Year-end Report 1 January to 31 December 2017
Summary of the Year-end Report
Fourth Quarter (1 October to 31 December 2017)
- Operating revenue KSEK 0 (21)
- Income after financial items KSEK -3 231 (-1 301)
- Earnings per share -0,18 (-0,10)
- Cash and cash equivalents as of 31 December KSEK 33 357 (21 598)
- Equity ratio as of 31 December 90,4 (96,9) %
Financial year (1 January to 31 December 2017)
- Operating revenue KSEK 0 (21)
- Income after financial items KSEK -8 824 (-4 162)
- Earnings per share SEK -0,50 (-0,32)
Significant events during the fourth quarter of 2017
- TO 2 series warrant options exercised to around 98.7%. Cyxone thereby receives appr. SEK 12.3 million before issue costs.
- The extraordinary general meeting decided to authorise the board to decide on new share issues at the maximum of 7,500,000 new shares.
- Cyxone's development substance for MS, T20K, ingested and retained in immunregulatory tissue following intraperitoneal injection in mice.
- Existing Rabeximod can be used in Cyxone's planned Phase 2b study in patients with rheumatoid arthritis.
- In co-operation with Taiwan-based Eurofins Panlabs Discovery Services, Cyxone has investigated whether T20K has the capacity to influence receptors or other cellular functions to shed light on the substance's potential side effects.
Significant events after the end of the period
- Cyxone's cyclotide study into inflammatory bowel disease started in January 2018 at the Medical University of Vienna. The study is performed in an established animal model for inflammatory bowel disease.
Comments from CEO Kjell Stenberg
During 2017, Cyxone continued to explore T20K's anti-MS qualities, and its potential side effects in animals. It has been crucial for the continued development of T20K to know how the substance works in different treatments in animals prior to starting long-term safety studies, the results of which will form the basis of regulatory approval for research into T20K's affects on humans. A prerequisite to understand how T20K affects the body is to also measure to what extent the substance is absorbed by, and distributed in the body.
Together with various specialised companies and researchers in Europe and Australia, and through repeated studies throughout the year, Cyxone developed an excellent idea of how the substance could best be used to potentially inhibit the development of MS. A key discovery made during the year was that T20K accumulates in the body's immunostatic tissue, (the spleen and intestinal epithelium), regardless of how the substance is administered. It appears, therefore, that T20K has a "natural" ability to intensify in the specific organs in which we would hope to achieve the best results with the least possible toxicity. Perhaps the specific targeting of immunoregulatory organs is due to T20K being a variant of the natural cyclotide Kalata B1. This "target-searching" quality of T20K, together with its confirmed capacity to function "prophylactically" is likely to simplify Cyxone's goal of developing an MS substance with low toxicity compared to competing products.
As outlined in the prospectus, during the year the company acquired a new project to expand the company's portfolio in the autoimmune segment. In June 2017, Cyxone signed an agreement with OxyPharma to acquire Rabeximod in clinical Phase 2 for moderate to severe rheumatoid arthritis from OxyPharma. Throughout the year, the company worked to raise capital to conduct a clinical Phase 2b trial with 24 weeks' treatment to reproduce the substantial results that were achieved after 16 weeks' treatment in an earlier OxyPharma study.
In 2017, Cyxone found that substances with T20K's anti-inflammatory characteristics and specific uptake rate in the intestinal epithelium could be strong candidates for treating inflammatory bowel disease (IBD). The company has therefore decided to test a cyclotide early in 2018 that is protected by the company's patent in animal models for IBD.
Cyxone is looking forward to an exciting and productive 2018 with two projects in the clinical trials phase and, potentially, a further project in pre-clinical trials.
Keep up to date with our news and information about our attendance at investment meetings via First North and our homepage at: www.cyxone.com
CEO, Cyxone AB
Upcoming financial reports and company general meeting
The Annual Report of 2017 will be published on the company's homepage on 10 April 2018 and will also be available in original at the company'e office at Adelgatan 21 in Malmö.
16 May 2018 Interim Report Q1
23 May 2018 Annual General Meeting
The report in full is attached
Submission of year-end report
16 February 2018
The Board of Directors
Cyxone AB (publ)
Kjell G. Stenberg, CEO
Tel: +46 (0) 723 816 168
211 22 Malmö
This report contains such information that Cyxone AB is required to make public under the EU's Market Abuse Regulation and Securities Markets Act. This Information was submitted by CEO Kjell Stenberg for publication on 16 February 2018 at 08:50 CET.
This report contains forward-looking statements that constitute subjective estimates and forecasts about the future. Assessments about the future are only valid on the date they are made and are, by their nature, similar to research and development work in the biotech field, associated with risk and uncertainty. In light of this, actual outcomes may differ substantially from what is described in this press release.
Cyxone AB (publ.) is a biopharmaceutical company that develops drugs based on cyclotides, a class of natural plant protein. Cyclotide technology has the potential to provide new drugs with beneficial pharmacological effects on diseases that currently lack safe and effective treatments. The company is focusing on the development of substances that inhibit key processes in cells that are typically associated with various immune disorders, such as multiple sclerosis and rheumatoid arthritis. Cyxone's Certified Adviser on the Nasdaq First North is Erik Penser Bank, +46 (0)8 4638000.