Idogen AB Interim report January 1– September 30, 2020

Third quarter (July-September 2020)
•    Other operating income amounted to KSEK 1,968 (973) 
•    Operating loss was KSEK -4,779 (-6,753)
•    Loss for the period totalled KSEK -4,729 (-6,622)
•    Cash flow from operating activities was KSEK -6,864 (-8,624)
•    Loss per share before dilution was SEK -0.52 (-1.37). Loss per share after dilution was-0.52 (-1.37).

Period (January-September 2020)
•    Other operating income amounted to KSEK 6,164 (2,967) 
•    Operating loss was KSEK -18,704 (-24,822)
•    Loss for the period totalled KSEK -18,925 (-24,487)
•    Cash flow from operating activities was KSEK -17,653 (-27,809)
•    Loss per share before dilution was SEK -2.45 (-5.05). Loss per share after dilution was SEK -2.45 (-5.05).

Significant events in the third quarter
•    In September, Idogen announced that the ongoing coronavirus pandemic had affected the IDO 8 project. The planned start of the first clinical trial of the tolerogenic cell therapy IDO 8 has been postponed six months, from the first to the second half of 2021. This is due to temporary limitations in capacity at the manufacturing partner Radboud University Medical Center as a result of the covid-19 pandemic.
•    Åsa Schiött was appointed new Chief Scientific Officer (CSO) and Vicky Venizelos Chief Regulatory Officer (CRO).

Significant events during the period
•    A rights issue underwritten to 88 percent was completed in March, and generated net proceeds of MSEK 20.6 for Idogen. 
•    In March, disbursements from the EU’s Horizon 2020 programme resumed and KEUR 550 was paid out.
•    In June, Idogen’s shares were listed on Nasdaq First North Growth Market following a transfer from Spotlight. 
•    In June, it was announced that the manufacturing process for the company’s tolerogenic cell therapy had been 
    successfully established at Idogen’s partner, the Radboud University Medical Center, in the Netherlands.

Significant events after the end of the period
•    In October, the company announced a decision regarding a rights issue with units of approximately MSEK 34.
•    In October, an Extraordinary General Meeting was called for November 4 in Lund.
•    No other significant events occurred after the end of the period that affected the results or financial position.

Idogen (Nasdaq First North Growth Market: IDOGEN) develops tolerogenic cell therapies to prevent the patient’s immune system from attacking biological agents, transplanted organs or the body’s own cells or tissues. The company’s most advanced project, IDO 8, is designed to restore the efficacy of hemophilia drugs in patients who have developed neutralising antibodies. The company’s second project, IDO T, is being developed to prevent kidney transplant rejection. In a third programme, IDO AID, Idogen is focused on the treatment of autoimmune diseases. The treatment for all indications is based on the patient’s own cells and is expected to have a favourable safety profile and long-lasting effect. The potential for a short-term treatment to yield a long-term effect is a major advantage in health economics for both patients and divisions providing care.

Tags: