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Isconova - Interim Report January-March 2012


5/29/2012 10:08:16 AM

May 29, 2012 -- FIRST QUARTER, JANUARY 1 – MARCH 31, 2012

?Consolidated net sales totaled SEK 5.0 M (4.0)

?Operating result amounted to a loss of SEK 11.0 M (loss: 9.8)

?Net result amounted to a loss of SEK 10.9 M (loss: 9.6)

?Result per share before and after dilution amounted to a loss of SEK 2.63 (loss: 2.40)

?Cash flow from operating activities amounted to a deficit of SEK 8.4 M (deficit: 10.0)

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

?Rabies vaccines with Isconova’s Matrix-M™ Vet adjuvant launched in Russia

?Isconova appointed Sven Andréasson as new CEO

?Russell G. Greig appointed Chairman of the Board of Isconova AB

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

?The Annual General Meeting was held on May 10, 2012 in Uppsala. The Meeting resolved the composition of the Board of Directors and the introduction of an employee stock option plan directed toward certain directors, the CEO and senior executives.

?First results reported from the successful Phase I trial with Isconova’s Matrix M™ adjuvant

CEO’S COMMENTS

A very positive development since the last report is of course the completed Phase I clinical trial of seasonal influenza vaccine. The aim was to study the effect of Isconova’s adjuvant Matrix M™ and to obtain human clinical data. The study, which is the first clinical study Isconova has operated and conducted in-house, confirmed the clinical superiority of the vaccine adjuvanted with Matrix M™. As in the study of vaccines for pandemic influenza (PanFluVac-study) that our partner J&J/Crucell reported in 2011, it was demonstrated that Matrix M™ stimulates both antibody and cellular response with excellent safety profile. Both the primary clinical endpoint was reached, as well as the secondary endpoints.

In 2012, additional partners prepare to commence clinical trials of vaccines with Matrix M™. The completed clinical trials, and especially our own study in which we own all the data, as well as future studies will be important and strong arguments for the further commercialization of the Matrix M™ and is essential parts of "proof of concept" for the Matrix technology.

Further, our Russian partner VetBioChem’s launch of rabies vaccine for dogs and cats is on-going, and we expect to sign additional agreements in veterinary medicine during the year.

Net revenues, including revenues from EU projects, increased by 27 percent compared to the first quarter last year. Excluding EU projects, growth was 5 percent. Costs for our own clinical phase I study were taken in the first quarter. The operating profit is on an expected level.

As our own, and partners’, clinical programs are progressing, it confirms that Isconova’s technology significantly improves the effectiveness of vaccines combined with an excellent safety profile.

We are working on a large and growing market where Isconova’s adjuvants are closely aligned to the needs of new modern vaccines and we have devoted considerable effort on Isconova’s future strategy, which has resulted in a promising business plan. But regardless of the competitiveness in the Isconova offer it will require significant efforts for the company to achieve its full potential.

Sven Andréasson

CEO



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