Interim Report 1 January to 30 September 2023
Financial Summary for the group
| KSEK | 2023-07-01 | 2022-07-01 | 2023-01-01 | 2022-01-01 |
| 2023-09-30 | 2022-09-30 | 2023-09-30 | 2022-09-30 | |
| Net turnover | 0 | 0 | 0 | 0 |
| Profit/loss before tax | -5 194 | -11 275 | -15 424 | -40 348 |
| Total assets | 36 091 | 56 786 | 36 091 | 56 786 |
| Earnings per share before and after dilution (SEK) | -0,05 | -0,11 | -0,16 | -0,42 |
| Cash and cash equivalents as per period end | 8 497 | 40 889 | 8 497 | 40 889 |
| Equity ratio as per period end | 87,5% | 85,9% | 87,5% | 85,9% |
Significant events during the third quarter of 2023
- Cyxone revised strategy for commercial alignment targeting valuable market opportunities
- Cyxone carries out a rights issue of shares of approximately MSEK 36.3
Significant events after the end of the period
- Cyxone receives Intention to Grant from the European Patent Office for a unitary patent of T20K
CEO Carl-Magnus Högerkorp comments
The work with the new strategy for our drug candidate in rheumatoid arthritis (RA), rabeximod, has gained momentum during the third quarter. The new strategy is based on positioning rabeximod in a patient population that responds inadequately to the available treatments and where the medical need is more significant.
We plan to perform a series of smaller signal seeking clinical studies in this patient population in collaboration with leading international KOLs. The intention is to show effect in this patient population with studies at a relatively low cost, create value for our shareholders and open up for further clinical development and cooperations with strategic partners in RA.
At this moment our development team are busy to get all the pieces in place to initiate a collaboration with clinics in various parts of Europe. It is a tremendously stimulating process as we see a substantial interest for rabeximod as a therapy concept in this context. We also see that rabeximod’s unique characteristics fit very well with the scientific hypothesis that have been presented in recent years with respect to the importance of macrophages in the disease driving process of RA.
With the new strategy we also intend to establish rabeximod broader. Rabeximod has the potential to develop into a platform technology since its mechanism of action is applicable to several other autoimmune diseases. After initially having secured a clinical development activity in RA, the continued development will be focused on also performing smaller studies in other autoimmune diseases with a substantial unmet medical need.
In parallel, plans for a preclinical program for our T20K project in multiple sclerosis (MS) are being drawn up. We have in previous studies demonstrated that T20K in combination with kappa opiod receptor agonists has a very promising synergistic effect in MS disease models. We continue to explore these research findings and the results presented so far generate great external interest. Very recently we submitted an extensive research grant application to an American organization which supports research programs in MS, after their active invitation. We look forward to the result of the application.
During the quarter we have continued to build value in the T20K project in the recently approved unitary patent for T20K. This patent was approved by the European Patent Office (EPO) within the new European system for unitary patents introduced in June 2023 contributing to a simpler and more cost-effective patent process, and the patent will be valid in 17 countries within the European patent cooperation.
Cyxone has decided to carry out a rights issue of shares to raise approximately 36 MSEK and an extraordinary general meeting will be held to determine the final conditions for the rights issue. The proceeds from the rights issue are primarily intended to be used to finance further clinical development for the rabeximod and T20K programs, as well as financing ongoing operations, business development, patents, quality assurance and regulatory processes in the company. The subscription period will be 7-21 November 2023.
We look forward to welcoming old and new owners to join a very exciting journey for our projects within autoimmune diseases to meet the future needs of new therapies.
Please follow the company's development and receive information about our participation in investor meetings via Nasdaq First North Growth Market and on the company's website, www.cyxone.com.
Carl-Magnus Högerkorp
CEO
Cyxone AB
Financial calendar
23 February 2024 Year-end report 2023
The report is enclosed in full here, and all reports will be available from these dates at www.cyxone.com
Submission of interim report
Malmö
October 27, 2023
The Board of Directors
Cyxone AB
Disclaimer
This is a translation of the original Swedish version of the interim report. In case of any discrepancy between this translation and the Swedish original, the latter shall prevail.
Contact
Carl-Magnus Högerkorp, CEO
Tel: +46 (0)70 781 88 12
Email: carl.hogerkorp@cyxone.com
The information was submitted for publication, through the agency of the contact person set out above on 27th of October 2023.
This press release contains forward-looking statements that constitute subjective estimates and forecasts about the future. Assessments about the future are only valid on the date they are made and are, by their nature, similar to research and development work in the biotech field, associated with risk and uncertainty. In light of this, actual outcomes may differ substantially from what is described in this press release.
About Cyxone
Cyxone AB (publ) (Nasdaq First North Growth Market: CYXO) develops disease modifying therapies for diseases such as rheumatoid arthritis and multiple sclerosis. Rabeximod is a Phase 2 candidate drug being evaluated for the management of rheumatoid arthritis. T20K is a Phase 1 candidate drug for treatment of multiple sclerosis. Certified Adviser is FNCA Sweden AB. For more information, please visit www.cyxone.com