Nuevolution AB (publ) announces its results for the third quarter of 2018
Stockholm, 28 November 2018. Nuevolution AB (publ) announces its report for the third quarter of 2018. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.
Financial summary
| July - September | January - September | |||
| SEK million | 2018 | 2017 | 2018 | 2017 |
| Revenue from contracts with customers | 1.0 | 1.6 | 9.8 | 9.0 |
| Total operating expenses, net | -25.3 | -31.8 | -90.8 | -97.8 |
| Operating result | -24.3 | -30.3 | -80.9 | -88.9 |
| Net result | -22.7 | -28.6 | -76.1 | -84.9 |
| Basic and diluted earnings per share (SEK) | -0.46 | -0.67 | -1.66 | -1.98 |
| Cash flow from operating activities | -28.0 | -32.8 | -87.1 | -1.0 |
| Cash and cash equivalents | 130.7 | 146.4 | 130.7 | 146.4 |
Business and R&D summary
- Amgen has exercised its contractual Opt-In right to a second cancer program that is part of the multiple target research collaboration with Nuevolution. Amgen will now be responsible for all further research and development costs. Nuevolution will retain the ownership until potential licensing by Amgen. The parties will now jointly commence the late-stage research phase with the mutual goal of reaching the future nomination of a clinical development candidate.
- Amgen shows very positive progress in first cancer program where they have made their contractual Opt-In in July 2018.
- Additional discussions and negotiations pursuing drug discovery R&D collaborations, platform-based collaborations and program licensing partnerships progress positively.
- Almirall continues good progress with RORγt inhibitor program according to joint plan.
- BET-BD1 inhibitors show potent activity in anti-fibrosis test and potent effect on biomarker in Atopic Dermatitis model.
- Topical dosing of IL-17A blockers show good activity in animal psoriasis model (Imiquimod model).
- The two promising inflammatory programs RIPK1 and TYK2 targets from Early Discovery enters lead optimization.
“During the quarter, we have seen continued progress in our collaboration with Almirall, significant progress in the collaboration with Amgen including scientific progress as well as contractual progress following Amgen’s decision to Opt-In to a second program, and additional further partnership discussions are on-going, while our internal pipeline has progressed very positively”, said Alex Haahr Gouliaev, CEO
Events occurred between 30 September and 28 November 2018
On 11 October, Nuevolution presented data from its discovery program directed at targeting the key disease inflammatory signaling molecule, Interleukin-17A (IL-17A). Current IL-17A blockade treatment is only offered through use of very expensive injectable antibodies. Our optimization efforts focus on finalizing data for initially a topical use (treatment on the skin) of our IL-17A blockers as well as seeking a potential systemic (tablet-based) formulation with the ambition of achieving a “first-in-class” development program.
On 28 November, Nuevolution announced that Amgen has exercised its Opt-In right in the second cancer program from the Nuevolution collaboration.
On Thursday, 29 November at 9:00 CET, the company’s executive management will host a live video presentation and discussion at Redeye in Stockholm of the results and provide an update on the pipeline programs and partnering activities. Access to the event can be obtained through the following link:
LIVE access on Thursday 29 November at 9:00 CET
https://www.redeye.se/live/nuevolution-q3-2018
REPLAY access
Video replay will be available at www.nuevolution.com in the Investors section, and at Redeye.se.
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 7020 0987
Email: ahg@nuevolution.com
Johnny Stilou, CFO
Phone: +45 7020 0987
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 Wednesday 28 November 2018 at 22:15 CET.
Nuevolution AB (publ) is listed at Nasdaq in Stockholm, Sweden (ticker: NUE). More information about Nuevolution can be found on: www.nuevolution.com