Immunovia Announces Financial Targets
LUND, Sweden, March 12, 2018 /PRNewswire/ -- The Board of Directors of Immunovia AB (publ) ("Immunovia" or the "Company") has today adopted financial targets due to the fact the Company, as previously announced, will begin sales during second half of 2018. The financial targets show that the Company's goal is to reach SEK 250-300 million in turnover in 2021 based on "self-pay"-sales and a turnover of SEK 800-1,000 million in 2023 including self-pay and reimbursements in Europe and the US.
Immunovia performs clinical validation studies for the commercialization of IMMray™ PanCan-d, which may be the first blood-based test for early diagnosis of pancreatic cancer. Market introductory preparations have begun in 2017 and the commercial organization is constantly being strengthened in 2018 in order to implement market launch activities. The Company expects the first revenues from self-pay sales during the fourth quarter of 2018.
The following financial targets have been adopted:
- Immunovia's targets to achieve a turnover of SEK 250-300 million in 2021 based on self-pay for IMMray™ PanCan-d.
- Immunovia targets further to achieve a total turnover, for self-pay and reimbursement, of SEK 800-1,000 million in 2023.
The target of SEK 250-300 million in turnover in 2021, which is three years after sales start in Europe and the United States, is based on self-pay, i.e. that users themselves pay for the product. This corresponds to approximately five percent market penetration in the category of familiar or hereditary risk of pancreatic cancer and one percent market penetration in the category early symptoms of pancreatic cancer.
Immunovia targets to receive reimbursement for IMMray™ PanCan-d in these segment of pancreatic cancer in 2021. Immunovia's goal of reaching SEK 800-1,000 million in total sales for self-pay and reimbursement in 2023 in Europe and the United States corresponds to approximately twenty percent market penetration in the category of hereditary risk of pancreatic cancer, nine percent penetration in the category early symptoms of pancreatic cancer, and an initial use in the area of diabetic patients with increased risk of pancreatic cancer.
The financial targets apply to IMMray™ PanCan-d, the first of several uses with significant market potential for the IMMray™ platform, such as autoimmune diseases and other cancers. The company initiated a program focusing on diagnostics and monitoring of autoimmune diseases in the beginning of 2016.
Immunovia's financial targets set forth above constitute forward-looking information and are based on a number of assumptions about the environment in which the Company operates, which may vary significantly and deteriorate over time from what Immunovia assessed when the financial targets were adopted. As a consequence, Immunovia's ability to achieve the financial targets consists of uncertainties and contingencies, some of which are outside the Company's control. There is no guarantee that Immunovia can achieve the financial targets or that Immunovia's financial position or operating profit will not differ materially from the financial targets.