igeneon – one of Austria’s leading biotech companies focuses on the development of therapeutic vaccines and monoclonal antibodies for the treatment of cancer. These products should prevent or delay the formation of metastases after surgical removal, radiotherapy or chemotherapy.
The Austrian cancer drugs help doctors to cope with one of the biggest unsolved problems in cancer treatment – the growth of fatal metastases and the life expectancy of cancer patients.
igeneon was founded in 1999 and total funding to date amounts to app. EUR 70 million in venture capital, government grants and subsidized loans. This makes igenon to one of the leading unlisted biotech companies on European level also.
igeneon had deployed controlling tools before Professional Planner was implemented. Excel was used for budgeting; the reporting had no analytical status, it was primarily oriented towards continuous liquidity control. The data consistency and data security had to be optimized. Internal needs, the requirements of public limited company as well as investors’ demands had to be considered for the current reporting. Different scenarios in development stages with regard to profit effectiveness, liquidity margins, balance sheet effect and profitability should be created more quickly.
Clear organization structures help realizing the project objections in next to no time
The planning structures are depicted clearly: The costs for each product are divided into preclinical and clinical costs. The previous month actual data are delivered at the beginning of every month from the auditing company and read in Professional Planner automatically. The reports can be created according to the needs and requirements of the recipients. Duplication of work can be largely avoided and resources in the accounting department can be saved for more important tasks. The income statement as well as the cash flow statement with the required structure elements (Free Cash
Flow, Net Change in Cash, etc.) serve as the most important information sources. The integrity of income statement, cash flow statement and balance sheet in Professional PlannerTM guarantees high data quality and data security. Control sums serve to immediately check the data consistency, and to make sure that no time is wasted for editing reports or searching for errors. Professional PlannerTM creates the reports automatically, and in case manual changes are needed they can be made anytime.
The existing or edited forecasts, which partly exist in Microsoft Excel are taken over automatically to Professional Planner. All reports are available as plan/acutal analyses YTD (Year To Date) and as comparison between overall budget, actual figures YTD and remaining forecasts. Changing from HGB, the German Commercial Code, to IAS meant rather evaluating assets (fixed assets, leasing, etc.) than integrating data in Professional Planner, i.e. the main activity was coordination with the auditors. Since income statements and balance sheets had been structured according international standards, only little effort was necessary to adapt the planning structure and the financial accounting interface to Professional Planner.
All in all, implementing Professional Planner reduces the time need for current reporting by 60%. This does not consider the benefits from the efficient and secure changeover from HGB to IAS and the implementation of Professional Planner!
The igenon project showed once again how quickly and easily Professional Planner could be implemented and adapted to special needs. Management Factory supports medium-sized businesses on their way to a high-performance organization; especially in the fields financial management, controlling, strategy/organization and technological implementation.
IT- und Unternehmensberatung AG
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Last updated on: 27/08/2010
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