Interim Report 1 January to 31 March 2020
Summary of the interim reportFirst Quarter (1 January to 31 March 2020)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -10 183 (-6 757)
- Earnings per share -0,21 (-0,18)
- Cash and cash equivalents as of 31 March KSEK 51 831 (30 049)
- Equity ratio as of 31 March 95,5 (90,3) %
- Cyxone announced in January that the company has ordered more Rabeximod substance earlier than planned. As a result, the first patient in the clinical Phase IIb trial is expected to be dosed in the first quarter of 2021.
- The Medical University of Vienna filed a new patent application in March for extended protection of T20K, included in Cyxone's license agreement.
- No significant events
The first quarter of 2020 has been significantly influenced by the Covid-19 pandemic that sweeps across the world. As a result, we at Cyxone work even more virtually than usual, but otherwise our activities are not significantly affected. We use this time to develop a long-term strategic plan to advance our development work. This applies to both the design of the development programs and how we best package our projects to optimize the value for future licensing and partnering discussions. We will be well prepared for all the milestones ahead to ensure the best possible outcome of our studies.
The recruitment of a new CEO is still ongoing, and we will notify the market as soon as we have everything in place.T20K
The development work of an oral formulation for T20K is ongoing. We are discussing with leading contract research organizations to obtain a stable and patient-friendly formulation and we have made some progress. In addition to developing an oral formulation, we need to perform preclinical studies to ensure required quality. The studies needed are toxicological tests, but studies are also needed to show how the oral formulation of T20K is taken up in the body, how long it remains in circulation and whether the substance accumulates in any specific organ. When these studies are completed and the results analyzed, we will initiate the planning of a phase I study.Rabeximod
The production of Rabeximod substance is proceeding according to plan and when completed, Aptuit will proceed with the capsulation. Our applications to the ethical committees in the countries of the investigation sites are somewhat affected by the current Corona pandemic, but during the period we received approval from one more country's ethical committee to carry out the phase IIb study. When the capsulation is complete, we will apply for permissions from the regulatory authorities and the plan is still to enrol the first patient in the phase IIb study during the first quarter of 2021.
In summary, our activities are ongoing at the same high speed as usual and we look forward to an exciting and productive continuation of 2020. Several important milestones for our projects are scheduled to be achieved and we remain committed to developing T20K and Rabeximod as treatments that will improve the quality of life for many patients suffering from autoimmune diseases.
Follow our news and information about our presence at investment events via Nasdaq First North and our website at: www.cyxone.com.
CFO and Interim CEO, Cyxone
June 4th, 2020 Annual General Meeting
August 28th, 2020 Half-year Report
November 13th, 2020 Interim Report Q3
February 12th, 2021 Year-end Report 2020
Submission of interim report
May 15, 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.
Ola Skanung, interim CEO & CFO
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 15 May 2020 at 08.30 CET.
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.
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, +46 (0)8-503 015 50, firstname.lastname@example.org. www.cyxone.com