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Press Release

AroCell AB: Interim report, Q2 2017


Posted on: 24 Aug 17

   

AroCell AB (publ)
Reporting period 1 April - 30 June 2017

  • Net sales were 237 (0) KSEK
  • Losses after financial items were - 3,606 (- 1,962) KSEK
  • Earnings per share were - 0.27 (- 0.17) SEK
  • Cash flow from operating activities was - 3,163 (- 1,229) KSEK
  • Cash flow from investing activities was - 318 (- 1,800) KSEK

Interim report, 1 January - 30 June 2017

  • Net sales were 293 (0) KSEK
  • Losses after financial items were - 7,831 (- 4,804) KSEK
  • Earnings per share were - 0.27 (- 0.17) SEK

Revenues and expenses April - June 2017 (2016) KSEK
Sales for the period were 237 (0). Expenses were 3,771 (1,962). Taking into account capitalization of R&D, total expenses for the same period in 2016 amounted to 3,762. As the product has been fully developed and CE-marked, R&D expenses are no longer capitalized. According to plan marketing and sales expenses have increased which reflects our ambition to get TK 210 ELISA test to the market. Total cash flow for the period was -3,531 (-3,029). Cash at the end of the period was 24,423.

Revenues and expenses January - June 2017 (2016) KSEK
Sales for the period were 293 (0). Expenses were 8,052 (4,804). Taking into account capitalization of R&D, total expenses for the same period in 2016 amounted to 9,824. As the product has been fully developed and CE-marked, R&D expenses are no longer capitalized. According to plan marketing and sales expenses have increased which reflects our ambition to get TK 210 ELISA test to the market. Total cash flow for the period was -8,429 (-7,521). Cash at the end of the period was 24,423.

AroCell is obliged to make public this information pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication through Jan Stålemark, at 08:15 CET on 24 August 2017.

About AroCell
AroCell AB (AROC) is a Swedish company that develops standardized modern blood tests to support the prognosis and follow up of cancer patients. AroCell's new technology is based on patented methods to measure TK1 protein levels, which provide valuable information about the rate of cell turnover. A tumor has high cell turnover (rate of cell division and cell death) and as a result TK1 can be detected in the blood with a simple laboratory test, called TK 210 ELISA. The test provides valuable clinical information for prognosis and optimization of treatment strategies. The test may also be used for monitoring disease relapse. AroCell (AROC) is listed at Nasdaq First North and has about 2,500 shareholders. For more information, please see www.arocell.com. Redeye AB is AroCell:s Certified Adviser.

CEO Comments

As a result of our increased commercial activities we have begun to receive the first commercial orders from customers which is encouraging. The increase in the interest of our TK 210 ELISA test comes from pharmaceutical companies, IVD (in vitro diagnostic) companies as well as academic research groups. The key point of interest is that TK 210 ELISA is unique and the only CE marked IVD test for measuring TK 1 protein concentrations on the market. The AroCell team has been actively promoting TK 210 ELISA with potential customers in the US, Europe and Asia to identify future business opportunities. Recently a road tour has taken place in Japan and valuable contacts established.

The clinical validation remains a priority to ensure customer acceptance and long term growth. We have made good progress in the clinical development plan and we are excited about the first results which have been submitted for publication. The biomarker data specific to TK 210 ELISA from the Swedish Promix multicentre study has been submitted for presentation at a scientific meeting towards the end of this year. We will be able to share these results when they have been accepted for publication.

The second half of the year will be focused on further increasing customer interactions and identifying new opportunities for using TK 210 ELISA in clinical practice. There is also a focus on the R&D program to provide further data to support the clinical use of TK 210 ELISA.

Jan Stålemark
CEO

Essential risks

Financial risks
AroCell's business activities are based on external financing. To date, the company has been successful in obtaining financing, but there are not guarantees of this happening in the future in a way that is advantageous to the company's shareholders. A sufficiently serious failure in future financing may affect the company's development and market value.

Development and production risks
Development and transfer to production are always associated with risks. A product manufactured at production scale does not always display the same characteristics as one manufactured at research scale. Developing future products may also prove to be more complicated and take longer than expected.

Commercialization risks
There is always a risk that the products AroCell has developed will not achieve the expected positive reception on the market and that the product will need longer time to gain acceptance. Particularly in the early stages, the quantity of products sold may then be lower and the time it takes to establish the product on the market may be longer than the company allowed for in its sales estimates.

Currency risks
The company expenses are partially based in Euro, and this means that there is a risk that weakening of the Swedish krona against the Euro may lead to increased expenses for the company. A portion of the sales proceeds in future can be associated with currencies from other countries, which means that there is a risk that if the Swedish krona becomes stronger to other currencies, this may lead to decreased profits for the company in SEK.

In addition, there are risks associated with patent security and how the market assesses studies, approvals and certifications. Taking risk factors into consideration in decision processes and when designing routines and drawing up documentation means that the risks are assessed and their effects can be minimized, and to some extent, avoided.

The share
AroCell AB (publ) was listed on Nasdaq First North, Stockholm, June 30 2016 under AROC.
On March 31, 2017 there were 28 674 506 shares (quota value SEK 0.10).

Accounting principles
This Interim Report has been prepared in accordance with the Swedish law: Årsredovisningslagen and Bokföringsnämndens allmänna råd BFNAR 2012:1 Årsredovisning och Koncernredovisning (K3).

Report review
This interim report has not been reviewed by the companys auditor.

Contact information
Jan Stålemark VD                                                         AroCell AB (publ)
jan.stalemark@arocell.com                                           Virdings allé 32B
0706-92 62 06                                                                754 83  UPPSALA
www.arocell.com                                                           SVERIGE

Financial Calender

11/22/2017  Interim report 3 - 2017
02/22/2018  Interim report 4 - 2017
04/25/2018  Interim report 1 - 2018
08/23/2018  Interim report 2 - 2018

Submission of interim report

Uppsala August 23, 2017

The board of directors



Summary Income statement      
(TSEK) 2017 2016 2017 2016 2016
  Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec
  3 mths 3 mths 6 mths 6 mths full year
Net sales 237 - 293 - 59
Cost of goods sold -72 - -72 - -
Selling expenses -1,494 -968 -3,682 -2,394 -5,020
Administrative expenses -807 -625 -1,688 -1,343 -2,193
Research and development expenses -1,470 -369 -2,682 -1,067 -2,075
Operating loss -3,606 -1,962 -7,831 -4,804 -9,229
Net financial items      -6
Loss after financial items -3,606 -1,962 -7,831 -4,804 -9,235
Loss for the period -3,606 -1,962 -7,831 -4,804 -9,235
      
      
Summary balance sheet      
(TSEK)    2017 2016 2016
    Jun 30 Jun 30 Dec 31
ASSETS      
Fixed assets      
Intangible assets    31,328 26,830 31,328
Tangible assets    475 11 170
Financial assets    50 - -
Total fixed assets    31,853 26,841 31,498
Current asset      
Inventories    2,243 1,419 1,419
Other receivables    663 682 652
Cash and cash equivalents    24,423 42,181 32,852
Total current assets    27,329 44,282 34,923
Total assets    59,182 71,123 66,421
      
EQUITY AND LIABILITIES      
Share capital    2,867 2,867 2,867
Restricted reserves    9,518 - 9,518
Other contributed capital and reserves    102,615 69,824 102,615
Non-restricted equity    -59,376 -4,804 -51,544
Total equity    55,624 67,887 63,456
Current liabilities    3,558 3,236 2,965
Total equity and liabilities    59,182 71,123 66,421
      
      
Summary cash flow statement      
(TSEK) 2017 2016 2017 2016 2016
  Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec
  3 mths 3 mths 6 mths 6 mths full year
Cash flow from operating activities -3,163 -1,229 -8,061 -2,501 -7,168
Cash flow from investing activities -318 -1,800 -318 -5,020 -9,682
Cash flow from financing activities -50 0 -50 0 0
Cash flow from the period -3,531 -3,029 -8,429 -7,521 -16,850
Cash and cash equivalents at beginning of period 27,954 45,210 32,852 49,702 49,702
Cash and cash equivalents at end of period 24,423 42,181 24,423 42,181 32,852



Share data      
    2017 2016 2016
    Jan-Jun Jan-Jun Jan-Dec
Earnings per share (SEK)      
Before dilution    -0.27 -0.17 0.32
After dilution    -0.27 -0.17 0.32
      
      
Average number of shares    28 674 506 28 674 506 28 674 506
           
      
           
           
           
Attachments:

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Last updated on: 25/08/2017

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