Interim Report 1 January to 30 June 2023
Financial Summary for the group
|Profit/loss before tax||-5 910||-12 711||-11 887||-29 389|
|Total assets||41 399||65 926||41 399||65 926|
|Earnings per share before and after dilution (SEK)||-0,06||-0,13||-0,12||-0,31|
|Cash and cash equivalents as per period end||15 058||48 582||15 058||48 582|
|Equity ratio as per period end||84,9%||91,0%||84,9%||91,0%|
- Cyxone receives patent approval from the US for the salt forms of the compound rabeximod
- Cyxone receives Intention to Grant from the European Patent Office for the divisional patent of T20K
- Cyxone appoints Urban Ottosson as new CFO
- Cyxone engages Asperion as new strategical advisor
- Cyxone revised strategy for commercial alignment targeting valuable market opportunities
A new very industrially experienced board of directors took office in Cyxone in May and during the summer started to work together with advisors in drug development to best take advantage of the opportunity going forward with the drug candidates available in the company.A changing market provides positive prospects for rabeximod
The priority has initially been rabeximod, as the market is currently undergoing major changes due to patent losses that significantly affect the sales of the world's largest drug, Humira. A unique situation exists with the available phase II data on rabeximod, which has so far been evaluated in studies with 300 patients with good signs of efficacy and, not least, no signals of side effects that affect the possibilities of further development to treat patients. Cyxone can, therefore, together with good knowledge of essential aspects of rabeximod's mechanism of action, use existing substance to evaluate the product in, according to the board and its advisers, relevant populations of patients where there are very good commercial conditions as well as medical needs. A further developed formulation of rabeximod has received a patent for 20 years from May 2023. This further contributes to opportunities for significant value creation which we are convinced benefits our shareholders.
During quarter four, Cyxone's project within MS, T20K, will also be evaluated in order to best optimize opportunities for value creation.Cost-effective development process
I have been given a clear mission by the board to find ways to create value for both of these projects, while at the same time, at the board's request have started work on creating a more cost-effective operation with significantly lower costs. This is possible as, on the basis of the positive response we have received thus far, we conclude that key opinion-leading doctors in the US and Europe will be keen to evaluate rabeximod via so-called "investigator-sponsored trials" (IST) because the clinics have a great interest in finding better treatment alternatives for patients who do not respond well to existing treatments.
Please follow the company's development and receive information about our participation in investor meetings via Nasdaq First North Growth Market and on the company's website, www.cyxone.com.
27 October 2023 Interim report Q3, 2023
23 February 2024 Year-end report 2023
The report is enclosed in full here, and all reports will be available from these dates at www.cyxone.comSubmission of interim report
August 30, 2023
The Board of Directors
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.Contact
Carl-Magnus Högerkorp, CEO
Tel: +46 (0)70 781 88 12
The information was submitted for publication, through the agency of the contact person set out above on 30th of August 2023.
This press release 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.About Cyxone
Cyxone AB (publ) (Nasdaq First North Growth Market: CYXO) develops disease modifying therapies for diseases such as rheumatoid arthritis and multiple sclerosis. Rabeximod is a Phase 2 candidate drug being evaluated for the management of rheumatoid arthritis. T20K is a Phase 1 candidate drug for treatment of multiple sclerosis. Certified Adviser is FNCA Sweden AB. For more information, please visit www.cyxone.comOpen Interim Report