Saniona HAS STARTED THE LISTING PROCESS FOR NASDAQ OMX IN STOCKHOLM
Saniona, a leading biotech company within ion-channel research, will implement IFRS already in the Q2 interim report 2015 as part of the listing process for the main list at Nasdaq Stockholm. Due to the implementation of IFRS, Saniona has decided to reschedule the publishing date of the Q2 interim report from August 21 to August 31. As previously announced, Saniona is planning to be listed at the main list during 2016.
Saniona shall report in accordance to the International Financial Reporting Standards (IFRS) for at least two financial periods prior to listing on the main market. Furthermore, the presented financial statements shall cover a three-year period at the time of listing. Saniona and Deloitte have performed an analysis to identify significant areas with potential differences between IFRS and Swedish GAAP for the Saniona Group. The preliminary conclusion is that there are no major differences in the consolidated financial statements of Saniona Group during the reported period. Saniona has also decided to change the initiation of the reporting period for the Saniona Group from January 30, 2014, to January 1, 2013.
“We have decided to reschedule the publishing date to August 31 in order to take into account the additional workload of implementing IFRS. By implementing IFRS in the Q2-report, we will tick-off one of the requirements for listing. Furthermore, by changing the reporting period for the Saniona Group, we will be able to present financial statements for the requested three-year period when we have published the annual report for 2015,” says Thomas Feldthus, EVP and CFO of Saniona.
In parallel to the implementation of IFRS, Deloitte has conducted a pre-IPO study at Saniona during June. Deloitte’s study comprised information regarding management, financial planning, control and follow-up procedures, capacity for external communication to the stock market and profitability and financial position.
“Based on the results from Deloitte’s analysis, we remain confident that we will be able to fulfill the recommendations by Nasdaq before the potential listing on Nasdaq main market in Stockholm during 2016.”
For more information please contact
Thomas Feldthus, EVP and CFO, Saniona, Mobile: +45 2210 9957, e-mail: tf@saniona.com
About Saniona
Saniona is a research and development company focused on drugs for diseases of the central nervous system, autoimmune diseases, metabolic diseases and treatment of pain. The company has a significant portfolio of potential drug candidates at pre-clinical and clinical stage. The research is focused on ion channels, which makes up a unique protein class that enables and controls the passage of charged ions across cell membranes. Saniona has ongoing collaboration agreements with major pharmaceutical companies including Pfizer Inc., as well as Saniona’s Boston based spinout Ataxion Inc., which is financed by Atlas Venture Inc. and Biogen Idec Inc. Saniona is based in Copenhagen, Denmark, where it has a research center of high international standard and 18 employees. Saniona is listed at AktieTorget since April 2014 and has about 2,000 shareholders. The company’s share is traded under the ticker SANION. Read more at www.saniona.com.