The issue was subscribed for SEK 15,129, 289, which it was oversubscribed by 10%. 

• Net sales increased by 102 percent to SEK 1,906k (944k).

• Loss after financial items was SEK 3,957k (loss: 4,008k).

• Comprehensive income was a loss of SEK 3,946k (loss: 3,970k).

• Comprehensive income per share basic and diluted totaled SEK -0.33 (-0.57).

• Cash flow from operating activities during the period was SEK -4,429k (-2,871k).

• Cash and cash equivalents at the end of the period amounted to SEK 1,543k (3,959k).

• Genovis was allocated SEK 1.575 million in research support from VINNOVA (the Swedish Agency for Innovation Systems). VINNOVA chose to support the project “Nanoparticles in movement as contrast agents in medical ultrasound.”

• Genovis signed an agreement worth about USD 100,000 for a project for a major pharmaceutical company. The project will adapt Genovis’ products from the protein engineering portfolio to the customer’s technology platform.

• With the authorization of the 2012 Annual General Meeting, the Board of Directors of Genovis decided to conduct a rights issue for existing shareholders. The company will raise about SEK 13.8 million before issue expenses, which are expected to be SEK 600,000, if the rights issue is fully subscribed.

VINNOVA (Swedish Agency for Innovation Systems) chose to support the project “Nanoparticles in movement serve as contrast agents in medical ultrasound,” which Genovis runs together with Associate Professor Tomas Jansson’s research group at the Department of Measurement Technology and Industrial Electrical Engineering, Lund Institute of Technology (LTH). So far the project has resulted in a contrast agent and a method that is unique to ultrasound. This method uses a variable magnetic field that causes magnetic nanoparticles to move in tissue. The movement can be detected by ultrasound. 

The one-year development project agreement on behalf of a customer is worth about USD 100,000. The project will adapt Genovis’ products from the protein characterization portfolio to the customer’s technology platform.

Fourth quarter 2012

(compared with the same period 2011)

• Net sales increased by 88% to SEK 2,017k (1,071k).
• Operating loss before depreciation, amortization and impairment was SEK 4,335k (loss: 3,333k).
• Loss after financial items was SEK 8,465k (loss: 3,956k)*.
• Comprehensive income for the period was a loss of SEK 8,331k (loss: 3,835k)*.
• Comprehensive income per share basic and diluted totaled SEK -0.70 (-0.60).
• Cash flow from operating activities during the period was SEK -3,889k (-2,503k).
• Cash and cash equivalents at the end of the period totaled SEK 6,684k (7,563k).

Full-year 2012

(compared with full-year 2011)

• Net sales increased by 113% to SEK 6,080k (2,856k).
• Operating loss before depreciation, amortization and impairment was SEK -14,975k  (- 12,435k).
• Loss after financial items was SEK 20,161k (loss: 13,758k)*.
• Comprehensive income was a loss of SEK 19,915k (loss: 13,608k)*.
• Comprehensive income per share basic and diluted totaled SEK -2.88 (2.37).
• Cash flow from operating activities during the period was SEK -14,848k (-12,150k).

*The impairment charges for the technology platform and patents have a negative impact of SEK 3,790k.

Consequently, the nano portfolio, which focuses primarily on new contrast agents intended for both the preclinical and clinical markets, will be placed in the wholly owned subsidiary GeccoDots AB (formerly Eijdo research AB). Genovis will raise funds to actively run the subsidiary in 2013. The cost is expected to be about SEK 6 million and is included in the 2013 budget. The project, which focuses on both imaging of lymph nodes in tumor diseases and stem cell tracking, will continue to be carried out to the extent that the subsidiary receives financing, which is expected through research support and other external financing.

To achieve the above objectives, the Board has decided to conduct a rights issue.