Brain+ publishes its Annual Report 2022, highlighting important milestones and financial performance as expected
COMPANY ANNOUNCEMENT
Copenhagen, Denmark, April 28, 2023 – Brain+ A/S (Nasdaq First North: BRAINP)
Brain+, a digital dementia therapeutics company, has today published its annual report for 2022, including
Business highlights for 2022
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A Danish version of the company’s first product, CST - Therapist Companion was finalized for advanced market entry and the first commercial contract with a municipal dementia institution was closed.
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The development of a German version of CST - Therapist Companion was accelerated and the first of three milestones in the partnership with RoX Health (Roche) was met, advancing the planned market introduction with two years to Q2 2023.
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The organization was strengthened with new competencies.
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The board of directors was expanded with three experienced international capacities in the fields of Life Science, Digital Therapeutics, and Alzheimer's disease.
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DKK 6.4M in new external funding was secured via an 82% subscribed TO1 warrant.
Financial highlights for 2022
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Gross profit for 2022 was DKK 3.2M, compared to DKK 4.0M in 2021, and fully in line with the company's guidance of DKK 2-4M for the year.
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Staff expenses for the year amounted to DKK 12.7M, an increase from DKK 9.7M in 2021, primarily due to the onboarding of new talent to support accelerated business activities.
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Profit/loss of DKK -9.7M for 2022, compared to DKK -7.1M in 2021.
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As of December 31, 2022, the company's cash and cash equivalents amounted to DKK 6.4M.
CEO Kim Baden-Kristensen stated, "Alzheimer’s dementia is one of the areas in health care today, which is most in need of new treatments and resources. On a global level only 1 out of 2 people with dementia get support after diagnosis and much fewer get any form of treatment. Our vision in Brain+ is to improve the way people with dementia are treated and make treatments more widely accessible. We want to enable a better life with dementia, and it is an important step for us towards this goal that we have introduced our first digital dementia product, CST - Therapist Companion, to our home market in Denmark."
He further added, "In 2023, our objectives and focus will be on lean execution of our commercial plans, including the market introduction of CST - Therapist Companion to support the Alzheimer’s community in Germany in Q2. We will continue to diligently invest in R&D to bring new effective and safe products to our massively underserved market, and importantly, to start building a leading competitive position and create long-term value for our shareholders."
For further information please see the attached annual report or visit Brain+'s website here:
http://www.brain-plus.com/investor/announcements_and_financial_documents/
For more information about Brain+, please contact:
Kim Baden-Kristensen, CEO
Phone: +45 31393317
E-mail: kim@brain-plus.com
Certified Adviser
Keswick Global AG
Phone: +43 1 740 408 045
E-mail: info@keswickglobal.com
