Annual / Quarterly Financial Statement • Feb 18, 2015
Annual / Quarterly Financial Statement
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PRESS RELEASE 18 February 2015
1 January – 31 December 2014
"Cancer Research UK's decision to conduct a phase I/II study with BI-1206, on behalf of BioInvent, represents a value of more than SEK 60 million to BioInvent. Their decision to initiate clinical trials of BI-1206 is based on the convincing preclinical documentation we have developed for the antibody and which we intend to publish in a highly ranked scientific journal.
Our aim is to start additional important clinical studies for other antibodies in 2015, based on funding models similar to the one agreed with CRUK. This means significant cost savings for BioInvent whilst preserving the value of the projects and gaining access to a network of leading clinicians.
This year we will invest a large portion of our preclinical resources in the T-reg and TAM programs, where our platform F.I.R.S.T.™ is an "engine" to develop novel immuno oncology drugs. These broad programs are important components of our ongoing business development efforts and we see good opportunities in 2015 to create licensing deals where BioInvent retains significant strategic value in the programs.
I see a unique opportunity in progressing our products in clinical trials in orphan indications, where we have a possibility to create patient benefits compared to current standard of care, and hence create significant value through multiple clinical milestones in the coming years.", said Michael Oredsson, CEO of BioInvent.
Any questions regarding this report will be answered by Michael Oredsson, CEO, phone.+46 (0)46 286 85 67, mobile +46 (0)707 18 89 30. The report is also available at www.bioinvent.com BioInvent International AB, listed on the NASDAQ Stockholm (BINV), is a research-based pharmaceutical company focused on discovery and development of innovative antibody-based drugs against cancer.
The company has unique expertise in antibody drug development from initial concept to late clinical phase. The screening tool F.I.R.S.T. TM and the antibody library n-CoDeR® are two patented tools that enable identification of relevant human antibodies and disease targets during the discovery phase. BioInvent has also considerable experience in and a facility for process development and production of antibodies for clinical studies. The scope and strength of this platform is also used to develop antibody-based drugs in collaboration with partners who finance the development of new drugs, and provide BioInvent with the right to milestone payments and royalties on sales. These partners include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier, and Xoma.
BioInvent is building a clinical portfolio within oncology with optimised risk profile and increased focus on revenues and strategic value creation.
| Project | Primary Indication | Discovery | Preclinic | Phase I | Phase II | Collaboration |
|---|---|---|---|---|---|---|
| Development pipeline | ||||||
| BI-505 | Multiple Myeloma | |||||
| BI-1206 | NHL | University of Southampton | ||||
| Preclinical pipeline (based on F.I.R.S.T.TM and n-CoDeR®) | ||||||
| T-reg | Oncology | University of Southampton | ||||
| Tumor Macrophage | Oncology | Cancer Research Technology | ||||
| AML | Hematologic cancer | |||||
| CLL | Hematologic cancer | |||||
Candidate drug BI-505 is a human antibody that specifically binds to the ICAM-1 adhesion protein (also known as CD54). Expression of ICAM-1 is elevated in tumour cells, which makes it a suitable target for a candidate drug. BI-505 exerts its antitumour activity by inducing cell death of myeloma cells and by involving the patient's immune cells, known as macrophages, to attack myeloma cells. Macrophages are abundant in the bone marrow of myeloma patients, where they are thought to contribute to disease progression and development of resistance to currently available drugs. The ability of BI-505 to engage these disease-associated, disease-driving, immune cells to kill myeloma cells is therefore a very interesting mechanism of action. BI-505 has a new mechanism contributing to the effective killing of myeloma cells. In several animal models, BI-505 proved to be very effective at killing tumours and more effective than existing drugs. The number of newly diagnosed patients with multiple myeloma worldwide is estimated at approx. 60,000 per year.
BI-505 has received Orphan Drug Designation for multiple myeloma by the U.S. Federal Drug Administration (FDA) and European Medicines Agency (EMA).
The initial results from the phase I study of BI-505 on patients in advanced stages of the malignant disease multiple myeloma were reported in January 2013. The study showed a good safety profile for BI-505, and in those dosage groups to which extended therapy was offered, 24% of the patients demonstrated stable disease for at least two months, indicating a beneficial effect of BI-505. Optimal dose for further development was determined according to the study protocol and is being used in the current clinical phase ll trial.
Results from the phase I study were presented in April 2013 at the International Myeloma Workshop 2013 in Kyoto, Japan. New preclinical data were presented on the same occasion and in December 2013 in New Orleans, USA, showing significantly enhanced antitumour effect when BI-505 is combined with the approved drugs Velcade® or Revlimid® , compared with monotherapy with these drugs. Velcade® and Revlimid® together represent an annual sales value of about USD 6 billion.
In April 2013 the journal Cancer Cell presented data showing preclinical proof-of-concept both for BI-505, and for BioInvent's function-based F.I.R.S.T.™ platform with which the antibody was developed. The article presents data showing the potent antitumour effect of BI-505 in several preclinical multiple myeloma models.
In the first quarter and early in the second quarter of 2014, two additional patients were dosed in the ongoing phase II study of BI-505. The study is carried out in patients with asymptomatic multiple myeloma ("smouldering multiple myeloma"). Patients with asymptomatic myeloma have no clinical symptoms; the disease can only be seen in laboratory tests. The study includes up to 10 patients and evaluates how BI-505 affects disease activity in these patients. Secondary objectives include safety, pharmacokinetics and evaluation of biomarkers.
BioInvent have discussions with potential partners in order to run a phase II study in multiple myeloma with BI-505 in combination with an existing drug.
BI-1206 is a so-called antagonistic (blocking) antibody aimed at the immunosuppressive target protein Fc gamma receptor IIB, CD32b. CD32b is overexpressed on tumour cells in patients with lymphoma, and this overexpression correlates with poor response to currently available drugs. Data show that CD32b is directly involved in the development of tumour cell resistance to the current state-of-the-art treatment – rituximab (Rituxan® , Mabthera® , Roche), an antibody directed against target protein CD20. In line with this, combined treatment with BI-1206 and rituximab, with annual sales of about USD 7.9 billion, demonstrated significantly improved antitumour effects compared to monotherapy with rituximab when investigated in clinically relevant animal models. Combination therapy with BI-1206 and rituxumab therefore has potential to significantly improve treatment of patients with non-Hodgkin's lymphoma. This hypothesis will be investigated in a clinical study beginning in 2015.
BI-1206 has also shown an effect through directly killing lymphoma cells on its own in preclinical models using tumour cells taken directly from patients. Moreover, other groups have shown that animals lacking CD32b (CD32b knockout mice) respond better to antibody treatment and are better able to kill tumour cells in a lung cancer model compared with animals that have the CD32b protein. These results show that BI-1206 may also have the potential to be used as monotherapy by blocking the immunosuppressive effect of CD32b. This would in turn create a more immunostimulatory environment and thereby enhance the therapeutic effect of several other immuno-oncological drugs.
BI-1206 will initially be developed for severely ill patients with blood cancer and work is currently underway to prioritize the most relevant patient group. Preclinical studies are also planned to assess the potential for this antibody to be effective in other types of hematologic cancer, in solid tumours and in combination with antibodies other than rituximab. The product is developed in collaboration with a leading research group in Southampton, England. Various studies, have shown that as many as half of all cancer patients who responded to an initial Rituxan® treatment proved to be resistant to the drug at relapse.
In Q1 2015,BioInvent secured funding for a phase l/ll study involving BI-1206 in cooperation with CRUK. The study will be carried out at a number of clinics in the UK, in partnership with world-leading researchers and investigators from the University of Southampton, and will include 60 patients with NHL. The study will investigate whether BI-1206 can safely administered with rituximab, and whether this produces an improved effect compared with BI-1206 as monotherapy. The first patient is expected to be included in the study in late 2015.
In addition, an important toxicology study has been carried out to support the regulatory application ahead of the start of the study, and the drug for the study has been produced.
BioInvent's patented F.I.R.S.T.™ platform is a unique approach that, in combination with n-CoDeR® antibody library, offers the advantage of simultaneously identifying disease-associated targets and antibodies which bind to them. The method is based on simultaneous investigation of antibody binding to both diseased and healthy tissue in order to specifically select those antibodies and target structures that are unique for diseased tissue in terms of binding and expression.
In recent years BioInvent has successfully used the F.I.R.S.T.TM platform to discover own new antibodies, e.g. BI-505. In the first quarter and early second quarter of 2014 BioInvent initiated the launch of the technology broadly in relation to international biotech and pharmaceutical companies, and this work continued throughout 2014.
To develop successful drugs BioInvent believes that even during the early development phase it is essential to focus on recreating in the laboratory the biology relevant to human diseases. Consequently, in the F.I.R.S.T.™ methodology we use only biological material obtained directly from patients. In the current situation we have focused on using F.I.R.S.T.™ in the development of immunomodulatory therapies that enhance the immune response to haematological cancer. In the next step of research and development, we also use unique patient cell based models developed by BioInvent specifically for the Company's purposes. We believe this strategy will lead to more predictable results with a lower risk of failure in later development phases.
| Project | Discovery | Preclinic | Phase I | Phase II |
|---|---|---|---|---|
| Partner's projects (based on n-CoDeR®)1) | ||||
| Partner project 1 | ||||
| Partner project 2 | ||||
| Partner project 7 | ||||
| Partner project 4 | ||||
| Partner project 3 | ||||
| Partner project 5 | ||||
| Partner project 6 | ||||
| Partner project 8 | ||||
| Partner project 9 | ||||
| >10 projects |
1) Include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier and Xoma
The Company is already conducting research and development of antibody-based drugs in cooperation with other external partners such as Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier and Xoma. The structure of the various collaborations may vary, but common to them is that all cover different types of licenses for the antibody library n-CoDeR® and that the partners finance the development. BioInvent receives licence fees and research financing, as well as milestone payments and royalties on sales of commercial products. The contribution from these external drug programmes to the Company's drug portfolio today consists of four clinical phase I projects, whereof three have entered the clinical phase in 2014, and five projects in the preclinical phase and more than ten projects in the early research phase. These partner projects may yield significant revenues for the future. In September 2014 BioInvent received a milestone payment from Bayer as the first patient was enrolled in a phase I clinical trial.
Net sales for the October-December period amounted to SEK 1.7 million (50). Revenues for the period are derived from partners developing therapeutic antibodies from the n-CoDeR® antibody library. BioInvent received in the fourth quarter of 2013 a significant license fee when BioInvent and Bayer extended and broadened the collaboration for the development of therapeutic antibodies.
The Company's total costs for the October-December period amounted to SEK 31 million (30). Operating costs are divided between external costs of SEK 23 million (14), personnel costs of SEK 8.2 million (15) and depreciation of SEK 0.5 million (0.7). Personnel costs as per 31 December 2013 included a provision of SEK 2.1 million for dismissal payments to the former acting CEO Cristina Glad and provisions for restructuring costs (personnel costs) of SEK 4.4 million in connection with cutbacks in the work force. Research and development costs for October-December amounted to SEK 23 million (21).
Earnings after tax for October-December amounted to SEK -28 million (20). The net financial items, October-December, amounted to SEK 0.2 million (0.6). Earnings per share before and after dilution, October-December, amounted to SEK -0.25 (0.24).
Net sales for the January-December period amounted to SEK 47 million (82). Revenues for the period are derived from partners developing therapeutic antibodies from the n-CoDeR® antibody library and
from sales of the Company's rights to the drug development candidate ADC-1013 to Alligator Bioscience AB.
The Company's total costs for the January-December period amounted to SEK 105 million (101). Operating costs are divided between external costs of SEK 69 million (46), personnel costs of SEK 34 million (52) and depreciation of SEK 2.0 million (2.9). Research and development costs for the January-December period amounted to SEK 73 million (71).
During the period financial support from the EU's framework programme was reported for early research projects. The subsidy amounted to SEK 3.4 million (0.9) and has been reported in the income statement under "Other operating revenues and costs".
Earnings after tax for the January-December period amounted to SEK -54 million (-18). The net financial items amounted to SEK 0.9 million (1.1). Earnings per share before and after dilution amounted to SEK -0.53 (-0.23).
As of 31 December 2014, the Group's liquid funds amounted to SEK 46 million (65). The cash flow from current operations and investment activities for the January-December period amounted to SEK -76 million (-55). In 2014 reported but not yet paid revenues and payment of restructuring costs from 2013 affected cash flow negatively in 2014. Payment of reserves from 2012 for remaining costs of the TB-402 project and for restructuring costs affected cash flow negatively in 2013.
The extraordinary general meeting in March 2014 approved the Board of Directors' resolutions in February 2014 to carry out a new share issue with pre-emptive rights for shareholders of SEK 48.9 million and a directed new share issue of SEK 15.0 million. The new share issues were completed in April 2014 and amounts to a total of SEK 63.9 million before issue costs. The subscription price for the new share issues was set to SEK 2.30 per share. The rights issue was oversubscribed. The shares in the directed new share issue have been subscribed by two investors of institutional character; Henrik Rhenman through Rhenman Healthcare Equity L/S and Peter Thelin through East Bay AB. After the share issue the share capital consists of 112,790,050 shares.
The shareholders' equity amounted to SEK 52 million (49) at the end of the period. The Company's share capital at the end of the period was SEK 9.0 million. The equity/assets ratio at the end of the period was 71 (60) per cent. Shareholders' equity per share amounted to SEK 0.46 (0.58). The Group had no interest-bearing liabilities.
Investments in tangible fixed assets amounted to SEK 0.4 million (0.0). No investments were made in intangible assets during the period (-).
All operations of the Group are conducted by the Parent Company. The Group's and the Parent Company's financial statements coincide in every material way.
As of 31 December 2014, BioInvent had 37 (43) employees. 31 (36) of these work in research and development.
The 2011 Annual General Meeting voted in favour of complementing the already established Employee Incentive Programme 2008/2012 aimed at newly employed senior executives and key individuals not participating in Employee Incentive Programme 2008/2012. The number of employee options was within the framework of the number of options still not exercised in Employee Incentive Programme 2008/2012, including previous supplementary programmes.
Each employee option entitles the holder to acquire 1.069 new shares in BioInvent for a subscription price of SEK 28.42 up to 1 December 2015. Subscription price and number of shares that each employee option entitles to are converted pursuant to rights issues carried out. Under the programme 48,105 employee options have been allotted.
The 2013 Annual General Meeting voted in favour of establishing a new, long-term employee incentive programme involving the allotment of a maximum of 900,000 employee options free of charge to all Group employees.
The employees will receive options based on their performance in the 2013, 2014 or 2015 financial years and allotment will take place in connection with the publication of the year-end financial statement for the subsequent year. Each employee option will entitle the holder to acquire 1.064 new share in BioInvent for a subscription price of SEK 3.31 during the period from the date of publication of the Company's year-end financial statement for the 2016 financial year up to and including 1 December 2017. Subscription price and number of shares that each employee option entitles to are converted pursuant to rights issues carried out. Allotment of 100,747 employee options took place in February 2014 and 74,516 employee options took place in February 2015.
To guarantee BioInvent's commitment and cover the costs associated with Employee Incentive programme 2013/2017, the 2013 Annual General Meeting resolved to issue a maximum of 1,182,780 warrants to BioInvent Finans AB.
If fully exercised, Employee Incentive Programme 2011/2015 and Employee Incentive Programme 2013/2017 will represent a dilution equivalent to around 1.1 percent of the shares in the Company.
The Company's operations are associated with risks related to factors such as pharmaceutical development, clinical trials and product responsibility, commercialisation and partners, competition and fast technological development, biotechnology and patent risk, compensation for pharmaceutical sales, qualified personnel and key individuals, additional financing requirements, currency risk and interest risk. The aforementioned risks summarize the factors of significance for BioInvent and thus an investment in the BioInvent share.
No significant changes to the risks and uncertainty factors occurred during the period. For a more detailed description of risk factors, see section "Risks and Risk Management", page 30, in the company's annual report 2013.
This financial statement was prepared in accordance with IAS 34, Interim Financial Reporting, and applicable sections of the Swedish Annual Accounts Act. The accounting principles applied here are the same as those applied in the preparation of the most recent annual report. Changes in IFRS standards entered into force in 2014 has had no material impact on the financial statements. The financial statements of the Parent company coincide in every material way with the consolidated financial statements.
The Annual General Meeting will be held on Wednesday 22 April 2015 at 4 p.m., Elite Hotel Ideon, Scheelevägen 27, Lund. Notice to attend will be announced in the Swedish press in Post- och Inrikes Tidningar and on the Company's website.
Shareholders wishing to attend the AGM must be registered in the shareholders' register kept by the Swedish Securities Register Centre (Euroclear) no later than Tuesday 14 April 2015 and must inform BioInvent of their intention to attend no later than 4 p.m. on Tuesday 14 April 2015 by sending a letter to: Sölvegatan 41, SE-223 70 Lund, attn: Stefan Ericsson, or by phone +46 (0)46 286 85 50, or by email to [email protected].
In order to participate in the AGM, shareholders with nomineeregistered shares must request that their shares be temporarily owner-registered in the Euroclear shareholders' register. Such registration must be completed no later than Tuesday 14 April 2015 and the nominee must be informed of this well in advance of this date.
Shareholders must include their name, personal/company registration number, shareholding, telephone number and the name of any assistants that will be attending. Proxy to act on behalf of a shareholder shall be sent together with the notice of attendance. Representative of a legal person shall hand in a copy of a registration certificate or similar papers of authorisation. The company will supply proxy forms upon request from a shareholder.
The Board of Directors and the CEO do not propose the payment of any dividend for the 2014 business year.
| BioInvent will present the following financial reports: | |
|---|---|
| Annual report | Expected to be available on the website 23 March 2015 |
| Interim reports | 22 April, 22 July, 22 October 2015 |
| 3 MONTHS 2014 Oct.-Dec. |
3 MONTHS 2013 Oct.-Dec. |
12 MONTHS 2014 Jan.-Dec. |
12 MONTHS 2013 Jan.-Dec. |
|
|---|---|---|---|---|
| Net sales | 1,672 | 49,984 | 46,932 | 81,713 |
| Operating costs Research and development costs Sales and administrative costs Other operating revenues and costs |
-22,842 -8,585 1,063 -30,364 |
-20,887 -9,220 28 -30,079 |
-73,372 -31,900 3,415 -101,857 |
-71,180 -30,220 511 -100,889 |
| Operating profit/loss | -28,692 | 19,905 | -54,925 | -19,176 |
| Profit/loss from financial investments | 224 | 558 | 940 | 1,137 |
| Profit/loss before tax | -28,468 | 20,463 | -53,985 | -18,039 |
| Tax | - | - | - | - |
| Profit/loss | -28,468 | 20,463 | -53,985 | -18,039 |
| Other comprehensive income Items that have been or may be reclassified subsequently to profit or loss Changes in actual value current investments |
- | - | - | -10 |
| Comprehensive income | -28,468 | 20,463 | -53,985 | -18,049 |
| Other comprehensive income attributable to parent company's shareholders |
-28,468 | 20,463 | -53,985 | -18,049 |
| Earnings per share, SEK Before dilution After dilution |
-0.25 -0.25 |
0.24 0.24 |
-0.53 -0.53 |
-0.23 -0.23 |
| 2014 | 2013 | |
|---|---|---|
| 31 Dec. | 31 Dec. | |
| Assets | ||
| Fixed assets | ||
| Intangible fixed assets | 0 | 0 |
| Tangible fixed assets | 2,301 | 3,928 |
| Financial fixed assets | 4,500 | - |
| Total fixed assets | 6,801 | 3,928 |
| Current assets | ||
| Inventories | 61 | 205 |
| Current receivables | 21,619 | 12,559 |
| Liquid funds | 45,627 | 64,745 |
| Total current assets | 67,307 | 77,509 |
| Total assets | 74,108 | 81,437 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 52,428 | 49,007 |
| Current liabilities | 21,680 | 32,430 |
| Shareholders' equity and liabilities | 74,108 | 81,437 |
| 2014 Oct.-Dec. |
2013 Oct.-Dec. |
2014 Jan.-Dec. |
2013 Jan.-Dec. |
|
|---|---|---|---|---|
| Shareholders' equity at beginning of period | 80,891 | 28,531 | 49,007 | 47,624 |
| Comprehensive income | ||||
| Profit/loss | -28,468 | 20,463 | -53,985 | -18,039 |
| Comprehensive other income | - | - | - | -10 |
| Total comprehensive income | -28,468 | 20,463 | -53,985 | -18,049 |
| Total, excluding transactions with equity | ||||
| holders of the Company | 52,423 | 48,994 | -4,978 | 29,575 |
| Transactions with equity holders of the Company | ||||
| Employee incentive programme | 5 | 13 | 82 | 49 |
| Rights issue and directed new share issue | 57,324 | |||
| Rights issue | 19,383 | |||
| Shareholders' equity at end of period | 52,428 | 49,007 | 52,428 | 49,007 |
The share capital as of 31 December 2014 consists of 112,790,050 shares and the share's ratio value is 0.08. The rights issue and the directed new share issue carried out in April 2014 raised SEK 57,324 thousands after issue expenses, which amounted to SEK 6,559 thousands. The rights issue carried out in August 2013 raised SEK 19,383 thousands after issue expenses, which amounted to SEK 3,903 thousands.
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| Oct.-Dec. | Oct.-Dec. | Jan.-Dec. | Jan.-Dec. | |
| Current operations | ||||
| Operating profit/loss | -28,692 | 19,905 | -54,925 | -19,176 |
| Depreciation | 522 | 725 | 2,041 | 2,896 |
| Adjustment for other non-cash items | 5 | 13 | 82 | 49 |
| Interest received and paid | 135 | 270 | 622 | 929 |
| Cash flow from current operations | ||||
| before changes in working capital | -28,030 | 20,913 | -52,180 | -15,302 |
| Changes in working capital | 3,420 | 3,890 | -23,848 | -39,350 |
| Cash flow from current operations | -24,610 | 24,803 | -76,028 | -54,652 |
| Investment activities | ||||
| Acquisition of tangible fixed assets | -157 | - | -414 | -47 |
| Cash flow from investment activities | -157 | - | -414 | -47 |
| Cash flow from current operations and | ||||
| investment activities | -24,767 | 24,803 | -76,442 | -54,699 |
| Financing activities | ||||
| Rights issue and directed new share issue | - | 57,324 | ||
| Rights issue | - | - | - | 19,383 |
| Cash flow from financing activities | - | - | 57,324 | 19,383 |
| Change in liquid funds | -24,767 | 24,803 | -19,118 | -35,316 |
| Opening liquid funds | 70,394 | 39,942 | 64,745 | 100,061 |
| Liquid funds at end of period | 45,627 | 64,745 | 45,627 | 64,745 |
| Liquid funds, specification: | ||||
| Current investments | 37,029 | 50,073 | 37,029 | 50,073 |
| Cash and bank | 8,598 | 14,672 | 8,598 | 14,672 |
| 45,627 | 64,745 | 45,627 | 64,745 |
| 2014 31 Dec. |
2013 31 Dec. |
|
|---|---|---|
| Shareholders' equity per share at end of period, SEK | 0.46 | 0.58 |
| Number of shares at end of period (thousands) | 112,790 | 85,015 |
| Equity/assets ratio, % | 70.7 | 60.2 |
| Number of employees at end of period | 37 | 43 |
| 3 MONTHS | 3 MONTHS | 12 MONTHS | 12 MONTHS | |
|---|---|---|---|---|
| 2014 Oct.-Dec. |
2013 Oct.-Dec. |
2014 Jan.-Dec. |
2013 Jan.-Dec. |
|
| Net sales | 1,672 | 49,984 | 46,932 | 81,713 |
| Operating costs Research and development costs Sales and administrative costs Other operating revenues and costs |
-22,842 -8,585 1,063 -30,364 |
-20,887 -9,220 28 -30,079 |
-73,372 -31,900 3,415 -101,857 |
-71,180 -30,220 511 -100,889 |
| Operating profit/loss | -28,692 | 19,905 | -54,925 | -19,176 |
| Profit/loss from financial investments | 224 | 558 | 940 | 1,137 |
| Profit/loss after financial items | -28,468 | 20,463 | -53,985 | -18,039 |
| Tax | - | - | - | - |
| Profit/loss | -28,468 | 20,463 | -53,985 | -18,039 |
| Other comprehensive income Changes in actual value current investments |
- | - | 10 | -10 |
| Comprehensive income | -28,468 | 20,463 | -53,975 | -18,049 |
| 2014 | 2013 | |
|---|---|---|
| 31 Dec. | 31 Dec. | |
| Assets | ||
| Fixed assets | ||
| Intangible fixed assets | 0 | 0 |
| Tangible fixed assets | 2,301 | 3,928 |
| Financial fixed assets | 4,600 | 100 |
| Total fixed assets | 6,901 | 4,028 |
| Current assets | ||
| Inventories Current receivables |
61 21,619 |
205 12,559 |
| Current investments | 37,029 | 50,073 |
| Cash and bank | 8,598 | 14,672 |
| Total current assets | 67,307 | 77,509 |
| Total assets | 74,208 | 81,537 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | ||
| Restricted equity | 36,716 | 34,494 |
| Non-restricted equitys | 15,750 | 14,541 |
| Total shareholders' equity | 52,466 | 49,035 |
| Liabilities Current liabilities |
21,742 | 32,502 |
| Total shareholders' equity and liabilities | 74,208 | 81,537 |
Lund, 18 February 2015, The Board of Directors
This report has not been reviewed by the company's auditors.
Co. reg. no. 556537-7263 Address: Sölvegatan 41, 223 70 Lund Tel.: +46 (0)46 286 85 50 [email protected]
This financial statement contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual out-come may deviate significantly from the scenarios described in this press release.
Information disclosed in this financial statement is provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 8.40 a.m. CET, on 18 February, 2015.
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