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2019 Q2 report, Period January-June for Panion Animal Health AB

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Period April-June

  • Net sales: kSEK 0 (0).
  • Operating profit: kSEK -2 767 (-1 299).
  • Earnings per share: SEK -0,12 (-0,08).
  • Liquidity at the end of the period: kSEK 586 (15).

Period January-June

  • Net sales: kSEK 0 (0).
  • Operating profit: kSEK -4 430 (-1 996).
  • Earnings per share: SEK -0,19 (-0,08).
  • Liquidity at the end of the period: kSEK 586 (15).

Significant events after the end of the period:
On July 10, 2019, it was announced that the shareholders of Panion Animal Health AB have accepted the offer from CombiGene AB with an acceptance rate below 90%. Despite not reaching the intended 90% of acceptance, CombiGenes board decided to complete the bid and end the acceptance period and that the non-cash shares issue is carried out.

On July 12, 2019, Panion’s board announced the following decisions based on CombiGenes fulfilling of the offer to take over 88.35% of shares and 84.91% of warrants in Panion with the transaction-date starting on the 25.th of July 2019.

  • CombiGene has expressed a request for an extraordinary general assembly (EGA) and this is planned for the 20.th of August 2019.
  • The prospect prepared earlier this year for a share emission in Panion has been withdrawn at the Finansinspektionen.
  • The members of Panion’s board and directors, who hold shares in Panion, have accepted the offer from CombiGene and will transfer these to become shareholders in CombiGene. This will be reported to the Finansinspektionen according to current rules.
  • The clinical study in dogs in the USA will be suspended to delay patient enrolment until after the decisions of the EGA are known.
  • The Q2-19 report for Panion, which was planned to be published on 22 of August 2019 will be postponed to the 29.th of August 2019 due to proximity with the EGA.

On July 26, 2019, shareholders in Panion Animal Health AB (publ), org.nr 559018-4171, were called to an extraordinary general assembly on the 20.th of August 2019 at 09.00, in Medicon Village, room Tellus, Scheelevägen 2, Lund, Sweden. The announcement, including proposed agenda and decisions, can be seen on Panion’s website.

On August 20, 2019, the extraordinary general assembly was held in Lund according to the rules and proposals. The EGA decided that the board members of Panion are Arne Ferstad, Chairman of the board for CombiGene AB, Jan Nilsson, CEO of CombiGene AB, and Lars Thunberg, previous chairman of the board for Panion. The new board of Panion held a constitutional meeting and appointed Arne Ferstad as the new Chairman of the board.

On August 20, 2019, the board of directors announced that it has prepared a balance sheet for liquidation purposes as of May 31, 2019, and that the balance sheet for liquidation purposes showed that the company’s shareholders’ equity was less than one-half of the registered share capital. On the same day, August 20, the shareholders have been given notice to attend an extraordinary general meeting to be held on September 6, 2019 (initial meeting for liquidation purposes). The balance sheet for liquidation purposes, including
the auditor’s report, will be presented at the extraordinary general meeting to be held on September 6, 2019. The board of directors has suggested that the upcoming extraordinary general meeting decides that the company continues its operations and that the company shall not go into liquidation.

This report contains information which Panion Animal Health AB is obliged to publish according to the EU market abuse regulation (MAR). This information was submitted by Panion’s CEO, Anja E. H. Holm, for publications on August 29, 2019.

Anja E. H. Holm, CEO
+ 45-22 94 66 00
anja.holm@panion-animalhealth.com

Bolaget ska utveckla och kommersialisera genterapi för behandling av epilepsiliknande tillstånd hos hundar och andra djur, samt utveckla och kommersialisera andra veterinärmedicinska produkter och nya behandlingsformer som kan ge sjuka djur bättre livskvalitet.
Panion will develop and commercialize a gene therapy treatment for dogs with drug refractory epilepsy, and other new animal health products and treatments that improve the quality of life for animals suffering from chronic diseases.

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