ExpreS2ion announces financial results for the first quarter 2022

Report this content

Hørsholm, Denmark, May 31, 2022 – ExpreS2ion Biotech Holding AB (“ExpreS2ion”) today announces its first quarter financial results for 2022. The report is available as an attachment and on ExpreS2ion's website (www.expres2ionbio.com). Below is a summary of the report.

CEO Bent U. Frandsen comments

“The quarter started on a strong note, as we were able to present further positive preclinical proof-of-concept results for our HER2-cVLP breast cancer vaccine in the beginning of January and positive proof-of-concept also in a metastatic outgrowth therapeutic tumor mice model here in May which further supported the data released in January.

During the quarter, we were also able to announce additional positive results from the Phase II clinical trial for the ABNCoV2 COVID-19 vaccine, which is being developed as a universal booster vaccine by Bavarian Nordic with the Phase III study start approaching rapidly.

Finally, I would like to thank all old and new shareholders who supported the company by subscribing for shares in the Rights Issue completed earlier this month. I feel certain that we will be able to convert the proceeds into a continued strong news flow also in the coming quarters. 2022 is without doubt becoming another exciting year for ExpreS2ion, as we continue to develop innovative vaccine treatments for some of the most important medical challenges of our time.”

First quarter (January – March 2022)

  • Operating income amounted to 2,078 (1,931) KSEK.
  • Profit/loss after financial items amounted to -14,844 (-12,128) KSEK.
  • Profit/loss for the period amounted to -13,836 (-11,155) KSEK.
  • Net income per share* amounted to -0.44 (-0.40) SEK.
  • End of period cash balance amounted to 39,563 (82,207) KSEK.
  • End of period cash balance including SKAT account amounted to 124,678 (82,807) KSEK**
  • End of period total assets amounted to 140,035 (151,956) KSEK
  • End of period equity / asset ratio amounted to 94% (92%)***

Figures in parenthesis are the numbers from the same period in 2021.
*The Group’s net income per share: The net income for the period divided with the average number of shares for the period. For the period January to March 2022, the average number of shares amounted to 31,153,456. As of 31/03/2022, the total number of shares in ExpreS2ion Biotech Holding AB was 31,153,456.
**In Q4 2021 the Company decided to store cash in its account with the Danish tax authority (SKAT), where no interest is charged. See callout on page 15 of the attached Q1 2022 Report for more information.
***Equity ratio: Shareholder’s equity divided by total capital.

Significant events during the first quarter

  • On January 4, ExpreS2ion announced that the capsid virus-like particle (cVLP) HER2-breast cancer vaccine candidate ES2B-C001 has demonstrated proof-of-concept also in HER2-transgenic preventive as well as therapeutic tumour mice models. The vaccine has thus reached a further important pre-clinical milestone.
  • On February 8, ExpreS2ion announced constructive feedback from its scientific advice meeting pertaining to the therapeutic breast cancer vaccine candidate, ES2B- C001, with the Danish Medicines Agency. Based on this feedback, ExpreS2ion plans to conduct an additional preclinical safety study in the first half of 2023, which will increase the robustness of the project’s preclinical data. Consequently, the Company is now aiming to file the clinical trial application for the Phase I trial in the second half of 2023, with the aim of dosing first in human in the first half of 2024.
  • On February 24, ExpreS2ion announced its financial results for the fourth quarter and full-year 2021.
  • On February 28, ExpreS2ion announced that additional positive results for the ABNCoV2 vaccine, that is being developed as a universal booster vaccine, has been presented from the Phase II clinical trial conducted by Bavarian Nordic. The full study data confirmed that existing levels of SARS-CoV-2 neutralizing antibodies increased by 2-40-fold, depending on the initial levels of antibodies, with no serious adverse events reported. Based on this excellent outcome, Bavarian Nordic plans to initiate a Phase III study in the first half of 2022.

Significant events after the end of the period

  • On April 6, ExpreS2ion announced a new share issue with preferential rights for the Company’s existing shareholders (the “Rights Issue”). The Rights Issue encompasses 5,841,273 shares at a subscription price of SEK 12.50. The Rights Issue is fully covered by subscription undertakings made by certain existing shareholders and guarantee commitments from existing shareholders and new investors. The Company will upon full subscription of the Rights Issue receive gross proceeds of approximately SEK 73 million. The expected net proceeds from the Rights Issue will be used as to advance the breast cancer vaccine candidate ES2B-C001 to completion of the preclinical safety studies, advance other pipeline development projects, including within Influenza and Malaria, and support the strategic CRO business and invest in core technologies and IP to strengthen competitive edge.
  • On April 13, ExpreS2ion announced that the prospectus related to the Rights Issue announced on April 6 had been published on the Company’s website and was available in Swedish and English.
  • On May 4, ExpreS2ion announced the publication of the 2021 Annual Report.
  • On May 5, ExpreS2ion announced that additional positive results for the ABNCoV2 vaccine, that is being developed as a universal booster vaccine, had been reported from the Phase II clinical trial conducted by Bavarian Nordic. The new study data demonstrated a significant boost to the neutralizing antibodies against the Omicron variant in the majority of subjects with a fold increase in the same range as previously reported for the original Wuhan SARS-CoV2 variant. Bavarian Nordic continued to plan for rapid initiation of a Phase III study.
  • On May 5, ExpreS2ion announced the final outcome of the Rights Issue which showed that a total of 4,966,355 new shares had been subscribed for, corresponding to approximately 85 percent. The remaining 874,901 new shares, approximately 15.0 percent, had been subscribed for through guarantee undertakings. The Company received proceeds of approximately SEK 73 million before deduction of costs attributable to the Rights Issue.
  • On May 25, ExpreS2ion announced that that the capsid virus-like particle (cVLP) HER2-breast cancer vaccine candidate ES2B-C001 has demonstrated additional positive proof-of-concept also in a metastatic outgrowth therapeutic tumour mice model. These data support the already established preclinical proof-of-concept results announced in December 2021 and January 2022.
  • On May 25, ExpreS2ion held the 2021 Annual General Meeting (AGM), during which resolutions were passed related to the adoption of the income statement and balance sheet, allocation of profit, discharge from liability, election of the Board of Directors, Auditor and remuneration, security issuance authorization, and incentive programs. The AGM was carried out through advance voting (postal voting) pursuant to temporary legislation.

Conference call to present the present the Q1 2022 interim report

ExpreS2ion will present its first quarter 2022 report via a live virtual webcast hosted by HC Andersen Capital on June 9th, 2022, at 13:00 CET to 13:30 CET. Meet and ask questions directly to our CEO, Bent U. Frandsen at this investor event. To participate, please register on HC Andersen Capital’s website using this link: https://hcandersencapital.dk/event/expres2ion-biotechnologies-presentation-of-q1-report-2022/.

Certified Adviser
Svensk Kapitalmarknadsgranskning AB
Telefon:
+46 11 32 30 732
E-post:
ca@skmg.se

This press release constitutes inside information that ExpreS2ion Biotech Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out below, at the time stated by the Company’s news distributor, Cision, at the publication of this press release.

For further information about ExpreS2ion Biotech Holding AB, please contact:

Bent U. Frandsen, CEO
Telephone: +45 4256 6869
E-mail:
buf@expres2ionbio.com

Keith Alexander, CFO
Telephone: +45 5131 8147
E-mail:
ka@expres2ionbio.com

About ExpreS2ion
ExpreS2ion Biotechnologies ApS is a fully owned Danish subsidiary of ExpreS2ion Biotech Holding AB with company register number 559033-3729. ExpreS2ion has developed a unique technology platform, ExpreS2, for fast and efficient non-clinical development and production of complex proteins for new vaccines and diagnostics. ExpreS2 is regulatorily validated for clinical supply. The platform includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, the Company has produced more than 500 proteins and virus-like particles (VLPs) in collaboration with leading research institutions and companies. ExpreS2ion develops novel VLP based vaccines in association with AdaptVac ApS, of which ExpreS2ion owns 34%. For additional information, please visit www.expres2ionbio.com.