Year-end report 2017
The Board and Chief Executive Officer of Cereno Scientific AB herewith present the year-end report for the financial year 2017.
Summary of the year-end report
Twelve months (1 January 2017- – 31 December 2017)
- Net sales were 0 SEK (0 SEK).
- Loss after financial items was -4,600,804 SEK (-6,051,347 SEK).
- Loss per share was -0.42 SEK (-0.55 SEK) before dilution and -0.41 SEK (-0.54 SEK) after dilution.
- Equity ratio was 91.3 % (92.4 %).
Fourth quarter (1 October – 31 December 2017)
- Net sales were 0 SEK (0 SEK).
- Loss after financial items was -1,559,870 SEK (-1,003,598 SEK).
- Loss per share was -0.14 SEK (-0.09 SEK) before dilution and -0.14 SEK (-0.09 SEK) after dilution.
Amounts in parentheses: Prior year comparative period
Equity ratio: Shareholders’ equity divided by total capital
Earnings per share: Profit/loss for the period divided by 10,990,500 shares as of December 31, 2017
The “Company” or “Cereno Scientific” refers to Cereno Scientific AB, corporate identity number 556890-4071.
This information is such that Cereno Scientific AB is required to make public in accordance with the EU’s market abuse regulation (MAR) and the Swedish Securities Market Act.. The information was made available publically by the Company’s contact person on 22 February 2018.
Important events in 2017
In April, Cereno Scientific announced positive progress for formulation work with the company's drug candidate CS1 in collaboration with Galenica. Cereno Scientific decided to expand its collaboration with Galenica with the aim of delivering the specific CS1 formulation to clinical evaluation starting in 2017.
In April, Cereno Scientific announced the appointment of Professor Michael Woltz - a recognized expert in the field of thrombosis - as Senior Advisor R & D.
In April, Cereno Scientific and CTC Clinical Trial Consultants AB announced that they had signed a co-operation agreement for the implementation of a clinical study with Cereno Scientific's drug candidate CS1.
In June, Cereno Scientific announced a grant of SEK 700,000 of VINNOVA, Sweden's Innovation Authority, in the announcement "Swelife and MedTech4Health - Project for Better Health."
In June, Cereno Scientific held an Annual General Meeting. The meeting resolved, among other things, to authorize the Board to decide on the implementation of a rights issue.
In June, Cereno Scientific announced a further grant of SEK 700,000 - this time given by Region Västra Götaland (VGR).
In October, Cereno Scientific announced that the company had received approval from the Swedish Medicines Agency and the Ethics Examination Board in Uppsala to start a clinical study with the drug candidate CS1.
In October, Cereno Scientific announced that the first participants had been given the first dose in the company's clinical study with the drug candidate CS1.
In November, Cereno Scientific announced that the company had engaged Professor Gregory Y. H. Lip as Senior Clinical Advisor and Jan-Peter Idström as Senior Director Development.
CEO Sten R. Sörensen comments
Thrombosis-related diseases are the primary cause of death globally, and the problem is growing. Cereno’s research and development is focused on addressing this problem in a completely new way.
There are currently no drugs that can stimulate the body’s own defense mechanism against thrombosis. Such a drug would be a new alternative to preventive treatment against thrombosis without the risks for serious bleeding complications that exist today.
It is very exciting and motivating to be engaged in the development of a new drug that could have a global impact as a preventive thrombosis treatment, with positive effects on health and the economy.
The highlight for us in 2017 was the progression of our drug candidate CS1 into clinical studies.
In early July, we submitted the application papers to conduct a clinical study with CS1. We were very pleased to report, at the beginning of October, that we had received approval from the Medical Products Agency and the Ethics Testing Board in Uppsala to start our planned clinical study with CS1.
The first individuals in the study were dosed at the end of October. The study, which is being conducted in collaboration with Cereno Scientific's clinical research partner, CTC in Uppsala, is investigating safety and tolerability as well as the pharmacokinetic properties of CS1. Furthermore, the effect of CS1 on biomarkers for the risk of thrombosis-related complications is also being studied.
Building our team and visibility
In line with CS1‘s progress into the clinic, we ramped up the clinical expertise on our team through three expert recruitments: Professor Michael Woltz as Senior Advisor R & D, Professor Gregory Y. H. Lip as Senior Clinical Advisor and Jan-Peter Idström as Senior Director Development.
Additionally, we continued to develop our external network and establish connections with potential partners who can help us to effectively progress the further development of CS1. Examples of conferences where we actively participated include the Nordic-American Life Science Conference in New York, BIO-Europe in Berlin and Nordic Life Science Days in Malmö.
From a financial perspective
After two private placements and our public share issue in 2016, interest in Cereno Scientific and our activities has remained high during 2017. This is reflected in the positive development of our share price, which increased 21.3% during the year, from 6.1 to 7.4 SEK per share (Jan 2 to Dec 29).
We were also very pleased to receive funding grants totaling 1.4 MSEK in 2017 from the Swedish Innovation Agency (VINNOVA) and Region Västra Götaland.
Moving into 2018
The year 2018 will be another exciting and significant year in which we will continue to build value in our business, trust with our stakeholders and more scientific evidence for our CS1 program. With the solid foundation we have built, it is very inspiring to continue to develop Cereno Scientific and our business together with dedicated colleagues, partners and board members.
I would like to take this opportunity to sincerely thank my colleagues and our collaboration partners for your commitment and efforts during 2017, as well as express my gratitude to all shareholders for your support and interest in our company throughout the year. Together, we have worked to ensure that 2017 was a really successful year for Cereno Scientific.
Göteborg, 22 February 2018
Sten R. Sörensen
CEO, Cereno Scientific AB
For more information about Cereno Scientific, please contact:
Sten R Sörensen, CEO
Tel. +46 733 74 03 74
About Cereno Scientific AB
Cereno Scientific is developing a new preventive medicine to treat thrombosis-related disease, such as myocardial infarction and stroke. The novel therapeutic stimulates the body's own intelligent clot-busting system, and is being developed to treat thrombosis-related cardiovascular diseases on the global market. Cardiovascular disease is currently the leading cause of death worldwide. Current therapies are connected to an increased risk of bleeding and, as a result, low effectiveness due to lower dosing levels - leading to a high risk of new blood clots. The benefit with Cereno Scientific's drug candidate, CS1, is an improved balance between preventing blood clots and lowering the risk of serious bleeding complications associated with current treatment with blood-thinning drugs - leading to more effective treatment. CS1 is a re-formulation of a known compound and, as such, is expected to have a relatively short development time. The company’s development program is based on many years of research and its effectiveness on risk factors is documented in experimental studies and early clinical studies. Preventive effectiveness against blood clots has been demonstrated in animal in vivo studies. Indication of clinical preventive effectiveness against heart attacks has been demonstrated in two large epidemiological studies. CS1 has a unique mechanism of action, a potentially wide range of indication opportunities connected to large blood clot-related diseases and, consequently, a large market potential. The Göteborg-based company is listed on the AktieTorget stock market, conducts lab and research activities at AstraZeneca's BioVentureHub in Göteborg and is supported by GU Ventures. For more information, see www.cerenoscientific.se