Nuevolution AB (publ) announces its report for the interim period ended 30 September 2017
Stockholm, 7 November 2017. Nuevolution AB (publ) announces its report for period 1 July – 30 September 2017. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.
Summary of the period 1 July – 30 September 2017
- Revenue amounted to SEK 1.6 million (1.8).
- Operating expenses were SEK 31.9 million (29.5).
- Operating result was SEK -30.3 million (-27.7).
- Net result amounted to SEK -28.6 million (-25.6).
- Diluted earnings per share (EPS-D) was SEK -0.66 (-0.60).
- Cash and cash equivalents amounted to SEK 146.4 million as per 30 September 2017 (179.6 at 30 June 2017).
Net cash amounted to SEK 142.3 million as per 30 September 2017 (175.2 at June 2017).
- On 18 September, the company announced the intention to apply for the listing of its shares on Nasdaq main market in Stockholm before 30 June 2018, as part of the company’s updated strategy plan “Reaching New Horizons”. Significant efforts are currently focused on realization of this goal.
- In Nuevolution’s internal RORγt inhibitor program (inflammation) and provided the outcome from an on-going in vivo IBD study is positive, we expect that only few additional data will be required for selecting a clinical strategy, where also Ankylosing Spondylitis has emerged as a potential further indication.
- In the bromodomain BET BD1 selective program (inflammation), the IL23-induced ear dermatitis model (for Psoriasis or Atopic Dermatitis) was initiated in the three-month period ended 30 September 2017 and data is expected in the following three-month period. The program continues to progress according to plan.
- In the Almirall partnership on RORγt inhibitors (dermatology and psoriatic arthritis), a substantial collaborative effort in the three-month period ended 30 September 2017 provided good progress.
- In the Amgen collaboration, we expect to conduct in vivo proof of concept testing in two cancer programs within three to six months.
- Our business development efforts are seeing good progress towards entering the next partnership. Our guidance for entering into a next partnership is provided as a range of 3-12 months.
Events occurred after 30 September 2017:
At the annual general meeting on 12 October 2017, the shareholders approved new Articles of Association, including the change of fiscal year from 1 July - 30 June to 1 January - 31 December. This means that Nuevolution will report a shorter 2017 fiscal year, which comprises 1 July to 31 December 2017.*
On 30 October 2017, the company announced that the Nomination committee in Nuevolution AB (publ) proposes to elect Fredrik Arp as board member at an extraordinary general meeting.
On 3 November 2017 the company announced the appointment of Johnny Stilou as Director of Investor Relations & Corporate Communication.
Message of the CEO
“Significant administrative and investor relations activities have been undertaken or initiated during the quarter with the aim to realize the important goals announced in the Annual Report (released on 18 Sep. 2017). Besides this, the company continues to progress positively in research and on the business side. I am therefore pleased to state, that we maintain our guidance for achievement of the goals that we have set”, said Alex Haahr Gouliaev, CEO.
On Tuesday 7 November 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 7 November at 14:00 CET
SE: +46 85 664 2690
DK: +45 3544 5576
UK: +44 20 3008 9804
US: +1 855 7532 235
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 3913 0902
Henrik Damkjær Simonsen, CFO
Phone: +45 3913 0947
Information about Nuevolution AB (publ)
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.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication, through the agency of the contact persons set out above, on Tuesday 7 November 2017 at 08:30 CET.
Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE). Redeye AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com