SciBase Letter from the CEO no 5: Launch of updated Strategy
The last few months have been very intense. We have launched our updated growth strategy focusing on the US and German markets, as well as working hard on our new share issue. The share issue, which was completed about a week ago, has provided the Company with approximately MSEK 65 after transaction costs, providing leeway and the capital needed to realize our updated strategy. Going into 2018 it feels good to have accomplished this.
Moving forward we will of course focus a lot on the US market. We have started to implement our US strategy, which I’ve described earlier (http://investors.scibase.se/en/scibase-unveils-growth-strategy-including-plans-for-us-launch-of-nevisense ), and we already see positive signs that the strategy is the right one. For example, we have sold and installed a Nevisense at a prestigious dermatology clinic, Goldenburg Dermatology in Manhattan, New York and they have already completed their first patient measurements. Furthermore, a new key opinion leader Dr Rigel also has a device installed for use with patients.
Even if these are relatively minor events given the size of the US market, we view them as important steps. It is central for our continued US development to evaluate and adapt based on the results of our first direct experiences in the US market. The next major event is our participation in the AAD meeting. This is the US’s largest (if not the world’s largest) meeting within dermatology. It takes place in San Diego at the end of February and gives us a great opportunity to meet with influential dermatologists and increase the knowledge of Nevisense and the EIS-method in the US. An important part of our US strategy is also that we now are able to intensify our reimbursement work, i.e. start the work on the key questions and activities that will enable us to receive insurance company reimbursement for the use of Nevisense.
The German market continues to be important and we were recently able to communicate the first order within the framework of the DermoScan agreement. As we previously stated, we now have a good initial installed base of users and can now move our focus onto the main market of dermatologists, including the 400 customers of DermoScan.
Another exciting market is Italy, to where we now have delivered a number of Nevisense devices. In January we will perform training on Nevisense and on our method. What makes this agreement so interesting is that we now are entering a completely new market segment where Nevisense will be used by non-specialists and at pharmacies. We see this as a project with a significant potential which, if successful, can be rolled out in other markets.
Regarding new clinical applications such as eczema and non-melanoma skin cancer, we have some initial interesting data and results from the use of the research application. We will continue to work with this through spring of next year.
As we now go into some much needed Christmas holiday we see that 2018, just as 2017, will be an intense year and we know we will have many exciting opportunities ahead of us!
From all of us at SciBase, we wish you all a Merry Christmas and a Happy New Year!
For more information, please contact:
Simon Grant, CEO SciBase
Phone: +46 72 887 43 99
About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed a unique point-of-care device for the accurate detection of malignant melanoma. Its product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia, and now also a FDA clearance in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies. SciBase is listed on Nasdaq First North (“SCIB”). Avanza is the certified advisor. Further information is available on www.scibase.com.