AcouSort: Interim Report 2022-01-01 – 2022-03-31
First quarter (2022-01-01 – 2022-03-31)
• Income amounted to TSEK 2,687 (2,802)
• Result before tax amounted to TSEK -2,613 (-1,685)
• Result per share* was SEK -0,20 (-0,15)
• Equity ratio** amounted to 90% (73%) on 31 March 2022
Amounts in parentheses: Comparative period of the preceding year.
CEO Comments
The first quarter of the year has been another intense period for AcouSort. As we are gradually coming out of the pandemic shadow, we see more customer meetings and other activ[1]ities. We therefore look forward to a continued exciting 2022 full of oppor[1]tunities.
Revenue for the first quarter amounted to SEK 2,687 thousand (2,802), most of which is attributable to royalty income from Werfen (formerly Instrumentation Laboratory). The result for the quarter amounted to SEK -2,613 thousand (-1,685).
We strengthened the company’s application development team with a new employee enabling us to engage in even more customer interactions. Furthermore, we grew out of our old premises and therefore decided to move to a larger and more appropriate site within Medicon Village. The move was carried out in April and could be conducted smoothly without major interruptions of operations.
On the business side, we extended our collaboration agree[1]ment with a major Japanese industrial player regarding the leasing of a new AcouWash 2 system together with continued application support. The first agreement was signed in 2019 and is now being extended by yet another year. The extension will generate revenue for AcouSort of EUR 35,000 in 2022.
During the quarter, AcouSort also received a so-called Notice of Allowance from the US Patent Office USPTO for one of our patent applications. The patent refers to how to design and build acoustofluidic devices made of soft materials such as polymers. This is important as it enables us to replace components made of silicon or glass with significantly less expensive plastic components. The invention was originally purchased in 2018 from the Technical University of Denmark, DTU. This means that the path towards producing cheaper separation modules is now open, facilitating the use of our technology in disposable devices, which is a key step towards large-scale manufacturing.
When we look ahead, we see a number of exciting opportunities. During the beginning of the year, we have noticed a growing interest in our technology from the field of personalized therapeutics, such as new types of cell therapies. This is a rapidly growing area with many companies eager to develop new products. AcouSort’s technology for fast and automated preparation of bio-samples is especially well suited for this new generation of products if we can reduce our processing times adequately. We are getting ready for this step and are convinced that our technology can contribute in an efficient and more economical way than today’s manual technologies.
With regard to actively presenting AcouSort’s product portfolio in the forthcoming quarter, we will participate in three different conferences presenting both AcouTrap, AcouWash and AcouPlasma Optical to researchers and industry players.
In May, we will visit ISEV in Lyon, France, where our AcouTrap technology will be presented. ISEV is one of the most important conferences for research and development within the field of extracellular vesicles. We are looking forward to networking with the leading players and key opinion leaders within this field.
In early June, we will also participate in CYTO2022 in Philadelphia, USA, which is a conference for research and development in handling and characterization of cells. This year, CYTO has a special focus on immunotherapy, probably the most important of the personalized therapeutic approaches. The conference will be attended by a large number of academics and companies, which we believe could benefit from our automated sample preparation products.
Finally, it is very gratifying that AcouSort has been selected as an exhibitor at EIC’s official EU stand at BIO International Convention (BIO2022), which will be held in San Diego in June. AcouSort is one of 20 European companies that with full sponsorship from the EU will participate in America’s leading medical exhibition. AcouSort will get the opportunity to make new contacts with future partners and will specifically promote our OEM solutions for both diagnostics and personal cell therapy.
The return to a more normal business climate opens great opportunities for us. Being able to physically meet our partners and attend conferences significantly increases our ability to generate new leads. I and the entire AcouSort team therefore look forward with both joy and confidence to the rest of 2022. We expect that it will be a time of high activity and new exciting opportunities for business.
Significant events during the first quarter
• On January 14 AcouSort announces that its coopera[1]tion agreement with a major Japanese industrial player regarding the leasing of a new AcouWash 2 system and continuing the ongoing application support has been extended.
• On February 18 AcouSort announces that the US patent authorities, USPTO, have issued a Notice of Allowance for one of AcouSort’s patent applications. The patent covers how to design and drive acoustofluidic devices made in plastic. The invention was originally acquired from the Technical University of Denmark (DTU) in 2018.
• On Mars 18 AcouSort announces that the company expands and moves to new, larger and more appropriate premises at Medicon Village by April 1. Since June 2017, AcouSort has conducted its operations from the same premises at Medicon Village in Lund. As the company’s operations have expanded, the premises have become too small.
Significant events after the end of the period
• On April 28 AcouSort announces that it has placed an AcouWash at Lund University. The system is modified to perform separation of circulating tumor cells (CTCs) from white blood cells. The modified AcouWash is similar to the system that was sold to Umeå University in 2020 and will be used in a clinical study comparing different methods for discovering CTCs in patient samples.
• On May 11 AcouSort announces that Uppsala-based Pharmacolog AB has purchased an AcouWash system. The deal origins in the Letter of Intent the companies announced in May 2021 and follows a successful evaluation process of AcouSort’s blood-plasma separation technology as well as for the business potential of the application. The aim is that the collaboration will result in the development of a novel product for determination of antibiotic concentration in blood from critically ill patients. The next phase in this project includes measurements performed in a clinical environment at hospitals in Malmö and Uppsala where blood from patients will be tested. The total revenue generated at AcouSort as part of the project is EUR 41,000 in 2022.
This information is such information that Acousort AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the contact person below, for publication on May 18, 2022 at 08.30 CET.
For further information on AcouSort, please contact:
Torsten Freltoft, CEO
Telephone: +45 2045 0854
E-mail: torsten.freltoft@acousort.com
About AcouSort
AcouSort AB (corporate registration number 556824-1037) is an innovative technology company focusing on developing products and solutions for integrated preparation of biological samples. With the help of sound waves, the company's products can separate blood cells, concentrate, purify and stain cells, exosomes and bacteria from biological samples. The technology of the company's products is acoustofluidics, where sound waves and microfluidics enable automated handling of samples in a range of application areas, from research on new biomarkers to the development of new diagnostic systems for near-patient testing – so-called Point-of Care (POC) systems. The company's commercialization strategy is based on the already proven business model of providing separation modules to diagnostic system manufacturers for integrated sample preparation as well as to continue the commercialization of the company's research instruments. With the help of the company's products and development of point-of-care tests, new diagnostic systems and treatments are enabled, addressing some of the most challenging disease areas of our time: cancer, infectious diseases and cardiovascular diseases. AcouSort is listed at Nasdaq First North Growth Market. The company’s Certified Adviser is Erik Penser Bank, 08-463 83 00, certfiedadviser@penser.se. Erik Penser Bank AB (publ), Apelbergsgatan 27, Box 7405, 103 91 Stockholm.