Financial Report

Interim Report 1 January to 30 September 2018

November 21, 2018 08:46 (CET)

Summary of the interim report

First nine months (1 January to 30 September 2018)

  • Operating revenue KSEK 0 (0)
  • Income after financial items KSEK -10 893 (-5 593)
  • Earnings per share -0,55 (-0,36)
  • Cash and cash equivalents as of 30 September KSEK 10 478 (25 662)
  • Equity ratio as of 30 September 90,7 (95,2) %

Third Quarter (1 July to 30 September 2018)

  • Operating revenue KSEK 0 (0)
  • Income after financial items KSEK -4 390 (-1 518)
  • Earnings per share -0,22 (-0,10)

Significant events during the third quarter of 2018

  • The company completed the acquisition of drug candidate Rabeximod and issued approximately 1.9 million shares to complete the payment to OxyPharma AB. The shares were registered with the Swedish authority ‘Bolagsverket’ on July 3, 2018.
  • The company appointed Mangold Fondkommission to provide market making services for the company’s share. The purpose of the market maker is to improve the liquidity of the share and reduce the difference between the buying and selling price. The assignment commences on July 2, 2018.
  • The company’s second and last phase of the pilot study in inflammatory bowel disease (IBD) with its cyclotide technology has been concluded. The results add to the growing body of evidence around the cyclotide technology, deepening the understanding of this natural plant protein.

Significant events after the end of the period

  • The company has completed the rights issue of units approved at the Extraordinary General Meeting on October 1, 2018. The rights issue has been subscribed to 90 percent. Approximately 36 percent of the issue was subscribed by unit rights, approximately 4 percent of the issue was subscribed without unit rights and approximately 50 percent was subscribed by issuers. Through the rights issue, Cyxone's share capital increases by SEK 1,339,097.65 through the issue of 17,743,034 shares. Following the rights issue, the company's share capital amounts to SEK 2, 826,983, while the number of shares will amount to 37,457,517.
  • The company has selected the clinical site that will carry out the drug candidate T20K's first in man study. The clinical site located in Western Europe has been carefully evaluated based on a number of crucial criteria and will treat the first healthy volunteers in the T20K clinical phase 1 study developed for the treatment of multiple sclerosis (MS).

CEO Kjell G. Stenberg comments
During the third quarter Cyxone has focused on the activities required to initiate clinical studies with T20K (phase 1).

In addition, the company has made a concerted effort to raise capital for the clinical phase 2b program that Cyxone planes to initiate in 2019.

Cyxone has also increased its activities to introduce its drug candidates, T20K for multiple sclerosis (MS) and Rabeximod for rheumatoid arthritis (RA), to pharma companies in Europe, USA and Asia.

T20K and MS
From the company’s studies in the final parts of the required preclinical program with T20K Cyxone has gained much new, valuable insights on how T20K works, how it is taken up and distributed within the body[1]. These new insights are key for further clinical development of the drug into a new MS product with a potential to prevent disease progression and with few side effects.

In order to expedite the process to first-in man studies Cyxone has engaged several specialized companies that work in concert to deliver the tools and data that are needed to enter phase 1 studies.

The results obtained are in line with what was expected and supports Cyxone’s plans for phase 1 studies with T20K.

Rabeximod and RA
Cyxone has initiated planning of its phase 2b clinical development program including 24 weeks studies with Rabeximod in animals, and in patients with moderate to severe RA.

Exploring opportunities for new drugs for autoimmune diseases
After studies with a cyclotide in animal model for inflammatory bowel disease the company continues to explore opportunities to identify new, unique chemical entities with favorable effects on autoimmune diseases within its two patent portfolios.

Partnering opportunities
With two candidate drugs in clinical phase Cyxone has increased its possibilities to find good strategic partners to accelerate its development process. First set of meetings took place at the Nordic Life Science Days in Stockholm in September where the company had several positive discussions with different pharmaceutical companies.

We greatly appreciate the support and confidence from our shareholders and look forward to a continued strong progress for Cyxone.

Follow our news and information about our presence at investment events via Nasdaq First North and the company's website:

Kjell Stenberg
CEO, Cyxone AB

Upcoming financial reports

February 14, 2019 Year-end Report

Submission of interim report


November 21, 2018

The Board of Directors
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.

Cyxone AB (publ)
Kjell G. Stenberg, CEO
Tel: +46 (0) 723 816 168
Adelgatan 21
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 November 21, 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 report.

About Cyxone
Cyxone AB is a clinical stage biotech company with a portfolio of immunomodulating drugs for the treatment of autoimmune diseases such as multiple sclerosis (MS) and rheumatoid arthritis (RA). The company’s drug portfolio is based on two technological pillars in the form of oral molecules and cyclotide-based drugs that inhibit key processes in the body’s cells that are typically associated with various immune-related disorders. Cyxone’s technologies have the potential to address an unmet need and provide new effective and safe medicines that can improve the quality of life for patients affected by autoimmune diseases. The company has two drug candidates, T20K for MS in a preclinical program and Rabeximod for RA in clinical phase II-program. Cyxone’s Certified Adviser on the Nasdaq First North is Mangold Fondkommission AB, +46 (0)8-503 015 50.

[1] See Cyxone’s Newsletter from July 2018 and Press release published 23 October 2018

Open Interim Report