Scandinavian ChemoTech AB (publ) Interim report Q2 January – June 2022 - Executive Summary
Second quarter
- Net sales amounted to kSEK 72 (5)
- Profit before tax amounted to kSEK -5 962 (-3 796
- Earnings per share amounted to SEK -0,62 (-0,44)
- Cash flow from operating activities totaled to kSEK -4 340 (-850)
Period 1 January - 30 June
- Net sales amounted to kSEK 127 (30)
- Profit before tax amounted to kSEK -10 676 (-6 581)
- Earnings per share amounted to SEK -1,11 (-0,81)
- Cash flow from operating activities totaled to kSEK -9 135 (-6 414)
- The order book amounted to kSEK 1 060 (1 122), at the end of the period
Important events during the quarter
- ChemoTech’s subsidiary Vetiqure gets poster published at veterinary congress ESVONC where TSE treatment on a horse shows outstanding results
- Ulis Medical Center in Ukraine performs the first treatment with Tumour Specific Electroporation - TSE™ within the framework of the commercial collaboration that ChemoTech has with the hospital
Important events after the quarter
- ChemoTech’s newly established Center of Excellence (CoE) at the India Sweden Healthcare Innovation Center at AIIMS (All India Institute of Medical Sciences) in Jodhpur, India, receives approval from the local ethics committee for its head and neck cancer clinical trial
- ChemoTech secured a loan of mSEK 2.5 from three of the Company’s board members and from the CEO through a company
SUMMARY
ChemoTech has, despite a shaky environment in the world, taken a big step towards its long-term goal of becoming a standard treatment within the government healthcare system in India, which in the long term could create the potential for tens of thousands of TSE treatments per year for head and neck cancer patients only. This is a consequence of the approval from the ethics board at AIIMS, Jodhpur.
The result during the quarter was -5,962 KSEK compared to the previous year which was -3,796 KSEK. One reason for the increased cost is that Vetiqure’s operations had not started to the same extent during the same period last year. We have also incurred costs for increased marketing activities and revision of our CE marking, which was carried out without comments from our notified body, ECM.
During the end of the quarter, a first part of the credit option, that the Company obtained at the beginning of the year, was utilised. After the end of the period, the Company secured a further loan of mSEK 2.5 from three of the Company’s board members and CEO. With the increased credit, the Company has capital to get into the first quarter of 2023. Furthermore, we are working in parallel to secure the long-term financing.
The approved study at AIIMS in India is a PMS (Post market Surveillance) study with exploratory elements and intends to look at both local tumour control and possible immunotherapeutic effects on head and neck cancer tumours.
The delivery of our first IQwave to Ukraine was, despite ongoing war, relatively painless and the doctors at the Ulis hospital have now completed two treatments.
Our Animal Care division has also achieved success with a first poster published and presented at ESVONC in Italy. It was really noticeable from the response we got that TSE is seen as an interesting new technology whose features and improved security features were really appreciated by the competitors’ users.
FloridaWild, which today is part of a larger group of companies, has been able to witness very good treatment results in its evaluation, which is beginning to reach its final goal. The collaboration with FloridaWild will most likely create great conditions for our continued launch and evaluation of suitable distributors in North America.
Animal Care will have a noticeably greater importance for the R&D projects where we can carry out ”Proof of Concept studies” already at an early stage and where the propensity for innovation is often at least as great as in human medicine. We will continue to work with focus on achieving a breakthrough in Animal Care and focusing sales efforts on the larger and market-leading players who today operate thousands of clinics in both Europe and the USA.
We feel confident that in the near future we will be able to break the critical level of frequent revenue, although we are fully aware and humbled by the fact that there are no shortcuts in medical technology.
For more information, please contact:
Mohan Frick, CEO
+46 (0)10-218 93 00
Certified Adviser: Erik Penser Bank, Tel: +46 8 463 80 00, E-mail: certifiedadviser@penser.se
Scandinavian ChemoTech AB (publ)
ChemoTech is a Swedish medical technology company based in Lund that has developed a patented technology platform to offer cancer patients access to a new treatment alternative, Tumour Specific Electroporation™ (TSE), available for treatment of both humans and animals. There are a large number of cancer patients whose tumours for various reasons cannot be treated by conventional methods but where TSE can be a solution. Therefore, the company continuously evaluates new opportunities and areas of application for the technology. ChemoTech's shares (CMOTEC B) are listed on Nasdaq First North Growth Market in Stockholm and Erik Penser Bank is the company's Certified Adviser. Read more at: www.chemotech.se.