Year-end Report 1 January to 31 December 2019
Summary of the year-end reportFinancial year (1 January to 31 December 2019)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -34 922 (-31 138)
- Earnings per share -0,71 (-0,83)
- Cash and cash equivalents as of 31 December 2019 KSEK 61 756 (38 716)
- Equity ratio as of 31 December 2019 95,6 (90,4) %
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -9 910 (-9 897)
- Earnings per share -0,20 (-0,26)
- In early November, Cyxone’s Board announced the recruitment of a new CEO to lead the company into its next phase. Ola Skanung, CFO, stepped in as interim CEO.
- In November, Cyxone signed an agreement with a UK-based contract research organization (CRO) to conduct the six-month toxicology studies with Rabeximod as required ahead of the Phase IIb study. Preparations for the toxicology study began immediately with a plan of initiating the study directly thereafter.
- In December, Cyxone signed an agreement with Aptuit to perform the capsulation of the Rabeximod substance. This is a key step in the preparations for the planned Phase IIb study, where patients will be administered capsules with Rabeximod, thus securing a further step in the Rabeximod Phase IIb program.
- In January 2020, Cyxone announced a proactive and strategic decision to order more Rabeximod substance with the primary objective of providing optimal conditions for conducting the clinical Phase IIb trial. As a result, the first patient in the clinical Phase IIb trial is expected to be dosed in the first quarter of 2021.
The end of 2019 was an eventful period for Cyxone. I stepped in as the interim CEO in early November and have since then, together with our team and partners, driven our projects forward. Our focus has been on the preparation for the Phase IIb study with Rabeximod, further development of T20K and expansion of core competencies in the company. Preparations and initiated actions such as securing partners for toxicology studies and capsulation of Rabeximod have brought us significantly closer towards the goal of developing effective and safe drugs that can help people with autoimmune diseases.Progress in our development projects
The successful outcome of the series 3 warrants during early autumn has enabled us to take the next step in the development of our drug candidates Rabeximod and T20K. We have secured the development for Rabeximod by signing new partners, a contract research organization (CRO) for toxicology studies and a capsulation manufacturer. Additionally, we recently decided to order more Rabeximod substance. The timing of this order was earlier than initially planned but was strategically an important step. We see that bringing the delivery forward may help prepare us for potential development collaboration or other partnering activities requiring substance. All together, these three steps are key to building a strong foundation ahead of the Phase IIb study. With this in mind, we have a positive outlook for 2020 in terms of Rabeximod’s development and the Phase IIb study that is expected to start during the first quarter 2021.
At the same time, the development of T20K is progressing. We have now initiated studies where the results will guide our choice of oral formulation. The results will provide us with a better understanding in how the substance dissolves and absorbes in the gastrointestinal tract. In parallel with this work, we will during spring focus on the continued clinical development of T20K. Two important pieces with this work are to map the potential need for further preclinical studies as well as designing the Phase Ib study optimally.Strengthen the team
In order to successfully drive the company’s development, we will continue building the expertise within our organization. In August, we recruited Dr. Malin Berthold and from January this year Malin took on the role as Chief Operating Officer (COO) to lead our preclinic and clinical operations. This is an important step towards taking the company to the next level. With the same purpose, we are working to complement our in-house competencies through collaboration with external experts to prepare for the clinical studies for both of our drug candidates. Recruitment of a new CEO is in progress and as we see the need to swiftly get a suitable CEO in place, it is nevertheless important to find the right candidate.2020 outlook
We are looking forward to grow and strengthen our organization, both strategically and operationally as we continue our work towards a future with improved quality of life for those with severe autoimmune diseases. The team at Cyxone and I are grateful for your support and the commitment you show us!
Follow our news and information about our presence at investment events via Nasdaq First North and the company's website: www.cyxone.com
CFO and Interim CEO, Cyxone AB
April 3, 2020 Annual report 2019 will be published on the Cyxone Webpage
May 15, 2020 First quarter report
August 28, 2020 Half year report
November 13, 2020 Third quarter report
February 12, 2021 Year-end report 2020
February 14, 2020
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
Cyxone AB (publ)
Ola Skanung, CFO and interim CEO
Phone: +46 (0) 705 121 040
211 22 Malmö, Sweden
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 Ola Skanung for publication on February 14, 2020 at 08.30 CET.
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 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 clinical phase I-program and Rabeximod for RA in clinical phase II-program. Cyxone’s Certified Adviser on the Nasdaq First North Growth Market is Mangold Fondkommission AB, telephone +46 (0)8-503 015 50 and e-mail email@example.com. www.cyxone.comOpen Year-end Report