Promore Pharma Release: Interim Report January - June 2017
Published: Aug 30, 2017
April to June
- Net sales amounted to MSEK 0 (0).
- The operating profit for the period was 8.5 (0.7) MSEK
- Net profit was 10.5 (0.5) MSEK , corresponding to earnings per share of SEK 0.69 (0.04)
- Cash flow from operating activities amounted to 10.7 (-5.6) MSEK
- Cash and cash equivalents amounted to 14.7 (10.9) MSEK
January to June
- Net sales amounted to MSEK 0 (0).
- The operating profit for the period was 5.3 (-2.2) MSEK
- Net profit was 7.2 (-2.5) MSEK , corresponding to earnings per share of SEK 0.53 (-0.19)
- Cash flow from operating activities amounted to 7.9 (-5.6) MSEK
Significant events during the period January - March
- A collaboration agreement was signed with the American biotech company Cellastra Inc. regarding the clinical development of PXL01 in North America
- The company formally changed name from Lipopeptide to Promore Pharma
- A resolution was made to perform a bonus issue and make the company public
- Share split 15:1 implemented
- Marianne Dicander Alexandersson was elected as a new board member
- Jonas Ekblom was employed as CEO. He was previously a consultant for the company.
- Submission of a clinical trial application in India for a PXL01 clinical phase III trial
- Submission of a p atent application in the US for the PXL01 product composition
- Milestone payments received from PharmaResearch Products Ltd
- Subscription of shares using warrants was made
- Share issue in connection with the listing on Nasdaq First North in June raised 76 MSEK before deduction of transaction costs
Significant events after the end of the reporting period
- Trading in Promore Pharmas shares and warrants (TO1) was initiated on Nasdaq First North on 6 July 2017
This is the company's first interim report after listing on Nasdaq First North on July 6th. I would therefore like to welcome old and new shareholders in Promore Pharma to this new era in the company's history. Through our IPO, we achieved two very important goals; (i) to secure funding to carry out the company's most significant projects, and (ii) to broaden the company's shareholder base. We are confident that hard and focused work will generate success in our research and development activities and that we will be able to develop drugs in therapeutic areas that today lack effective pharmacological therapies. Our company is unique in that we have two projects in a late clinical development phase where several important developmental risks have already been eliminated.
Now when additional funding has been received, it feels incredibly uplifting to take the next step in the development of our drug candidates. Our intense activity level has manifested itself in significant progress in the planning of the Phase III clinical trial that will be required to obtain future market approval for PXL01 in the EU for the prevention of post-surgical adhesions associated with tendon repair surgery. The work has progressed in close collaboration with our strategic partners; PharmaResearch Products Ltd in South Korea and Technomark Life Sciences LLC. The first patient is expected to be enrolled in the first half of 2018. During the first six months of the year, the work on preparation for the next clinical trial of LL-37 has also continued according to plan and we intend to start the enrolment of patients to this Phase IIb clinical trial during 2018. Before the end of this year, we intend to select a CRO (Clinical Research Organization) for the operationalization of our Phase IIb trial for the treatment of venous leg ulcers.
We have also submitted an international patent application in collaboration with Cellastra Inc.
The new issue we conducted in connection with the public listing in June mean we have the monetary resources that we need in order to drive our development projects forward with our strategic partners. It is with great confidence that we look forward to the activities in coming quarters’. We are currently in important stages of our development programs and we hope that our strategic investments will result in progress that will allow us to gradually approach the market for our product candidates. The expectations are high and this fact is l reflected in our desire and ambition to deliver successful results of high quality that will increase the value of the company.
Solna, 30 August 2017
President and CEO
For additional information, please contact
Jonas Ekblom, CEO
Phone: [+46] 736 777 540
Jenni Björnulfson, CFO
Phone: [+46] 708 55 38 05
Promore Pharma in brief:
Promore Pharma is a biopharmaceutical company specialized in the development of therapeutic peptides for the bioactive wound care market. The company’s aim is to develop two first-in-category products for indications where very few efficacious prescription pharmaceuticals are available, thus, addressing high unmet medical needs. Promore Pharma has two projects, PXL01 and LL-37, in late stage clinical phase. PXL01, that will be used for prevention of post-surgical adhesions and scars, is being prepared for clinical phase III-studies in patients undergoing tendon repair surgery in the hand and LL-37 that is prepared for a clinical phase IIb study in patients with venous leg ulcers. The product candidates can also be deployed for other indications, such as preventing dermal scarring and treatment of diabetic foot ulcers. The company is listed on Nasdaq First North with Redeye AB as Certified Adiviser.