Medical Prognosis Institute Publishes Half-Year Report For The First Half Of 2017
Published: Aug 31, 2017
Hoersholm, Denmark, August 31, 2017 - Medical Prognosis Institute A/S ("MPI") announces the company's Half-year report for the period January-June 2017. The report is available as an attached document to this press release and on the company's website (www.medical-prognosis.com). Below is a summary of the report.
Income statement H1 2017
Revenue amounted to DKK 3,089,135 (last year DKK 1,849,204).
Gross profit amounted to DKK -3,392,566 (last year DKK -3,760,812). The gross profit margin amounted to -109,8% (last year -203,4%). The increase in margin is due to the increase in revenue.
Staff expenses amounted to DKK 1,423,377 (last year DKK 1,215,101).
Profit/loss before other income and expenses showed a loss of DKK -5,054,849 (last year a loss of DKK -5,193,130).
Other Income amounting to DKK 2.027.562 is a compensation relating to a three year exclusivity agreement with Oncology Venture Sweden AB received in January 2017. The compensation received was warrants in Oncology Venture Sweden AB amounting to a fair value of DKK 12.165.373. The compensation is taken to income over a period of 3 years and the income for the period from January to June 2017 amounts to DKK 2.027.562.
Financial expenses of DKK 4.060.256 relate primarily to the revaluation of the warrants in Oncology Venture Sweden AB to the value at June 30, 2017.
Profit/loss before tax amounted to a loss of DKK -7,086,945 (last year a loss of DKK -5,230,504).
The Company realized a net loss of DKK -5,974,878 (last year a net loss of DKK -4,079,793).
Net earnings per share: DKK -0,25 (DKK -0,18) DKK. Total number of shares per June 30, 2017: 23,612,840
Total assets amounted to DKK 44,627,317 (last year DKK 31,072,221), primarily consisting of an 10,7 % ownership in Oncology Venture Sweden AB.
Total liabilities amounted to DKK 44,627.317 (last year DKK 31,072,221) and primarily consist of the Company's equity, DKK 29,204,627 (last year DKK 29,510,583) and deferred income from the warrants received from Oncology Venture Sweden AB of DKK 10,441,646 (last year DKK 0).
The Company's cash flows from operating activities were a negative DKK -10,800,997 (last year a negative
The Company's cash flows from financing activities amounted to DKK 75,881 (last year DKK 8,077,456).
Significant financial events during H1 2017
During the period, the Company conducted a rights issue of about DKK 9,4 million. The rights issue was subscribed to approx. 86 % and the Company will subsequently be provided approx. DKK 8 million. After the new rights issue registration, the total number of shares in MPI will increase to 24,307,555 shares. The share capital after the registration will be DKK 1,215,377.75.
Subsequent financial events
The Company has carried out a rights issue and 694,715 shares have been registered at Erhvervsstyrelsen after the end of the period. Total number of shares after end of the period is 24,307,555. The rights issue was registered at Erhvervsstyrelsen on July 12 and 25, 2017. No other events materially affecting the assessment of the Report have occurred after the balance sheet date.
Highlights during H1 2017
- MPI announces that data from the ongoing LiPlaCis Phase 1/2 study shows that tumor response to LiPlaCis can be predicted by the Drug Response Predictor independent of tumor type and including Breast Cancer.
- MPI announces that 2X Oncology Inc., a US spin-out from Oncology Venture, has obtained the Investigational New Drug (IND - i.e. allowance to run clinical trials in the US) application for the 2X-111 drug candidate.
- MPI announces that the board of directors has decided to conduct a rights issue of shares supported by an authorization granted to the board of directors by an extraordinary general meeting. The rights issue comprises of maximum 814 235 new shares at the offer price of DKK 11,29 (SEK 14,80) per share.
- MPI announces that the first patient has entered the Oncology Venture APO010 Phase 1/2 study for Multiple Myeloma (MM).
- Oncology Venture is informed by the US Patent Office that it will allow the claims in a patent application for a response predictor (DRPTM) for Oncology Ventures anticancer drug Irofulven.
- MPI increases its share capital with nominal DKK 6,190 as a result of exercise of 123,800 warrants.
- MPI - Epirubicin-DRP data for Breast Cancer is accepted for presentation at the 2017 American Society of Clinical Oncology (ASCO) annual meeting in Chicago, Illinois. The data demonstrates that the efficacy of chemotherapy with epirubicin, one of the most used drugs in Breast Cancer, can now be predicted by DRP.
- MPI's spinout Oncology Venture in-licenses 2BBB Medicines BV's Phase 2 lead product '2B3-101' for 2X Oncology's pipeline.
- MPI announces that Oncology Venture will develop a Companion Diagnostic utilizing MPI's Drug Response Predictor, DRPTM technology for an undisclosed Eisai oncology therapeutic agent.
- In March, the Danish radio 24syv makes an extensive interview with MPI and Oncology Venture.
- MPI exercises 100,000 warrants in Oncology Venture Sweden AB. The exercised warrants is part of the 302,243 warrants in Oncology Venture that MPI was granted in return for Oncology Venture's extended exclusive license to the MPI Drug Response Prediction (DRPTM) technology.
- MPI announces that in a study of 4 breast cancer drugs for personalized medicine, data for epirubicin, fulvestrant, anastrazole and exemestan demonstrated with statistical significant values that the PRPTM could predict whether the individual patients responded on the treatment with the mentioned drugs or not.
- MPI's spinout Oncology Venture is granted EUROSTARS funds from the Norwegian Research Council and Innovationsfonden in Denmark for the further clinical development of LiPlaCis.
- MPI announces that CE-marking for the in vitro diagnostic medical device (IVD); the Drug Response Predictor - DRPTM - has been technically validated and registered for Oncology Ventures lead drug candidate LiPlaCis® allowing the product to be marketed in EU.
- MPI increases its share capital with nominal DKK 6,337 as a result of exercise of 126,740 warrants.
Highlights after the period
- On the 9th of August, Aktieinfo.net published an investor analysis on MPI's spinout Oncology Venture Sweden AB.
- On the 4th of August, Medwatch published an article about MPI and Oncology Venture.
- MPI announces that Oncology Venture and Novartis Pharma AG (Basel, Switzerland) have entered into an agreement providing Oncology Venture with an option right to execute an exclusive license to develop and commercialize an undisclosed small molecule, kinase inhibitor in clinical development. The molecule has been explored in multiple therapeutic indications including a variety of solid tumors. Under the option agreement, Oncology Venture will evaluate whether it can suitably develop and validate a companion diagnostic for the drug using its proprietary DRP(TM) biomarker platform.
- MPI announces that that Oncology Venture has entered into an exclusive global license agreement with Eisai Inc. for Eisai's Phase 2 PARP inhibitor E7449 - now called 2X-121. 2X-121 will be developed by 2X Oncology, a precision medicine company developing targeted therapeutics to address significant unmet needs in women's cancer.
- MPI raises DKK 8 (SEK 10,3) million in a rights issue. The amount secures financing until H2 2018.
For the full Half-year report, see MPI's website (www.medical-prognosis.com) or the file attached to this press release.
For further information, please contact:
CEO, Peter Buhl Jensen, Adjunct Professor, MD, Ph.D. Ulla Hald Buhl, IR & Communication
E-mail: email@example.com E-mail: firstname.lastname@example.org
Telephone: +45 21 60 89 22 Telephone +45 21 70 10 49
This information is information that Medical Prognosis Institute A/S is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication on August 31, 2017.
About MPI's multiple biomarker called Drug Response Predictor - DRP(TM)
MPI's DRP(TM) is a tool for developing tumor-derived genetic signatures to predict which cancer patients are high likely to respond to a given anti-cancer product. The DRP(TM) has been tested in 37 trials, where 29 trials showed that drug-specific DRP(TM) Biomarkers could predict which patients responded well to the treatment. The DRP(TM) platform has amongst others been externally validated and published in collaboration with leading statisticians at the MD Anderson Cancer Center. The DRP(TM) method can be used to design the Clinical Development Plan, i.e. to select which indications are relevant for a given anti-cancer drug. In addition to this, the individual genetic patterns of patients can be analyzed as part of a screening procedure for a clinical trial to ensure inclusion of patients with a high likelihood of response to the drug. DRP(TM) builds on comparison between sensitive and resistant human cancer cell lines, including genomic information from cell lines combined with clinical tumor biology and clinical correlates in a systems biology network. The DRP(TM) is a Big Data tool based on messenger RNA. The DRP(TM) platform can be used in all cancer types, and has been patented for more than 70 anti-cancer drugs in the US.
Medical Prognosis Institute is a publicly traded international company specialized in improving cancer patients' lives by developing Personalized Medicine using its unique DRP(TM) technology. MPI's exceptional opportunity to personalize cancer treatment begins with Breast Cancer moving on to Multiple Myeloma and Prostate Cancer as the first steps. MPI's DRP(TM) tool has shown its ability to separate patients who benefit and who do not benefit from a specific cancer treatment. This has been shown in as many as 29 out of 37 trials, and covers more than 80 anti-cancer treatments in a wide range of cancer indications. MPI has built a significant large database with over 1,000 screened breast cancer patients and is building up a database in Multiple Myeloma to be followed by Prostate cancer in collaboration with oncologists and hematologists throughout Denmark. MPI has ownership of Oncology Venture (Publ) a spinout with three anti-cancer drugs in pipeline entered and of the privately hold Special Purpose Vehicles, 2X Oncology Inc. and OV-SPV2 Aps with four products in pipeline.
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