beginningof the Period

3,915,765

Cash and Cash Equivalents at the End of the
Period

4,073,668- 11 -

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011(4) Business Continuity
Not applied.

(5) Segment Information
Segment information was not included as our business is a single business unit, namely drug research & development,
manufacturing & sales, and other related activities.
(Additional Information)
Since this quarter, the Accounting Standards Relating to Segment Information Disclosure (Corporate Financial ReportingStandards No.17: March 27, 2009) and the Guideline for the Application of Accounting Standards Relating to Applicationof Accounting Standards for Segment Information Disclosure (Corporate Financial Reporting Standards Application
Guideline No. 20: March 21, 2008) have been applied.

(6) Explanatory note concerning significant fluctuations in Shareholders’ Equity
The resolution was passed at Board of Directors meeting held on February 14, 2011, with respect to third party allotmentof 1,988,000 thousand yen (70,000 yen per stock), and the Company completed the process by February 25, 2011.
The resolution was passed at the Board of Directors meeting held on March 30, 2011, with respect to third party allotmentof 12,040 thousand yen (70,000 yen per stock), and the Company completed the process by April 26, 2011. As a result,
Capital Stock amounted to 4,710,850 thousand yen, and Capital Reserve amounted to 4,680,850 thousand yen.
The Company’s common shares were listed on the Osaka Securities Exchange JASDAQ Growth Market on October 20,
2011. As a result of this IPO, outstanding shares increased to 5,100,000 and capital and capital reserves increased to
1,313,760 thousand yen on October 19, 2011.

(7) Important Subsequent Events
Important New Stock Issuance
The Company’s common shares were listed on the Osaka Securities Exchange JASDAQ Growth Market on October 20,
2011. Payment was completed on October 19, 2011, after the approval of new stock issuances at Board of Directors
meetings held on September 14 and 29, 2011.
As a result, capital increased to 6,024,610 thousand yen and outstanding shares increased to 19,130,900.
1. Offering
Public Offering with Book-Building Method
2. Type of Stocks to be issued
Common Shares 5,100,000
3. Issue Price
560 yen per share
4. Subscription Price
515.2 yen per share
This price was received from the underwriter as a payment for new issued shares. The difference between issue
price and subscription price is the amount received by underwriters.
5. Amount to be Paid per Share (by Corporate Law)
391 yen per share
6. Included to Capital
257.6 yen per share
7. Total Amount of Issue Price
2,856,000 thousand yen
8. Total Amount of Subscription Price
2,627,520 thousand yen
9. Total Amount to be Paid (by Corporate Law)
1,994,100 thousand yen- 12 -

SymBio Pharmaceuticals Limited – Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2011

10. Total Amount Included to Capital
1,313,760 thousand yen
11. Payment Due
October 19, 201112. Purpose of Cash Receipts
All amounts will be invested in phase 1 clinical trials and milestone payments for SyB L-1101, as well as phase 2
clinical trials and milestone payments for SyB L-0501 to develop the refractory and relapsed multiple myeloma,
frontline low-grade NHL and MCL indications in 2012 and 2013. With this purpose in mind, the Company will follow a
policy of investing funds in safer securities.

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