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Brighter Reports Second Quarter Interim Report 2022

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Brighter AB [publ], today published its second quarter interim report for April – June 2022. The full report is available on the company website https://brighter.se. The report is also attached to this press release as a PDF file.

Significant events during the quarter

  • The first patient has been prescribed the Actiste® solution in Qatar
     
  • The first patient has been recruited for the Actiste® study in the United Kingdom
     
  • The Saudi Arabia Communications and Information Technology Commission (CITC) has invited Brighter to apply for possible participation in the Emerging Technologies Regulatory Sandbox in the country 
  • Brighter’s interim CEO Erik Lissner has taken on a permanent role as the company’s CEO
     
  • The executive management and the Board of Directors announced their intention to exercise 3,821,474 warrants of series TO7, corresponding to a total of approximately SEK 0.3 million
  • Brighter received approximately SEK 11.7 million before issuing costs through the exercise of the warrants of series TO7, corresponding to approximately 45 percent of the total number of outstanding warrants of series TO7
  • The Annual General Meeting resolved to re-elect Clas Lindbergson, Åsa Sjöblom Nordgren, Karin O’Connor and Christer Trägårdh as ordinary board members, and to elect Johnny Ludvigsson as a new board member. Christer Trägårdh was re-appointed as Chairman of the Board
     
  • Mangold Insight published its second analysis of Brighter

Financial overview

  • Net sales amounted to TSEK 312 (553)
  • Operating result amounted to TSEK –43 616 (–46 936)
  • Earnings before tax amounted to TSEK –43 892 (–68 324)
  • Operating cash flow amounted to TSEK –29 122 (–31 327)
  • Earnings per share, before and after dilution amounted to –0.05 (–0.20)

CEO COMMENT
The first half of 2022 has been a mix of great achievements and challenges for Brighter. Many positive things have happened and we’ve reached some significant milestones.

Strong commercial progress in Qatar

Chief among our achievements is the launch of Actiste® Diabetes Management as a Service (ADMS) in one of our focus markets – Qatar – where the solution is now being used with the aim of improving the lives of people living with diabetes. Following the launch, we are heavily focused on recruiting even more patients and hospitals in the country. This is proceeding according to plan.

Closer to commercialization in the United Arab Emirates

In the United Arab Emirates (UAE), we have been working hard to obtain Radio and Telecommunications Terminal Equipment type approval, which is a requirement for our Actiste devices to comply with specific local technical standards. In July, after the end of the period, we received this. All that remains before the company can move forward with commercialization in the country is Internet of Things (IoT) registration approval and exemption for permanent roaming.

Another exciting development is that we have received ethical approval for the Actiste® pilot project that Brighter will perform together with the Emirates Health Services (EHS) in the UAE. A number of healthcare facilities have already signed up to participate in the pilot. We have also been granted import-clearance approval, satisfying the final local requirements that were needed to start the pilot. 

100 patients identified for Indonesian Actiste® Mini user study

In Indonesia, Brighter continues to have intense interaction with clinics, universities and governments in order to speed up commercialization. In the West Java user study in Indonesia, 100 orally and insulin-treated type 2 diabetes patients have now been identified, comprising 65 patients from a public hospital and 35 patients from a private hospital. 

Progress in Europe

The United Kingdom (UK) is another country where we’ve made some significant headway so far this year, with patients now using Actiste® as part of an ongoing clinical study in collaboration with Britain’s National Health Service (NHS). Brighter’s management believes that a positive outcome in this study could be a stepping stone, not only to a broader commercialization in Europe, but could additionally provide international credibility for ADMS solution with governments and healthcare providers around the world.   

New possibilities in Saudi Arabia

In the Kingdom of Saudi Arabia (KSA), the Communications and Information Technology Commission (CITC) has invited Brighter to apply for participation in the “Emerging Technologies Regulatory Sandbox'' initiative. Its aim includes permitting innovative technologies to operate in KSA on a trial basis, exempted from the full weight of regulations. For Brighter’s part, this could potentially remove or reduce the legal requirements on data processing and data roaming that have thus far hindered Brighter’s efforts to commercialize our ADMS solution in KSA.

In connection with this, Brighter hosted KSA’s Ambassador-designate to Sweden and Iceland, Her Excellency Einas Al-Shahwan, on a visit to the company’s offices in Stockholm. Her excellency was optimistic about Brighter and what we offer in terms of products and solutions.

Focus on financing and cost efficiency

Unfortunately, Brighter’s share-price performance, partly influenced by broader capital-market trends, continues to be a challenge. This was reflected in the 45% participation in the exercise of warrants of series TO7, corresponding to additional funds of approximately SEK 11.7 million before issuing costs. That said, we are very grateful towards everyone who participated, as the new funds are vital for maintaining momentum in our ongoing commercialization, while the Board continues to explore different financing options going forward. We’ve also, with considerable success, continued our commitment to reduce our burn rate and refining our processes and ways-of-working across multiple functions. This is an ongoing effort.

Significant addition to the Board and increasing interest from healthcare providers

I’m very pleased that Johnny Ludvigsson joined Brighter’s Board during the second quarter. Johnny is one of the world’s leading diabetes experts and has won numerous awards within his field over the years. He has deep knowledge and an extensive network across the medical field that will be very valuable to Brighter as we continue the commercialization of Actiste®.

I am also very pleased that doctors in our key markets are expressing positive comments about Actiste®, both for addressing patient challenges and improving patient-caregiver interaction. This is crucial for our credibility when deepening our relationships with potential customers and decision-makers.

Finally, I’m happy to say that I’ve taken on the role as permanent CEO of Brighter. I thank the board, our shareholders, customers and employees for their confidence in my leadership as we continue to realize the potential that Brighter has to offer.

For further information, please contact:
Investor Relations
ir@brighter.se

Certified Adviser
Brighter’s Certified Adviser is Mangold Fondkommission AB,
+46 8 5277 5020, ca@mangold.se, www.mangold.se.

About Brighter AB (publ)
Brighter is a health-tech company from Sweden with a vision of a world where managing chronic diseases is no longer a struggle. We believe a data-centric approach is a key to providing smarter care for chronic conditions. Our daily-care solutions are designed with a vision to facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones, and their care providers – aiming to improve quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter's quality management system is ISO-13485 certified. In 2019 the company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG.

For more information, please visit our website at https://brighter.se/.

This information is information that Brighter AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CET on August 25, 2022.

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