Isconova AB (publ.) – interim report January – September, 2011*)
29/11/2011 12:00:00
THIRD QUARTER, JULY 1 – SEPTEMBER 30, 2011
- Consolidated net sales totalled SEK 4.5 M (4.3)
- Operating result amounted to SEK -9.2 M (-5.1)
- Net result amounted to SEK -8.9 M (-5.2)
- Result per share before and after dilution was SEK -2.14 (-1.96)
- Cash flow from operating activities was SEK -10.5 M (-3.1)
FIRST NINE MONTHS, JANUARY 1 – SEPTEMBER 30, 2011
- Consolidated net sales amounted to SEK 12.7M (14.9)
- Operating result amounted to SEK -29.7 M (-19.0)
- Net result amounted to SEK -29.0 M (-20.9)
- Result per share before and after dilution was SEK -7.08 (-7.94)
- Cash flow from operating activities amounted to SEK -23.5 M (-20.0)
SIGNIFICANT EVENTS DURING THE THIRD QUARTER
- Russell G. Greig was appointed Acting CEO of Isconova
- Isconova expanded the cooperation with Genocea Biosciences
- Positive avian flu trial data with Matrix M™ was published
| Summary of results |
|
3 months |
|
3 months |
|
9 months |
|
9 months |
|
12 months |
| |
|
Jul-Sep |
|
Jul-Sep |
|
Jan-Sep |
|
Jan-Sep |
|
Jan-Dec |
| |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
2010 |
| Net sales, SEK M |
|
4.5 |
|
4.3 |
|
12.7 |
|
14.9 |
|
17.8 |
| Operating loss, SEK M |
|
-9.2 |
|
-5.1 |
|
-29.7 |
|
-19.0 |
|
-28.6 |
| Net loss, SEK M |
|
-8.9 |
|
-5.2 |
|
-29.0 |
|
-20.9 |
|
-30.5 |
| Loss per share, SEK |
|
-2.14 |
|
-1.96 |
|
-7.08 |
|
-7.94 |
|
-13.19 |
|
Cash flow from operating
activities, SEK M
|
|
-10.5 |
|
-3.1 |
|
-23.5 |
|
-20.0 |
|
-29.9 |
*) 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. That is our stated goal, and during the past months we have taken several steps in this direction.
In late August, the journal Vaccine published the first article with data from PANFLUVAC’s avian influenza study with Isconova Matrix M™. The vaccine with Matrix M™ was shown to be well-tolerated and enhanced both the homologous and heterologous antibody responses against the pandemic influenza virus – further proof of the strength of our Matrix™ platform.
In August, we expanded our existing agreement with Genocea Biosciences to include the use of our adjuvant Matrix M ™ in vaccines against two additional diseases. The hitherto most advanced of the projects is a vaccine against herpes simplex type-2 – a sexually transmitted disease that annually affects about 500 million people worldwide. Clinical studies in this program are planned for 2012.
After the end of the reporting period, Intervacc successfully completed a Strangvac® study, a vaccine under development against equine disease strangles, in which Isconova Matrix C™ adjuvant is used. Strangles is a serious infection in horses and the commercial potential is significant with currently no effective vaccine against strangles on the market.
During the first nine months 2011, we reported lower sales compared with the same period last year due to an inventory optimization at our partner MSD Animal Health, as well as lower revenue from research co-operations. We estimate that the long-term demand for our products is favourable. Sales were positively impacted by a non-recurring revenue received from the new license agreement with Crucell in the second quarter. Costs also increased between the years as a result of our investments in proprietary clinical studies and the build up of our organization.
In recent years, the company has taken several important steps through the implemented strategy with increased focus on human vaccines, listing on First North as well as the concluded agreements in both human and veterinary vaccines areas. The Board has determined that the company now is in need of a management team with significant international experience and a strong track record in business development, and we are in the process of recruiting a CEO with these specific skills. Our assessment is that the recruitment process should be completed early 2012.
Russell G. Greig
Acting CEO
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