Interim report Q2/2024: Enzymatica builds momentum for expansion

CEO Comment

“Many factors now point to a favorable pathway for Enzymatica. We are making great strides in research, we have received the MDR certification, we are garnering international interest and we are seeing signs of regulatory developments that could be beneficial to us. At the same time, we need to expand our partner network, which does not happen overnight. Registrations in new countries will delay the launch in the largest international markets and we want to increase our research efforts.

The board's decision to update the financial goals and acquire more capital for the company gives us the peace of mind and long-term perspective required to build momentum in the autumn together with existing and new partners and then achieve the strong sales growth that we have planned for several years. I am convinced that the world will see a strong and successful Enzymatica rise in the next few years”, said Claus Egstrand, CEO.

Significant events during the quarter

• On June 13, the University of Kent published interim results from the ongoing clinical study of ColdZyme’s effect on the symptoms and duration of upper respiratory tract infections (URTIs). The interim results show that ColdZyme reduces the amount of rhinovirus and shortens the duration of illness by up to five days. According to the University of Kent, the final study results are expected in August 2024.
   

Significant events after the quarter

• At its meeting on July 18, the board decided to update the company's financial goals due to a planned change in the business model. The target for EBIT of at least approximately SEK 170 million is maintained but moved until the end of 2027. A new target for net sales will be communicated at a later stage.

• At its meeting on July 18, the board decided to call an extra annual general meeting with the aim of approving a rights issue that will bring the company approximately SEK 130 million before issue costs. The issue proceeds will mainly be used to finance the operating costs during an upcoming period of negotiations and registrations in existing and new markets, for continued geographical expansion and for repayment of a loan previously signed with the company's three largest owners, the Chairman of the Board and the CEO. The rights issue will be secured to 90% through guarantees and subscription obligations.
   

Other events during and after the quarter

• The Netherlands Olympic team has ordered ColdZyme for its squad for the 2024 Paris Olympics and Paralympics. The participants will use ColdZyme to reduce the risk of catching upper respiratory tract infections when they are in contact with other athletes or with people outside the Olympic village.
• At the Global Health Summit in Geneva, Professor Glen Davison participated in a panel discussion during which he presented the results from his ongoing study on ColdZyme.

The full report is available on: www.enzymatica.com/investors/financial-reports

This information is information that Enzymatica is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08:30 a.m. CET on July 18, 2024.

For more information, please contact:

Claus Egstrand, Chief Executive Officer, Enzymatica AB
Phone: +44 7780 22 8385 | Email: claus.egstrand@enzymatica.com

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