Interim Report 1 January to 31 March 2018
Summary of the Interim Report
First Quarter (1 January to 31 March 2018)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -2 747 (-1 487)
- Earnings per share -0,18 (-0,10)
- Cash and cash equivalents as of 31 March KSEK 27 227 (31 275)
- Equity ratio as of 31 March 90,6 (98,2) %
Significant events during the first quarter of 2018
- First phase of pilot study with the cyclotide T20K into inflammatory bowel disease (IBD) has been concluded as planned and with promising results.
Significant events after the end of the period
- The European Patent Office (EPO), has issued its formal intention to approve the company’s patent application regarding the company’s use of cyclotides as immunosuppressive drugs.
- The company’s immunomodulating cyclotide drug, T20K, and its development potential have been recognized in the renowned journal International Journal of Peptide research and Therapeutics.
CEO Kjell G. Stenberg comments
For Cyxone, the start of this year meant a fast-paced blur between cities and countries in order to accomplish as much as possible. A brief summary of the first quarter contains preclinical activities for T20K in multiple sclerosis (MS) and a pilot study in inflammatory bowel disease (IBD), as well as finding the right funding solution of the clinical phase 2b study with Rabeximod for patients with rheumatoid arthritis (RA). This is the beginning of a 'new' Cyxone as a significant and innovative player in autoimmune diseases, which drives research and drug development forward to improve the quality of life for those affected by these diseases.
Strong development portfolio with T20K and Rabeximod
In a short period of time, we have built a strong development portfolio in autoimmune diseases through T20K, which is soon in phase 1 for MS, potentially an early developmental candidate for IBD and our planning of Rabeximod in phase 2b for RA. We are driving/planning for all of these tracks forward in parallel, and we successfully follow the schedule for our studies with positive results.
The activities of recent months have been characterized by being able to determine the funding of the clinical phase 2b study with Rabeximod for patients with RA. We have come to realize how much further the portfolio can be taken under the right circumstances, which we look forward to telling you more about as soon as possible.
Cyxone's unique strategy positioning
If Cyxone is compared with many other "biotech companies," there is something significantly different, namely the strategy set to enable patients to access a new treatment as soon as possible. Through the company's broad network of universities and pharmaceutical companies, we can in-license promising substances from early development phase, develop the projects up to phase III, and then divest the product into a pharmaceutical company with strong resources for phase III development and commercialization. This also means that the company is very resource-economic because various specialists are only included during the periods they are needed, and that sharp focus can be given to meet the prospects of executing substantive license agreements for T20K and Rabeximod, given positive study results. I believe in this winning strategy and feel confident that we are on the right track.
We are grateful for the support and trust our shareholders have in Cyxone and look forward to a strong year for the company.
Follow our news and information about our presence on investment events via Nasdaq First North and the company's website: www.cyxone.com
Kjell G. Stenberg
CEO, Cyxone AB
This is a translation of the original Swedish version of the interim report. In case of any discrepancy between this translation and the Swedish original, the latter shall prevail.
Upcoming financial reports and company general meeting
5th of June 2018 Annual General Meeting
29th of August 2018 Half Year report
Submission of interim report
16 May 2018
The Board of Directors
Cyxone AB (publ)
Kjell G. Stenberg, CEO
Tel: +46 (0)72-381 61 68
221 22 Malmö
This report contains such information that Cyxone AB is required to make public under the EU’s Market Abuse Regulation. This Information was submitted by CEO Kjell Stenberg for publication on 16 May 2018.
This report contains forward-looking statements that constitute subjective estimates and forecasts about the future. Assessments about the future are only valid on the date they are made and are, by their nature, similar to research and development work in the biotech field, associated with risk and uncertainty. In light of this, actual outcomes may differ substantially from what is described in this press release.
Cyxone AB (publ.) is a biopharmaceutical company that develops drugs based on cyclotides, a class of natural plant protein. Cyclotide technology has the potential to provide new drugs with beneficial pharmacological effects on diseases that currently lack safe and effective treatments. The company is focusing on the development of substances that inhibit key processes in cells that are typically associated with various immune disorders, such as multiple sclerosis and rheumatoid arthritis. Cyxone’s Certified Adviser on the Nasdaq First North is Erik Penser Bank, +46 (0)8 4638000. www.cyxone.com