Year End Report

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Period from January to December 2018

Peptonic Medical AB (publ) org nr 556776-3064

(,  ticker: PMED)


  • Net sales of products KSEK 263 (0)
  • Gross profit KSEK 137 (0), Gross margin 52% (0%)
  • Incoming purchase orders KSEK 1 431 (0)
  • Operating loss KSEK -4,572 (-4,753) 
  • Loss per share SEK -0.06 (-0.11)

FULL YEAR 2018 (Jan-Dec)

  • Net sales of products KSEK 383 (0)
  • Gross profit KSEK 232 (0), Gross margin 61% (0%)
  • Incoming purchase orders KSEK 1 551 (0)
  • Operating loss KSEK 14,311 (-12,962)
  • Loss per share SEK -0.17 (-0.30)

From the CEO

The year started with full focus on obtaining the CE mark and on the preparations for the launch of VagiVital. The CE mark was awarded the product in May and already in July VagiVital was launched via its own webshop ( The reception of the product was better than we could have hoped for. Feedback from the customers has been very positive. This was confirmed in a customer survey in December. Among those women that had used VagiVital for more than two months, 89 percent reported significant symptom relief. These results are well in line with those obtained in the clinical study, which is very satisfying.

Thanks to a well executed marketing campaign, the interest for VagiVital among the pharmacy chains and on-line purchasing sites has grown quickly. Today VagiVital can be purchased from the following outlets/sites: Apoteket AB’s thirty largest retail shops across Sweden and its webshop, Apoteket Hjärtat’s webshop, Apoteksgruppen’s forty franchise pharmacies (on order),,,,, och The work to further broaden the distribution continues with highest priority.

In June, an agreement was signed with Orion Pharma concerning the distribution of VagiVital in Finland. The product will be marketed under Orion Pharma’s trademark Femisan Vital. In October, Peptonic received the first product order from Orion Pharma. The launch has been delayed due to strategic considerations, but it will soon happen. The order will be delivered to Orion during the first quarter 2019.

To secure distribution of VagiVital in other markets is of high importance to us. Hence, we have increased our business development resources to find distributors. Due to the CE mark, our main focus is on Europe, but other markets are of course of interest, too. One such market is USA for which a 510k registration is required. The process of obtaining the 510k registration has started and all required documentation is expected to be submitted by end of 2019. The US vaginal atrophy/dryness market is dominated by hormone-based products and is estimated to over 1.3 billion Euros. The majority of women suffering from these symptoms are looking for hormone-free treatments (Peptonic/TEFEN, 2016). Currently, we are in discussions with a number of distributor candidates and hope to close a few deals by the end of this year. The successful launch and our experiences from the Swedish market are very useful in these discussions.

One particular patient group with a high incidence and prevalence of vaginal atrophy are women that have undergone cancer treatment and are taking post treatment aromatase inhibitors. These women are contraindicated for treatment with hormones, such as estrogen. Here VagiVital® offers an excellent hormone-free alternative. To confirm this and to increase the awareness of VagiVital® among health care providers, a prospective clinical study will be performed with this patient group. Preparations are well under way and we expect the first patient to enter the study in April this year. Results of the study are expected during Q1 2020.

Marketing and promotion require capital. This has been obtained through a rights issue in June and through a so called ‘on tap’ financing arrangement with Recall Capital. The rights issue (with preferential rights) was over-subscribed and resulted in a 10 MSEK injection (after costs). The ‘on tap’ financing arrangement means that Recall Capital borrows shares from Peptonic shareholders. The shares are then sold on the market and the proceeds are transferred to Peptonic. Recall Capital will then be issued the same number of shares by means of a directed rights issue. This model is a relatively inexpensive way of financing and has generated proceeds of 2.7 MSEK during 2019 so far. The company intends to use this financing option also during the current year. In addition to the capital raised as described above, the company also obtained a bridging loan from Formue Nord of 10.5 MSEK, the loan is to be repaid latest by July 31st2019. Thanks to the above capital injections our cash position is solid and means that we can go forward according to our marketing and development plans.

Operating profit of the year was -14.3 MSEK. Product sales were 469 TSEK (exclusive of the Orion Pharma order). Marketing, manufacturing, transport and distribution costs have increased considerably in 2018, not surprisingly, and were 4.0 MSEK. Costs of obtaining the CE mark, implementing the ISO quality system and scaling up manufacturing were 2.8 MSEK. Immaterial assets were reduced by 1.2 MSEK (from 57.6 MSEK to 56.4 MSEK) on the balance sheet.

Our ambition is to continue developing Peptonic to become a fully fledged women’s health company by offering additional products backed by clinical evidence of efficacy. This can be achieved either through in-house development, in-licensing or distributorships. We are in discussions with a number of companies with the aim of launching new products on the Nordic market.

Having said all this, I can conclude that Peptonic is in an exciting development stage, and the current year will be at least as exciting as last year. I want to express my sincere gratitude to the shareholders, to the Board members and advisors for all support and trust. I also want to thank my close colleagues for their massively valuable efforts during the year.

Stockholm, February 27th, 2019

Johan Inborr

CEO, Peptonic Medical


Net sales – Net Sales of products for the fourth quarter were KSEK 263 (0). Net sales of products for the full year were KSEK 383 (0). Other income for the fourth quarter were KSEK 20 (169) and for full year KSEK 86 (169).

Costs – Costs for the fourth quarter were KSEK -4,855 (-4,922). Costs for the full year were KSEK

-14,871 (-13,131).

Result – Loss before tax for the fourth quarter was KSEK -5,063 (-4,730). Loss before tax for the full year was KSEK -14,871 (-12,973).

Financial position and liquidity – Liquid assets were KSEK 11,365 (7,054) as of December 31, 2018. During the full year the company received KSEK 10,898 (11,024) in new share issues. The company did also take a bridge loan on KSEK 10,500 (0).

Equity – PEPTONIC medical AB´s equity amounted to KSEK 55,321 (59,694) as of December 31, 2018, resulting in a solidity of 80 (91) percent.

Organization – The average number of employees during the period was 2 (2). At the end of the year the number of employees was 2 (2).

Share – Total numbers of shares in the company amounted to 86,028,600 as of December 31, 2018.

3 months 3 months 12 months 12 months
Oct-Dec Oct-Dec Jan-Dec Jan-Dec
KSEK Note 2018 2017 2018 2017
Operating income
Sales of products 263 0 383 0
Other operating income 20 169 86 169
Total operating income 283 169 469 169
Operating expenses
Cost of goods -126 0 -151 0
Other external expenses 1 -3,041 -1,514 -9,512 -6,029
Personnel costs -1,099 -1,170 -4,471 -4,854
Depreciation -19 -76 -76 -86
Other operating costs -570 -2,162 -570 -2,162
Total operating expensses -4,855 -4,922 -14,780 -13,131
Operating loss -4,572 -4,753 -14,311 -12,962
Net financial income/expense -491 23 -560 -11
Loss before taxes -5,063 -4,730 -14,871 -12,973
Taxes - - - -
Net loss for the period -5,063 -4,730 -14,871 -12,973

Dec 31 Dec 31
KSEK  Note 2018 2017
Non-Current assets
Intangeble assets 2 56,396 57,604
Tangeble assets 0 0
Financial assets - -
Total non-current assets 56,396 57,604
Current assets
Stock 638 0
Other receivbles 461 467
Tax receivable - -
Prepaid expenses and accrued income 145 258
Liquid assets 11,365 7,054
Total current assets 12,609 7,779
Total assets 69,005 65,383
Equity and liabilites
Ristricted equity
Share capital 8,603 4,301
Ongoing right issues 0 0
Development Cost Fund 15,108 14,033
Non- restrictes equity
Share premium reserv non-restricted 131,169 126,048
Profit or loss brought forward -84,688 -71,715
Net loss for the period -14,871 -12,973
Total equity 55,321 59,694
Current liabilites
Liabilities interest-bearing 10,500 0
Trade payables 1,607 683
Other payables 162 442
Prepaid income and accrued expenses 1,415 4,564
Total current liabilites 13,684 5,689
Total equity and liabilities 3 69,005 65,383

12 months 12 months
Jan-Dec Jan-Dec
KSEK Note 2018 2017
Operating profit/loss   -14,871 -12,973
Non-cash flow items 565 2,173
Paid tax - -
Increase (-) decrease (+) inventory -609 -
Increase (-) decrease (+) receivables -64 189
Increase (-) decrease (+) liabilities -226 -757
Investment in immaterial and material assets, net -1,482 -4,771
Investment in financial assets - -
Divestment / reduction of financial assets - -
Rights issue 12,474 13,447
Issue expenses -1,976 -2,423
Cash and cash equivalents at beginning of period 7,054 12,169

KSEK ShareCapital Develop-ment cost fund Ongoing right issue Share Premium reserven-rest Accumulated losses Total shareholders equity
Opening balance January 1, 2017 2,060
0 117,265
Net loss for the year -12,973 -12,973
Transfering fundRight issue 2,241
Issue expenses -2,423 -2,423
Closing balance December 31, 2017 4,301
0 126,048
Opening balance January 1, 2018 4,301
0 126,048
Net loss for the year -14,871 -14,871
Transfering fundRight issue 4,302
Issue expenses -1,976 -1,976
Closing balance December 31, 2018 8,603
0 132,244


Accounting principles 

This interim report has been prepared in accordance with the Annual Accounts Act (Chapter 9. Interim Report) and the Swedish Accounting Standards Board’s general advice, BFNAR 2012:1 Annual Report and consolidated (K3-rules).

Note 1 – Related-party transactions

During the year companies represented by members of the Board of Directors have been contracted as consultants. Total compensation for consultancy services amounted to KSEK 125 (996) excl. of VAT, and is mainly related to Business Development services. All transactions between related parties are based on market conditions. No other key executives or their immediate family members have been directly or indirectly involved in any business transaction with the Company that is or was unusual in its character or terms and conditions during the year.

2018 2017
KSEK Jan-Dec Jan-Dec
Consulting fees Board of Directors 125 996
Total 125 996

Note 2 – Intangible assets

Capitalized patent and development costs are estimated to result in future revenues for the company. Patent and development costs are stated at acquisition value in the balance sheets.

Dec 31 Dec 31
Capitalized development costs 2018 2017
Accumulated acquisition value
Opening balance 50,108 47,659
Sold out and Other disposals -2,261 -1,965
Capitalizations during the period 1,075 4,414
48,922 50,108
No depreciation has been made as no income has been acquired
Net booked amount at end of year 48,922 50,108
Patents och licenses
Accumulated acquisition value
Opening balance 7,572 7,336
Sold out and Other disposals -353 -197
Capitalizations during the period 407 433
7,626 7,572
Accumulated deprication value -76 0
Deprication of the year -76 -76
-152 -76
Net booked amount at end of period 7,474 7,496
Total intangible assets 56,396 57,604

Note 3 – Equity and liabilites

Interest-bearing liabilities amount to KSEK 10,500 (0). A bridge loan was raised in the fourth quarter of 2018. The loan has to be paid back in July 2019. The Danish asset management firm Formue Nord was the lender.

KEY FIGURES  12 months 12 months
Jan-Dec Jan-Dec
2018 2017
Operating loss, KSEK -14,311 -12,962
Return on equity, % -25.9 -21.4
Solidity, % 80 91
Earnings per share, SEK -0.17 -0.30
Liquid assets per share, SEK 0.13 0.16
Shareholders’ equity per share , SEK 0.64 1.39
Share price per closing, SEK 0.500 0.635
Share price/Shareholders’ equity per share,SEK            0.78            0.46
Number of share per closing 86,028,600 43,014,300


The Board of Directors proposes that no dividend is paid for the fiscal year 2018.

Annual Report 

Complete Annual Report for 2018 can be ordered from the company’s office or be downloaded from the webpage from the date of 18th of April 2019. It will be written in Swedish.

Annual General Meeting 

The AGM will be held in Stockholm on the 19th of June 2019.

This interim report has not been reviewed by the Company’s auditors.  

The Board of Directors and the CEO certify that the interim report gives a fair overview of the business, position and profit or loss of the Company.


Annual report 2018                                                                                                                      April 18th 2019

Quarterly report, 1                                                                                                                       May 15th 2019

Quarterly report, 2                                                                                                                        August 16th 2019

Quarterly report, 3                                                                                                                        November 8th 2019

Year end report, 2019                                                                                                                  February 27th 2020

Stockholm, February 27th, 2019

Hans von Celsing, Chairman of the Board                                                   Arne Ferstad, Board member

Marianne Östlund, Board member                                                               Leni Ekendahl, Board member

Johan Inborr, CEO

Note: This document has been prepared in both Swedish and English. The Swedish version shall govern in case of differences between the two documents. The document contains certain statements about the Company’s operating environment and future performance. These statements should only be regarded as reflective of prevailing interpretations. No guarantees can be made that these statements are free from errors.

This information is information that Peptonic Medical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 27th February 2019.

Johan Inborr, CEO

Mobile: + 46 708 853 893


About VagiVital®

VagiVital®is a patent pending hormone free self-care product for the treatment of vaginal atrophy and vaginal dryness. The product has been tested in randomised clinical studies (vaginal atrophy) with very positive results both for objective (vaginal pH and proportion of superficial cells in the vaginal mucosa) and subjective (most bothersome symptoms, such as vaginal dryness, vaginal irritation/itching, dyspareunia and dysuria) parameters. The magnitude of symptom relief is on par with that demonstrated with e.g. prescription estrogen based products on the market today. It was very well tolerated and caused no serious adverse effects. 

VagiVital®was launched in Sweden as a non-prescription self-care product in July 2018 (see 

About Peptonic Medical

Peptonic Medical is an innovative Swedish medical development company. Its vision is to offer safe and effective treatments and relief for women specific diseases and medical conditions.

VagiVital®is a registered trademark of Peptonic Medical. The product is hormone free and is being commercialised for the non-prescription use for the treatment of vaginal atrophy (VA) and vaginal dryness. The pipeline of Peptonic Medical also includes Vagitocin®, which is an oxytocin-based vaginal gel for the treatment of VA. This product candidate is in clinical development phase 2. The development of Vagitocin® is on hold pending additional data on i.a. the mechanism of action.

Since July 2014, the Peptonic Medical share has been traded on the Spotlight Stock Exchange (, ticker: PMED) in Stockholm, Sweden. 

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