Nuevolution AB (publ) announces its year-end report for 2017 and report for the three-month period ended 31 December 2017
Stockholm, 8 February 2018. Nuevolution AB (publ) announces its year-end report for 2017 and report for the three-month period ended 31 December 2017. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the report.
Summary for the three-month and six-month period ended 31 December 2017*
- 1 October - 31 December 2017: Revenue amounted to SEK 3.2 million (111.0). 1 July - 31 December 2017: SEK 4.8 (112.8)
- 1 October - 31 December 2017: Operating expenses were SEK 37.5 million (35.1). 1 July - 31 December 2017: SEK 69.4 million (64.7)
- 1 October - 31 December 2017: Operating result was SEK -34.2 million (75.8). 1 July - 31 December 2017: SEK -64.5 million (48.1)
- 1 October - 31 December 2017: Net result amounted to SEK -32.7 million (56.4). 1 July - 31 December 2017: SEK -61.3 million (30.8)
- 1 October - 31 December 2017: Diluted earnings per share (EPS-D) was SEK -0.76 (1.32). 1 July - 31 December 2017: -1.43 SEK (0.72)
- Cash and cash equivalents amounted to SEK 114.8 million as per 31 December 2017 (147.7). Net cash amounted to SEK 110.6 million as per 31 December 2017 (142.9)
- New data supports both mechanism of action and new attractive treatment opportunities for bromodomain BET BD1 selective inhibitor program
- In vivo proof-of-concept obtained in cytokine X program
- In the Amgen collaboration, the first in vivo proof-of-concept was obtained for one lead compound showing dose-dependent inhibition of tumor growth and efficient tumor regression
- Atopic dermatitis/psoriasis has been prioritized as preferred first potential development direction for the bromodomain BET BD1 selective inhibitor program
- Ankylosing spondylitis has been prioritized as preferred first potential development direction for the RORγt inhibitor program
- We maintain our guidance overall regarding corporate, R&D and business goals incl. potential realization of a further partnership during the coming three to nine months
- At the extraordinary general meeting on 11 December 2017, Fredrik Arp was elected as new member of the Board of Directors of Nuevolution AB (publ)
Events occurred after 31 December 2017
On 3 January 2018, Nuevolution announced that it is to receive license fee payment of USD 750,000 from Janssen Biotech, which has exercised its option to license one of the research programs under the multi-target collaboration entered between the parties in October 2015.
On 23 January 2018, Nuevolution announced the appointment of Dr. Paul Scigalla as Chief Medical Officer on a consultancy basis to support Nuevolution’s strategy of building a broad portfolio of clinical and pre-clinical programs.
“Important and positive animal in vivo proof-of-concept and mechanistic data were obtained during the quarter in our bromodomain BET BD1 selective inhibitor, cytokine X inhibitor and in one oncology collaboration program with Amgen. We maintain our guidance overall (corporate, business and R&D)”, said Alex Haahr Gouliaev, CEO
* Following the change of this fiscal year to end on 31 December 2017, fiscal 2017 is abbreviated to six months (1 July – 31 December). Thus, this interim report covers the three-month and six-month period ended 31 December 2017.
On Friday 9 February 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 Friday 9 February at 14:00 CET
SE: +46 85 661 9353
DK: +45 3544 5575
UK: +44 20 3008 9806
US: +1 855 8315 944
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 Thursday 8 February 2018 at 18:00 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