LEUVEN, Belgium, June 22, 2012 /PRNewswire/ --
Effective tax rate to be reduced significantly
ThromboGenics NV (Euronext Brussels: THR), a biopharmaceutical company focused on developing innovative ophthalmic medicines, today announced that the Belgian tax authorities have granted the Company a positive ruling enabling it to benefit from the "patent income deduction regime" and, therefore, from a reduced tax rate for all patent-related ocriplasmin income.
The patent income deduction will apply to ThromboGenics' anticipated sales of ocriplasmin in the U.S. through its own commercial organization, to the extent that the revenues relate to the ocriplasmin patents. It will also apply to all upfront and milestone payments and royalties that ThromboGenics has or could receive from Alcon, its partner for the commercialization of ocriplasmin outside the U.S. As a result of this ruling ThromboGenics can exempt 80% of this qualifying patent-related income from the standard rate of Belgian corporate tax, after deducting depreciation of the ocriplasmin patents and certain royalty payments. As a result, the patent income deduction will lead to the Company's effective corporate tax rate being significantly lower than the standard Belgian corporate tax rate of 33.99%.Chris Buyse, CFO of ThromboGenics, said: "Today's ruling is a very positive development for ThromboGenics and its shareholders. The patent income deduction regime is one of the Belgian government's key policies for promoting the development and competitiveness of research and development-based industries such as biotechnology. We are very pleased that we can benefit from this important government incentive to develop IP in Belgium starting in 2012 and that our tax rate will continue to be reduced significantly as we look to grow the global sales of ocriplasmin, in conjunction with our partner Alcon." About the Belgian Patent Income Deduction The patent income deduction regime was introduced by the Belgian government in 2007 to encourage Belgian companies to play an active role in patent research and development, as well as patent ownership.