February 28, 2012 -- FOURTH QUARTER, OCTOBER 1 – DECEMBER 31, 2011
- Consolidated net sales totaled SEK 7.6 M (2.9)
- Operating result amounted to a loss of SEK 6.9 M (loss: 9.6)
- Net result amounted to a loss of SEK 6.8 M (loss: 9.6)
- Result per share before and after dilution amounted to a loss of SEK 1.64 (loss: 2.72)
- Cash flow from operating activities amounted to a deficit of SEK 4.5 M (deficit: 8.7)
JANUARY 1 – DECEMBER 31, 2011
- Consolidated net sales totaled SEK 20.2 M (17.8)
- Operating result amounted to a loss of SEK 36.6 M (loss: 28.6)
- Net result was a loss of SEK 35.8 M (loss: 30.5)
- Result per share before and after dilution amounted to a loss of SEK 8.75 (loss: 13.19)
- Cash flow from operating activities amounted to a deficit of SEK 28.4 M(deficit: 29.9)
SIGNIFICANT EVENTS DURING THE FOURTH QUARTER
- No significant events occurred during the quarter.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- Rabies vaccines with Isconova’s Matrix-M™ launched in Russia
- Isconova appointed Sven Andréasson as new CEO
- Russell G. Greig appointed new chairman of the board
*) All figures pertain to the Group, unless otherwise stated. The figures in parentheses pertain to the
corresponding period in the preceding year.
Isconova’s goal is to be the first choice for vaccine companies around the world who seek a
partner for development of effective vaccines with the aid of adjuvants. Our objective is to
take a larger stake in the final vaccine product, and in 2011 we have taken additional steps in
both the human and veterinary vaccines’ markets to achieve this goal.
The positive results from the Phase I study of the Matrix M™ adjuvanted bird (H5N1) flu
vaccine, which was conducted by the PANFLUVAC Consortium, demonstrated that the vaccine
was well-tolerated and an effective enhancer of the antibody response to vaccination.
Importantly, Matrix M™ also showed dose sparing properties. Based on these encouraging
data Isconova initiated its own Phase I trial for seasonal influenza in May, 2011.
Our existing licensing agreements with Crucell NV, part of the Johnson & Johnson group, was
expanded to cover the use of Isconova adjuvant Matrix M™ in HIV and malaria vaccines, in
addition to the existing indication for influenza vaccine.
We also expanded our partnership with Genocea Biosciences Inc, a Boston-based
biotechnology company focused on discovering and developing novel T-cell antigens, where
Genocea was granted the rights to use Isconova Matrix M ™ in the development of vaccines
against two additional diseases - malaria and gonorrhoea. The most advanced program in our
partnership with Genocea is a therapeutic vaccine adjuvanted with Matrix M against herpes
simplex virus type-2, a sexually transmitted disease that is estimated to affect 500 million
people worldwide. Genocea plan to begin clinical trials in 2012.
Consistent with our strategy to participate in the on-going market consolidation we acquired
the assets of Nordic Vaccine A / S, a Danish research and development company specializing
in adjuvants and drug delivery development. With the acquired patents, we further
strengthened our position and patents within the Iscom and Matrix™ technologies.
In the veterinary business, our partner in the Russian market, VetBioChem, in 2011 received
regulatory approval for two Matrix M ™-based rabies vaccines (Rabix and Rabifel) for dogs
and cats. Both products were launched in February 2012. The vaccines are the first marketed
veterinary vaccines using Isconova’s adjuvant Matrix-M™Vet. Isconova will receive production
revenues and royalties based on sales.
We also expanded our collaboration with the Norwegian company, PHARMAQ, following the
successful application for an EU grant to discover and develop a new generation of fish
In the 2H 2011 our partner, Intervacc, successfully completed a clinical study of Strangvac ®,
an Isconova Matrix C adjuvanted vaccine being developed against the equine disease
strangles. Strangles is a serious, and sometimes fatal, infection in horses with significant
commercial potential as there is currently is no effective vaccine in the market.
Revenues increased significantly in 4Q 2011, primarily driven by a recovery in sales to MSD
Animal Health. The total revenue increase on a year-to-year basis amounted to 13% including
EC-sponsored development funding and 4% excluding this funding. Investments in Isconova-
sponsored clinical trials have resulted in increased costs, along with management changes and
supply chain upgrades.
Sven Andréasson new CEO
It is pleasing and exciting to hand over to our new CEO, Sven Andréasson, who will take office
March 1. Sven has extensive experience from senior positions in the international
pharmaceutical industry, including as President and CEO of Active Biotech. His business
development skills and international experience will be of great value to Isconova as we move
into the next phase of our growth.
Russell G. Greig
Isconova is a research and development company specializing in the development and
commercialization of adjuvants and vaccines through the company’s unique expertise in
vaccine technology. The company has a patented technology, a strong product platform,
production and sales of adjuvant, and several partnerships with leading international vaccine
and pharmaceutical companies.
Isconova has developed several adjuvants that are all based on Iscom, an immune-stimulating
technological platform. Isconova has reported income for product deliveries in the veterinary
field since 2005, and there are currently five veterinary vaccines in the market that use
Isconova’s overall goal is to be the first choice for vaccine companies seeking a partner for
effective development of adjuvanted vaccines and to successively secure a larger participating
interest in vaccine products.
Isconova’s product portfolio
Isconova’s product portfolio consists of Matrix-C? (used in vaccines for horses), Matrix-M?
(used in vaccines for humans, dogs and cats), as well as Matrix-Q? (used in animal vaccines in
addition to horses, dogs and cat vaccines). In addition, the company sells the research
reagents AbISCO®-100 and AbISCO®-300.
Isconova’s project portfolio
Isconova’s project portfolio consists of projects in human and veterinary vaccines and the
company has signed partnership agreements pertaining to indications aimed for both
markets. In addition to the signed partnership agreements, Isconova also conducts several
In the human sector, Isconova has partnership agreements with several companies including
the Dutch vaccine company Crucell, which is part of the Johnson & Johnson Group, and the US
research and development company Genocea Biosciences. There is also cooperation with
world leading institutes, for example, the Jenner Institute at Oxford University in the UK.
In the veterinary field, Isconova has agreements with two major vaccine producers – Pfizer
and MSD Animal Health – which market products that use Isconova’s product platform.
Furthermore, Isconova has signed agreements with additional vaccine companies, where
clinical studies are in progress. In addition to these projects, Isconova has signed more than
ten Material Transfer Agreements (MTA), and is also involved in a number of EU projects.