Interim report 2017-01-01 till 2017-03-31
May 16, 2017 09:27 (CEST)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -1491 (-307)
- Earnings per share -0,10 (-0,04) SEK
- Cash and cash equivalents (2017-03-31) 31 275 (4 114) KSEK
- Equity ratio 98,2 (97,8) % as of 2017-03-31
Significant events during first quarter of 2017
- The subscription period for TO 1 ended February 10, 2017 and during this period 2,405,992 warrants was exercised for an equal number of shares corresponding to a subscription rate of approximately 96%. Cyxone will thereby receive approximately SEK 12 million before issue costs.
- Cyxone's candidate drug T20K ability to both prevent and inhibit multiple sclerosis in animal models was verified by an independent laboratory.
Significant events after the end of the period
- A collaboration agreement has been made with Bachem AG in Switzerland to improve the synthesis of T20 and produce drug for non-clinical and clinical studies.
CEO Kjell Stenberg comments
Immediately after New Year, Cyxone started its evaluation of the T20K results obtained under 2016. In this effort Cyxone is supported by its Scientific Advisory Board and its strategic partner Sourcia. The goal has been to design a T20K development program up to phase II clinical trials. Considerable efforts have been made to find external companies capable of delivering high-quality studies to a fair prize to meet the company's timeline.
During the period, the very promising efficacy of T20K on animal MS earlier reported has been validated by an independent laboratory. Cyxone has received confirmation that T20K can inhibit MS symptoms prophylactically (before disease induction) as well as therapeutically, i.e. when the disease symptoms have become manifest. T20K's effect on MS is comparable to that of the leading oral MS drug Gilenya.
In 2017, the company plans to study the effects on MS development in animals treated as soon as signs of disease progression occur, i.e. mirroring the plans to treat MS patients as soon as possible after diagnosis and maintain patients in remission. Other activities planned are chemical synthesis of T20K for animal studies and for man, develop and refine analytical methods, study pharmacological effects of T20K for a better safety assessment, carry out toxicity and pharamcokinetic studies (to quantify uptake, measure distribution and excretion of T20K).
Cyxone has introduced T20K and its anti-inflammatory cyclotide technology to leading pharmaceutical companies in Europe and the United States and has an ongoing positive dialogue.
We are very pleased by the strong interest by shareholders demonstrated through a 96% conversion of the company's first warrants (TO1) into shares. An additional SEK 12 million before issue costs was hence added to Cyxone.
Follow our news and information about our presence at investor meetings via First North, and the company's webpage: www.Cyxone.com
Kjell Stenberg CEO, Cyxone AB
Upcoming financial reports and Annual General Meeting
2017-05-23 General Meeting
2017-08-30 Interim report
Full report is attached.
Malmo May 16, 2017
Board of Directors
Cyxone AB (publ)
Kjell G. Stenberg, CEO
211 22 Malmö
This year-end report is such information Cyxone AB is obligated to publish under the EU Market Abuse Regulation and Securities Markets Act. The information was released by CEO Kjell Stenberg for publication May 16, 2017 at. 08:50 CET.
This report contains forward-looking statements, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of the date they are made and are, by their nature, as well as research and development work in the biotech segment, associated with risk and uncertainty. The actual outcome may deviate significantly from the scenarios described in this press release. The full report (PDF)