Nuevolution AB (publ) announces its results for the full year and fourth quarter of 2018
Stockholm, 28 February 2019. Nuevolution AB (publ) announces its report for the full year and fourth quarter of 2018. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the report.
Financial summary
| October - December | January - December | |||
| SEK million | 2018 | 2017 | 2018 | 2017 |
| Revenue from contracts with customers | 1.1 | 3.2 | 11.0 | 12.2 |
| Total operating expenses, net | -26.3 | -37.4 | -117.1 | -135.3 |
| Operating result | -25.2 | -34.2 | -106.1 | -123.1 |
| Net result | -23.6 | -32.7 | -99.7 | -117.6 |
| Basic and diluted earnings per share (SEK) | -0.48 | -0.76 | -2.13 | -2.74 |
| Cash flow from operating activities | -18.8 | -31.9 | -105.9 | -32.9 |
| Cash and cash equivalents | 111.1 | 114.8 | 111.1 | 114.8 |
Business and R&D summary
- Key milestone achieved in Nuevolution-Almirall collaboration following successful completion of significant preclinical research studies. Following positive reviews, the Almirall partnered RORγt program continues towards clinical studies showing “best-in-class” potential. This triggered a contractual milestone payment of 10.5 MSEK (1 MEUR) to Nuevolution
- Nuevolution has nominated NUE20798 as development candidate for the bromodomain BET BD1 selective inhibitor program and shows that anti-fibrotic effect of candidate NUE20798 may also have synergistic effect with immunotherapy based on first animal cancer model data. New formulation of candidate NUE20798 provides excellent oral bioavailability
- The two cancer programs with Amgen Opt-In continues positively with fast progress and significant joint efforts
- IL-17A, RIPK1 and TYK2 programs show good progress in optimization toward candidate compounds
- Based on on-going discussions, management remains optimistic about execution of additional partnerships within the areas of:
- R&D collaborations
- Platform-based collaborations
- Out-licensing of Nuevolution’s programs
“During the quarter, our two partnerships with Amgen and Almirall have progressed at full speed with Amgen’s second Opt-In and achievement of a key milestone in the Almirall collaboration post quarter. We could not have hoped for a better outcome of the year from the existing partnerships. We maintain a strong desire and belief in execution of further similar attractive partnerships, and our efforts remain focused on realizing this.”, said Alex Haahr Gouliaev, CEO
Events occurred between 31 December 2018 and 28 February 2019
22 February 2019 A Nuevolution BET-BD1 selective inhibitor shows potential synergistic effect with immunotherapy in a mouse pre-clinical model of colorectal cancer
28 February 2019 Nuevolution-Almirall Partnership Achieves First Collaboration Milestone for Dermatology Diseases
On Friday, 1 March at 14:00 CET, the company’s executive management will host a conference call and webcast discussion of the results and provide an update on the pipeline programs and partnering activities. Access to the event can be obtained as follows:
LIVE access on Friday 1 March at 14:00 CET
Telephone numbers:
SE: +46 85 664 2705
DK: +45 7815 0110
UK: +44 33 3300 9034
US: +1 833 5268 380
Webcast will be available at www.nuevolution.com in the Investors section and at www.financialhearings.com
REPLAY access
Webcast replay will be available at www.nuevolution.com in the Investors section and at www.financialhearings.com
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 3913 0902
Email: ahg@nuevolution.com
Johnny Stilou, CFO
Phone: +45 8877 5973
Email: jost@nuevolution.com
Information about Nuevolution AB (publ)
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, and headquartered in Copenhagen, Denmark. Nuevolution partners its discovery platform and develops its programs alone and in collaboration with pharmaceutical and biotechnology companies to seek future benefit for patients in need of novel medical treatment options. Nuevolution’s internal programs are focused on therapeutically important diseases targets within severe inflammatory diseases and cancer.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication, through the agency of the contact persons set out above, on Thursday 28 February 2019 at 18.00 CET.
Nuevolution AB (publ) is listed at Nasdaq in Stockholm, Sweden (ticker: NUE). More information about Nuevolution can be found on: www.nuevolution.com