Nuevolution AB (publ) announces its quarterly results for the third quarter 2015/16
Stockholm, 10 May 2016. Nuevolution AB (publ) announces its interim report for the third quarter 2015/16. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.
Third quarter summary
- During third quarter of the fiscal year 2015/16, additional pre-clinical studies in Nuevolution’s RORγt inverse agonist (inhibitor) program came out with positive results for its lead candidate.
- In February 2016, Nuevolution announced that it will receive a milestone payment of USD 2.0 million from its collaboration with Novartis, which started in January 2014.
- In March 2016, the company announced that the European Patent Office has issued four new patents to Nuevolution related to the Chemetics® platform.
- Danish Maritime and Commercial High Court (Sø- og Handelsretten) decided that Nuevolution cannot contest the questions regarding inventorship and ownership of the patents in the case against Henrik Pedersen and Chemgene Holding ApS. Nuevolution disagrees with the Court’s decision and has been allowed appeal of this question to the Eastern High Court (Østre Landsret). Other questions in the case including Nuevolution’s right for a US continuation application has not yet been decided.
- Group revenues for the third quarter of 2015/16 amounted to SEK 6.0 million (4.3). First nine months: SEK 18.2 million (24.2) from technology platform agreements.
- In the third quarter of 2015/16, the group recorded an operating loss of SEK 21.7 million (-18.7). First nine months: SEK -75.2 million (-43.1) and SEK -60.4 million excluding IPO costs.
- The group’s net loss in the third quarter of 2015/16 was SEK 20.9 million (-16.8). First nine months: SEK -70.3 million (-34.7) and SEK -55.5 million excluding IPO costs.
- Earnings per share (EPS) was SEK -0.49 for the third quarter of 2015/16 (-0.72). First nine months: SEK -2.05 (-1.52) and -1.62 excluding IPO costs.
- Net cash at the 31stof March 2016 was SEK 210.8 million (SEK 67.8 million).
- Events that have occurred for Nuevolution AB (publ) since the end of the reporting period: In April 2016, the company announced that Janssen Biotech has used its option to expand the collaboration with Nuevolution, thereby providing Nuevolution with a further payment of USD 0.6 million.
”The third quarter of 2015/16 progressed satisfactory both with regards to our R&D activities and with our upcoming partnering activities. Furthermore, the expansion of the agreement with Janssen Biotech and USD 2 million additional milestone from our collaboration with Novartis, continue to confirm the value of our technology and approach to the discovery of new medicines in areas of unmet medical need”, CEO Alex Haahr Gouliaev commented.
On Tuesday 10 May at 14:00 CET, the company’s executive management will host a conference call and webcast discussion of the results and provide an update on the pipeline programs and partnering activities. Access to the event can be obtained as follows:
LIVE access on Tuesday 10 May at 14:00 CET
SE: +46 85 664 2669
DK: +45 8233 3178
UK: +44 20 3008 9808
US: +1 855 7532 235
Webcast available at www.nuevolution.com in the Investors section and at: www.financialhearings.com
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 70 20 09 87
Henrik D. Simonsen, CFO
Phone: +45 39 13 09 47
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, and headquartered in Copenhagen, Denmark. Nuevolution partners its discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment option. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
Nuevolution AB (publ) is required to disclose the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was sent for publication on 10 May 2016, 9.00 (CET).
Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE). Västra Hamnen Corporate Finance AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on www.nuevolution.com