Interim report Q2
Summary of the interim report
First Half Year (1 January to 30 June 2020)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -24 370 (-13 412)
- Earnings per share -0,50 (-0,36)
- Cash and cash equivalents as of June 30th KSEK 40 630 (23 872)
- Equity ratio as of June 30th 88,3 (90,3) %
Second quarter (1 April to 30 June 2020)
- Operating revenue KSEK 0 (0)
- Income after financial items KSEK -14 187 (-6 655)
- Earnings per share -0,29 (-0,18)
Significant events during the second quarter of 2020
- Dr Tara Heitner appointed new CEO
- Cyxone filed new patent applications following additional innovation achievements
- Cyxoned entered a development agreement with inventor Kalev Kask
Significant events after the end of the period
- Cyxone signed agreement with Dr Maarten Kraan as Senior Scientific Advisor
- Cyxone signed agreement with Professor Rikard Holmdahl as Senior Scientific Advisor
- Cyxone raised SEK 0.9 million in a first directed share issue under the agreement with Dr Kask to jointly develop a new treatment of Covid-19
CEO Tara Heitner comments
It has been an exciting and productive three months since I started as CEO and I am happy to present my first interim report for Cyxone. The Cyxone team has been very active during the summer. We have made significant progress during the period and we have several key accomplishments to report.
Since I joined the company the team has worked diligently to meet several important milestones. Signing the development agreement with Dr Kask was a key achievement which will allow Cyxone to expand its therapeutic reach. The filing of four new patent applications was also achieved which has the potential to extend a strong patent protection for Rabeximod. Furthermore we strengthened our team and internal therapeutic expertise via our Scientific Advisory Board (SAB) with the hiring of two highly experienced and acknowledged experts within autoimmune diseases - Dr Maarten Kraan and Professor Rikard Holmdahl. Dr Kraan has extensive clinical trial experience from the pharmaceutical industry within inflammation and rheumatoid arthritis (RA). Dr Kraan also has had recent experience in the clinical investigation of the treatment of SARS-COV-2 patients. Professor Holmdahl is a renowned expert within academia in both multiple sclerosis (MS) and RA.
Last week we also had the pleasure to announce that Christin Arrhenius Bokedal will join Cyxone in October as our Head of Development. Christin will bring valuable experience and expertise from her career in the pharmaceutical industry. Her previous roles include project management, regulatory affairs, medical affairs and quality assurance - all of them are highly relevant skills for Cyxone in our future development phase.
The development of our drug projects - T20K for MS and Rabeximod for RA - are progressing according to plan. The Rabeximod tox results that I know many have been waiting for are also on time, and as we have communicated earlier there is now an extensive work to be done to properly analyse all the data generated from the study. Treating the animals for 6 months has generated data, and now the work to analyse and report the data will take the usual time for this type of study. We will communicate the results as soon as the study report has been finalized.
Preclinical studies on T20K are moving forward as planned. Recent studies show that the drug is highly stable in the gastro-intestinal tract, which is an important feature for oral administration of a peptide drug. Further nonclinical and formulation studies are ongoing.
Follow our news and information about our presence at investment events via Nasdaq First North and our website at: www.cyxone.com.
Upcoming financial reports
November 13th, 2020 Interim Report Q3
February 12th, 2021 Year-end Report 2020
Submission of interim report
August 28, 2020
The Board of Directors
This is a translation of the original Swedish version of the interim report. In case of any discrepancy between this translation and the Swedish original, the latter shall prevail.
Tara Heitner, CEO
Phone: +46 (0) 70 781 88 08
211 22 Malmö, Sweden
This report contains such information that Cyxone AB is required to make public under the EU's Market Abuse Regulation. This Information was submitted by CEO Tara Heitner for publication on 28 August 2020 at 08.30 CET.
This report contains forward-looking statements that constitute subjective estimates and forecasts about the future. Assessments about the future are only valid on the date they are made and are, by their nature, similar to research and development work in the biotech field, associated with risk and uncertainty. In light of this, actual outcomes may differ substantially from what is described in this report.
Cyxone AB is a clinical stage biotech company with a portfolio of immunomodulating drugs for the treatment of autoimmune diseases such as multiple sclerosis (MS) and rheumatoid arthritis (RA). The company's drug portfolio is based on two technological pillars in the form of oral molecules and cyclotide-based drugs that inhibit key processes in the body's cells that are typically associated with various immune-related disorders. Cyxone's technologies have the potential to address an unmet need and provide new effective and safe medicines that can improve the quality of life for patients affected by autoimmune diseases. The company has two drug candidates, T20K for MS in clinical phase I program and Rabeximod for RA in clinical phase II program. Cyxone's Certified Adviser on the Nasdaq First North Growth Market is Mangold Fondkommission AB, +46 (0)8-503 015 50, firstname.lastname@example.org. www.cyxone.com