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Stayble Therapeutics publishes interim report for the first quarter 2023

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Stayble Therapeutics AB ("Stayble" or the "Company") hereby publishes its quarterly report for the first quarter of 2023. The report is available as an attached document and on the Company's website, www.staybletherapeutics.com/en/investors/financial-reports/. Below is a summary of the report.

Summary

 

Highlights during the first quarter (January – March 2023)

  • In February, the follow-up target in the Phase 2b study was reached, with 100 patients completing their six-month follow-up. All critical data for evaluating the study's primary efficacy parameter is therefore secured. All patients will be followed for a total of 12 months with results in Q4 2023.
  • In February, approval was received to start a Phase 1b study in Poland with STA363 against herniated discs. The Company is thus expanding its operations by initiating a new project with STA363.
  • In February, it was decided to issue new shares with preferential rights of approximately SEK 35.2.
  • In March, Stayble received additional pre-subscription commitments as well as an additional remuneration-free top-down underwriting commitment from the Company's largest shareholder, Chalmers Ventures AB, Robert Joki, and Almi Invest Västsverige AB, totaling approximately SEK 3.7 million. Previously, Chalmers Ventures had made a subscription commitment of SEK 3 million. The total amount thus amounts to SEK 6.7 million.
  • In March, additional top-down underwriting commitment were announced in the preferential rights issue from professional investors, corresponding to a total of approximately SEK 1.7 million.

 

 

Highlights after the end of the period

  • In April, positive interim data was presented from the ongoing Phase 2b study with convincing safety and tolerability, as well as lower variation in pain measurements when analyzing blinded data from the six-month follow-up.
  • In April, the subscription period in the preferential rights issue ended. The preferential rights issue was subscribed to approximately 90 percent, including pre-subscription and underwriting commitments. The Company thus raised approximately SEK 31.7 million before issue costs.
  • In April, a directed offset issue was carried out for the underwriters who chose to receive compensation in the form of newly issued shares in Stayble. The subscription price was SEK 1.78 per share, and payment was made through an offset by the underwriter’s claim of remuneration.
  • In April, Jarkko Kalliomäki was recruited as Chief Medical Officer (CMO). Jarkko is a specialist physician in rehabilitation and pain management, a medical doctor in physiology as well as extensive experience from the pharmaceutical industry.
  • In April, Dr. Daisuke Sakai was announced as a new scientific advisor. Dr. Sakai will contribute experience and expertise from the Japanese perspective in the treatment of degenerative disc disease as well as herniated discs.

 

Financial information and commentary

In February, a new share issue with preferential rights of approximately 35.2 MSEK was decided upon. In April, the subscription period for the preferential issue ended. The preferential issue was subscribed to a total of approximately 90 percent, including pre-subscription and underwriting commitments. The company thus raised approximately 31.7 MSEK before issue costs.

 

For more information

Andreas Gerward, CEO Stayble Therapeutics AB

Mail: andreas.gerward@stayble.se

Phone: +46 730 808 397

This information is the type of information that Stayble Therapeutics AB is obliged to publish pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on May 23rd, 2023.

 

About Stayble Therapeutics AB

Stayble is a clinical-stage pharmaceutical company developing the STA363 injection treatment for degenerative disc disease (DDD) and chronic disc herniation (LDH). Stayble's vision is to offer patients a simple and effective treatment that addresses the underlying cause of the patient's chronic pain and provides lasting pain relief and increased physical function. Aimed at patients who are not helped by physiotherapy and painkillers, the treatment is a single injection that is expected to last a lifetime and requires minimal rehabilitation. The company is now focused on clinical development and is currently conducting a Phase 2b clinical trial in DDD and a Phase 1b trial in LDH.

 

Svensk Kapitalmarknadsgranskning AB is the Company’s Certified Adviser.

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