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FluoGuide A/S publishes financial report for the first quarter 2020

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Copenhagen, Denmark, 29 May 2020 – FluoGuide A/S ("FluoGuide") today releases its results for the period 1 January– 31 March 2020. The report is available on https://fluoguide.com/investor/filings-reports/.

”The entire FluoGuide team is working hard to capture the enormous potential of the Company to help patients and benefit shareholders.  We are extremely proud of the recognition from the independent IPO Guide – awarding FluoGuide as Best IPO in 2019” says Morten Albrechtsen, CEO and continue: “Our enthusiasm thus far has been quite high, but Q1 increased our optimism even further.  We look forward to the next quarters and to delivering on many significant milestones.”

First quarter 2020 (January – March):

  • Net revenue was KDKK 0 (0)
  • Operating result was KDKK -3,923 (-442)
  • Net result was KDKK -3,088 (-953)
  • Cash at bank at end of the period was KDKK 11,031 (4,717)
  • Result per share* was DKK -0.38 (-0.20)
  • Solidity** at end of the period was 88% (-10)

*) Result per share (DKK per share): Operating result divided by the average number of shares during the period. The total number of shares as of 31 March 2020 totaled 9,455,268 shares (4,000,000). The average number of shares for the first quarter 2020 was 8,057,832 shares (4,733,333). The average number of shares for the period from 1 January 2019 to 31 December 2019 was 6,475,565 shares (688,179). Note that the number of shares in the Company after the end of the period, through exercise of the warrants serie TO 1, has increased to 10,555,268 shares registered on 18 May 2020.

**) Solidity: Total equity divided by total capital and liability.

Amount within brackets corresponds to the same period in the previous year. 

 

Highlights during Q1

  • European patent granted “uPAR targeting peptide for use in peroperative optical imaging of invasive cancer” (EP3193945)

  • Excellent results published on FluoGuide’s FG001 guided surgical removal of cancer 
  • Safety study initiated for FG001
  • Directed share issue strengthened FluoGuide’s ownership, and is expected to shorten the time to market for FG001
  • FluoGuide is shortlisted for an EU grant
  

Highlights after Q1

  • Warrants of series TO 1 subscribed by 100% - 97.4% before guarantors and 2.6% by guarantors

  • FluoGuide secures a pipeline of uPAR targeting products
  • FluoGuide A/S is awarded Best IPO in 2019 by the independent IPO Guide
  • FG001 has completed all toxicity studies successfully

For further information, please contact:
Morten Albrechtsen, CEO
M: +45 24 25 62 66
ma@fluoguide.com

About FluoGuide
FluoGuide’s primary focus is to maximize surgical outcomes in oncology. The Company’s first product, FG001, is designed to improve surgical precision by illuminating cancer cells intraoperatively. The improved precision enabled by FluoGuide’s products has a dual benefit – it reduces both the frequency of local recurrence post-surgery and lessens surgical sequelae. Ultimately, these improvements will improve a patient’s chance of achieving a complete cure and will lower system-wide healthcare costs. The Company is planning a proof-of-concept clinical study (phase I/IIa) to demonstrate the effect of FG001 in patients with glioblastoma.

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Quotes

The entire FluoGuide team is working hard to capture the enormous potential of the Company to help patients and benefit shareholders. We are extremely proud of the recognition from the independent IPO Guide – awarding FluoGuide as Best IPO in 2019
Morten Albrechtsen, CEO
Our enthusiasm thus far has been quite high, but Q1 increased our optimism even further. We look forward to the next quarters and to delivering on many significant milestones
Morten Albrechtsen, CEO