Prostatype Genomics presents Quarterly Report

Prostatype Genomics AB has today published its quarterly report for the first quarter comprising the period from 1 January 2023 to 31 March 2023. The report is available on the company website (https://www.prostatypegenomics.com).

Quarter 1 (1 January – 31 March 2023) summarized

• Net sales amounted to 392 TSEK.
• Net revenue amounted to 392 TSEK.
• EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to -7 324 TSEK.
• Cash flow from current operations in the quarter amounted -9 147 TSEK.
• Total cash flow for the period amounted to -9 317 TSEK.
• Earnings per share amounted to -0,34 SEK.

CEO comments

For Prostatype Genomics, the start of 2023 has meant major and important progress in all priority areas and markets, not least the American one. I find it difficult to remember a more intense, fun, and exciting period during the years I have been active in the company It is of course satisfactory that the sales rate continues to increase, albeit from low levels, also during the first quarter of 2023 and that the trend is pointing in the right direction keep delighting us.

The recently concluded new share issue brought the company approximately SEK 24 million before issue costs. I would of course like to take this opportunity to thank existing shareholders and new investors for your trust and for enabling Prostatype Genomics to continue the commercialization process at a high pace despite the current climate in the financial markets.

If we then move on to the market part of our business, we note continued steps forward both in Europe and in the USA. On the laboratory side, we have reached a Nordic agreement with Life Genomics, which means that they handle and are responsible for the entire process required to analyze the gene test Prostatype®. In Spain and Portugal, we have entered into a corresponding agreement with Eurofins Megalab, a leading player in the local laboratory markets and part of Eurofins, one of the world's largest laboratory groups with operations in Europe, the USA, Asia, and Latin America. These collaboration agreements are important steps in commercialization. Our strategy has been clear from the very beginning, where the company determined that the laboratory handling of the test should be handled locally by an external partner, so that Prostatype Genomics can fully focus on marketing the test to patients and doctors. Discussions are ongoing at the time of writing with additional partners in other countries where we hope to complete these negotiations soon.

In the American market, the start has been very positive with the recruitment of Steve Gaal to the role of President of our American subsidiary, and more recently also Professor Jerry Andriole in the important role of Global Chief Medical Officer. With over 35 years of experience in urology, Jerry has the experience, expertise, and network necessary to commercialize Prostatype® in the US market. As previously communicated, the American market is considerably more mature than the European one, where biomarkers like Prostatype® have been routinely used for more than a decade. These biomarkers are also included in the US reimbursement systems, both private and public. It is therefore very gratifying to inform you that Prostatype Genomics has been invited by Medicare, the largest player on the American market, to a meeting in June to discuss the conditions for including Prostatype® in the reimbursement system. Once we reach this approval, very interesting opportunities open for Prostatype Genomics both financially and strategically, and it is, for obvious reasons, also an activity that is a very high priority within the company.

In addition to the many validation studies that are ongoing in clinics around Europe, a study conducted by a research team at the University Hospital in Uppsala under the leadership of associate professor and senior physician Michael Häggman has been published in "The Prostate", a leading peer reviewed publication aimed at, among other things urologists and pathologists. The study shows that Prostatype® correctly assesses the aggressiveness of the prostate cancer tumour when comparing gene expression from tissue samples, so-called biopsies, with "facit", i.e., the operated prostate. This once again confirms the exceptionally strong performance of Prostatype®. Continued publication of studies with Prostatype® is, alongside the continued commercialization process, a high-priority activity where we have many interesting projects underway, which strengthens the product's scientific relevance and footprint. More information in this area will come continuously during the year.

I would like to conclude once again with a big thank you to all the new and former shareholders who chose to participate in the recently concluded rights issue, your trust in the business means that we can build on the last quarter's successes and gear up further.

Fredrik Persson

CEO Prostatype Genomics AB

Solna 31 May 2023

This disclosure contains information that Prostatype Genomics AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 31-05-2023 08:00 CET.

Nicklas Rosendal

Press contact
nicklas.rosendal@prostatypegenomics.com

Certified Advisor

Svensk Kapitalmarknadsgranskning AB, 011-32 30 732, ca@skmg.se

Prostatype® is a genetic test that is available to patients and treating urologists as a complementary decision basis for the question of treatment or non-treatment of prostate cancer. The test was developed by a research group at Karolinska Institutet and is provided by Prostatype Genomics AB.