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Press Release

Active Biotech AB Year-end report January - December 2017


Posted on: 15 Feb 18

Fourth quarter in brief

  • The primary clinical endpoint was not met in the Phase II study (ARPEGGIO) with laquinimod in PPMS
  • Patent regarding tasquinimod for the treatment of acute leukemia granted in Europe
  • The process to divest the company's property in Lund is ongoing
  • On December 7, the company announced that funding for the next 12 month period was not guaranteed. See further below "Events after the end of the period" relating to a new share issue

Other significant events during the January-December period

  • Patent regarding tasquinimod for the treatment of multiple myeloma (MM) granted in Europe
  • FDA granted orphan drug status for tasquinimod for the treatment of MM.
  • The primary clinical endpoint in the Phase III study of laquinimod in RRMS (CONCERTO) was not met. The secondary endpoints were met in line with previous studies
  • Helén Tuvesson was appointed CEO of Active Biotech
  • The first product patent in the SILC project was granted in the US
  • The decision was taken to discontinue the company's laboratory animal facility in Lund
  • The Phase II study of laquinimod in Huntington's disease (LEGATO-HD) is ongoing. Results are expected in the second half of 2018
  • The ANYARA project is proceeding, with planned start of clinical studies in the second half of 2018
  • Out-licensing activities are continuing for the tasquinimod, SILC and paquinimod projects

Events after the end of the period

  • The Board of Directors proposes a new share issue of approximately MSEK 48, with pre-emptive rights for the shareholders. An extraordinary general meeting to be held on March 19, 2018
  • In connection with the new share issue, the company has received a permanent waiver from its commitment to the bank that finances the company's property in Lund that the company's liquidity should never fall below MSEK 30
  • The company again has funding for the coming 12 month period
  • Patent application regarding tasquinimod for the treatment of MM allowed in the US
  • Application for the second product patent in the SILC project allowed in the US

Financial summary

SEK M Oct.-Dec. Jan.-Dec.
  2017 2016 2017 2016
         
Net sales 5.4 7.1 20.2 19.0
Operating loss *-58.4 -13.5 *-102.5 -55.1
Loss after tax *-60.1 -14.8 *-108.8 -59.6
Earnings per share (SEK) -0.62 -0.16 -1.12 -0.65
Cash and cash equivalents (at close of period)     25.2 77.7
      

     *of which write down of property SEK 50 M

For further information, please contact:

  Helén Tuvesson, CEO
  Tel: +46 (0)46-19 21 56

 

  Hans Kolam, CFO
  Tel: +46 (0)46 19 20 44

 
Active Biotech AB
(Corp. Reg. No. 556223-9227)
Box 724, SE-220 07 Lund
Tel: +46 (0)46-19 20 00

 

The report is also available at www.activebiotech.com.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/bdd19dca-1bc1-4c9b-87e8-b6ea364a9b9c

GlobeNewswire
globenewswire.com

Last updated on: 15/02/2018

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