Nuevolution AB (publ) announces its results for the third quarter 2016/17

Stockholm, 17 May 2017. Nuevolution AB (publ) announces its report for the third quarter 2016/17. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.

Third quarter 2016/17 (January-March 2017) summary

Financials

• Third quarter: Net sales amounted to SEK 1.6 million (6.0). First nine months: SEK 114.4 million (18.2).
• Third quarter: Operating costs were SEK 31.4 million (27.6). First nine months: SEK 96.0 million (93.4).
• Third quarter: Operating result was SEK -29.8 million (-21.7). First nine months: SEK 18.3 million (-75.2).
• Third quarter: Net result amounted to SEK -29.0 million (-20.9). First nine months: SEK 1.8 million (-70.3).
• Third quarter: Diluted earnings per share (EPS-D) was SEK -0.66 (-0.49). First nine months: SEK 0.04 (-2.05).
• Cash and cash equivalents amounted to SEK 200.9 million as per March 31, 2017 (215.6). Net cash amounted to SEK 196.2 million as per March 31, 2017 (210.8).

R&D - Massive Expansion of the Drug Discovery Engine and Promising Pipeline Progress

• On Jan. 23, 2017, Nobel Laureate Dr. Robert J. Lefkowitz at Duke University and Nuevolution published an article representing a major breakthrough in the application of Nuevolution’s technology against GPCRs, an important target class, involved in signalling across cell-membranes.

• On Feb. 14, 2017, we announced completion of our 40 trillion-member collection of molecules. This is about 20 million times more molecules than is generally available to any Big Pharma in their conventional drug discovery process, and likely the world’s largest collection of molecules made by synthetic chemistry.

• Progress in pipeline: The internal pipeline progressed significantly during the quarter, where the RORγt inhibitor program outside the Almirall collaboration demonstrated positive results in animal models of IBD (Inflammatory Bowel Diseases), the selective BET bromodomain program progressed positively with solidification of anti-inflammatory activity data and benign toxicity profile in vitro and in vivo, the RORγt agonist immuno-oncology program demonstrated strong efficacy in cell based assays and is in preparation for in vivo proof-of-concept studies, and compounds with improved properties were obtained in the GRP78 CRT/ICR (UK) collaborative program.

Progress in partnerships

• Almirall: The collaboration is progressing according to plan.
• Amgen: Cell based in vitro proof-of-concept was obtained in two Amgen projects.
• Janssen Biotech: Expansion of the Janssen Biotech collaboration, thereby triggering an additional technology access fee payment of 600,000 USD (SEK 5.45 million). The payment will be recognized in the fourth quarter 2016/17 and onwards as services are rendered to Janssen Biotech.

Events occurred after March 31, 2017

• Oveun AB (dormant), subsidiary of Nuevolution A/S, was divested on 7 April 2017 for an insignificant amount, and had an insignificant effect on the income statement and financial position.
• The technology access fee payment from Janssen, announced on 6 March 2017, was received on 26 April 2017.

Message of the CEO

“During third quarter 2016/17, we have seen significant progress with major technological achievements, positive progress in partnerships as well as progression of the internal pipeline. Several biological studies and chemistry optimization activities are on-going in multiple programs with the objective of reaching important conclusions from on-going research during 2017” said Alex Haahr Gouliaev, CEO.

Conference call and webcast

On Wednesday 17 May at 14:00 CET, the company’s executive management will host a conference call and webcast presentation of the results and provide an update on partnering activities and pipeline programs. Access to the event can be obtained as follows:

LIVE access on Wednesday 17 May at 14:00 CET

Telephone numbers:

SE: +46 85 664 2692

DK: +45 3544 5575

UK: +44 20 3008 9802

US: +1 855 831 5948

Webcast available at www.nuevolution.com in the Investors section and at www.financialhearings.com. 

REPLAY access

Webcast replay will be available on Nuevolution’s website 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 

Henrik Damkjær Simonsen, CFO

Phone: +45 3913 0947

Email: hs@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 programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment option. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.

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 Wednesday 17 May 2017, 8:30 (CET).

Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE.ST). Redeye AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com.

Tags: