Isconova AB (publ.) – interim report January – June, 2011*)
30/08/2011 12:00:00
SECOND QUARTER, APRIL 1 – JUNE 30, 2011
- Consolidated net sales totaled SEK 4.2 M (5.3)
- Operating result amounted to a loss of SEK 10.7 M (-7.7)
- Net result amounted to a loss of SEK 10.5 M (-8.4)
- Result per share before and after dilution was a loss of SEK 2.52 (-4.80)
- Cash flow from operating activities totaled SEK -3.0 M (-7.5)
FIRST HALF-YEAR, JANUARY 1 – JUNE 30, 2011
- Consolidated net sales amounted to SEK 8.2 M (10.7)
- Operating result amounted to a loss of SEK 20.5 M (-13.9)
- Net result amounted to a loss of SEK 20.1 M (-15.8)
- Result per share before and after dilution was a loss of SEK 4.83 (-10.22)
- Cash flow from operating activities was a negative SEK 13.1 M (-16.9)
SIGNIFICANT EVENTS DURING THE SECOND QUARTER
- Isconova strengthened its product and patent portfolio by acquiring assets in Nordic Vaccine through a non-cash issue and a minor directed cash issue
- The Annual General Meeting was held May 5, 2011 in Uppsala – the AGM resolved on, among other matters, the composition of the Board of Directors, authorization for the Board to decide on new share issues and the introduction of a warrants program aimed at certain Board members
- Isconova commenced seasonal influenza-study vaccinations
- Isconova signed a license agreement for adjuvants with Johnson & Johnson/Crucell
SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER
- Russell Grieg was appointed Acting CEO of Isconova
- Isconova expanded its cooperation with Genocea
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Summary of results
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3 months
|
3 months
|
6 months
|
6 months
|
12 months
|
| |
Apr-Jun
|
Apr-Jun
|
Jan-Jun
|
Jan-Jun
|
Jan-Dec
|
|
|
2011
|
2010
|
2011
|
2010
|
2010
|
|
Net sales, SEK M
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4.2
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5.3
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8.2
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10.7
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17.8
|
|
Operating loss, SEK M
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-10.7
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-7.7
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-20.5
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-13.9
|
-28.6
|
|
Net loss, SEK M
|
-10.5
|
-8.4
|
-20.1
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-15.8
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-30.5
|
|
Loss per share, SEK
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-2.52
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-4.80
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-4.83
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-10.22
|
-13.19
|
|
Cash flow from operating
activities, SEK M
|
-3.0
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-7.5
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-13.1
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-16.9
|
-29.9
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*) All figures pertain to the Group, unless otherwise stated. Figures in parentheses pertain to the corresponding period in the preceding year.
CEO’S COMMENTS
Isconova’s goal is to become the partner of choice for vaccine companies seeking a partner for efficient vaccine development using adjuvants. We also aim to increase the ownership share in the vaccine products we develop. During the second quarter, we took another step towards fulfilling this ambition.
During the first half of the year, we reported lower sales compared with the same period last year. Revenues from research cooperation were lower, but these may vary over time. Customers’ stockpiling also had a negative impact on sales during the second quarter of 2011, but the long-term demand for our products remained favorable. Sales were positively impacted by the non-recurring revenue received from the new license agreement with Crucell. Costs also increased between the years as a result of our investments in proprietary clinical studies and the expansion of our organization.
At the end of May, we commenced vaccination in our proprietary clinical phase I study for seasonal influenza. A total of 110 individuals are included in the study, and work on the study will continue as scheduled.
We also signed another license agreement with the Dutch company Crucell N.V., which is part of the Johnson & Johnson Group. The new license agreement will provide Crucell with non-exclusive rights to use our adjuvant product, Matrix M™, in HIV and malaria vaccines. We also recently expanded our partnership with the US Company Genocea to include the malaria and gonorrhea indications.
During the second quarter, we also acquired the assets in the Danish research and development company, Nordic Vaccine A/S. The acquisition is in line with our strategy to participate in ongoing market consolidation, and the acquired patent will further strengthen our position and patent family in iscom and Matrix™ technologies.
Lena Söderström
CEO
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