Abliva — Interim / Quarterly Report 2015

Aug 19, 2015

1 Jan 2015 to 30 June 2015

INTER IM REPORT

NeuroVive Pharmaceutical AB (publ) I 556595-6538 I www.neurovive.se I ir@neurovive.se

This Interim Report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.

Negative top-line result of phase III study and continued progress in other clinical projects

Second Quarter (1 Apr. 2015 – 30 Jun. 2015)

• Net revenues were SEK 2,502,000 (0) and other operating income was SEK 377,000 (1,128,000).
• Loss before tax was SEK -15,216,000 (-13,690,000).
• Earnings per share* were SEK -0.54 (-0.69).
• Diluted earnings per share** were SEK -0.54 (-0.69).

Six Months (1 Jan. 2015 – 30 Jun. 2015)

• Net revenues were SEK 2,502,000 (0) and other operating income was SEK 426,000 (1,171,000).
• Loss before tax was SEK -29,487,000 (-23,567,000).
• Earnings per share* were SEK -1.02 (-0.50).
• Diluted earnings per share** were SEK -1.02 (-0.50).

* Profit/loss for the period divided by the average number of shares before dilution at the end of the period. **Profit/loss for the period divided by the average number of shares after dilution at the end of the period.

Business highlights in the second quarter of 2015

• A directed share issue was completed, and contributed SEK 59 million to the Company after transaction costs. The share issue was directed to a limited group of institutional US investors in order to strengthen the company's ownership base in the US.
• The phase III CIRCUS study of CicloMulsion® in patients with a specific type of heart attack known as ST-segment elevation acute myocardial infarction (STEMI) did not meet its primary clinical endpoint in a topline analysis. This result does not contain specific data concerning the level of significance for either the composite endpoint or each individual element of the composite endpoint. It is anticipated that the full results of the 12-month data from the CIRCUS study will be made available in the third quarter.
• The development project NVP014 for the treatment of ischemic stroke is entering a new phase in collaboration with UK partner Isomerase Therapeutics.
• The independent safety committee has endorsed moving on to the next dose level, following the treatment of 10 of 20 patients in the ongoing clinical Phase IIa study for traumatic brain injury with the company's drug candidate NeuroSTAT®. The study will continue as planned and move on to the next dose level for the final 10 patients.

• The first patient has been enrolled in a clinical phase II study for acute kidney injury using the company's product CicloMulsion®.

• NeuroVive Pharmaceutical Asia group has signed a collaboration agreement with Sanofi's local affiliate for the development and commercialization of CicloMulsion® in South Korea. Under the agreement NeuroVive Asia will get an upfront payment, a conditional milestone payment and royalty on potential future sales in South Korea.

• NeuroVive share upgraded on OTC Market in US.

Events post balance sheet

No events post balance sheet completion to report.

Comments from our CEO, Mikael Brönnegård

The second quarter of the year was characterized by the result from the European phase III study with CicloMulsion® for the treatment of reperfusion injury after myocardial infarction ( CIRCUS study), which did not meet its primary endpoint as previously communicated on 1 June. This was despite convincing results from pre-clinical and phase II trials. The extensive study data is now being analyzed to determine why the primary endpoint—a combination of heart function, heart failure and mortality—wasn't met, and to evaluate the remaining comprehensive data from the clinical trial, including the numerous secondary endpoints.

The collaboration with Isomerase in the UK was extended in the period, and now includes all NeuroVive's pre-clinical projects. The extended collaboration has generated a new chemistry platform for the stroke project (NVP014) and the mitochondrial energy-regulation project (NVP015).

The SEK 70 m directed share issue completed in May enabled us to continue our focus on phase II studies with CicloMulsion® for renal protection in connection with heart surgery (CiPRICS) and

NeuroSTAT® in traumatic brain injury (CHIC). The first patient in the CiPRICS study in Lund was enrolled in April, and enrolment has proceeded as planned. A NeuroSTAT® safety evaluation that was planned to take place after 10 patients were enrolled demonstrated that the treatment is safe. The study will

continue as planned with a higher dose administered to the next 10 patients included in the study.

The NeuroVive share was upgraded on the OTC market in the US in the second quarter. Alongside the share issue completed in May, which was aimed at limited circle of high-profile US institutional investors, this is set to strengthen NeuroVive's presence in the US and increase interest from key capital markets operators. NeuroVive also strengthened its position in Asia through an agreement with Sanofi-Aventis Korea.

Overall, the company has followed its development plans for the portfolio's other projects despite not meeting the primary endpoint for the European phase III study with CicloMulsion®, and NeuroVive remains strong with a broad development portfolio in mitochondrial medicine. Looking ahead, our assessment is that mitochondrial medicine will progress to encompass a number of different drugs that affect various parts of the mitochondria, similar to how hypertension is treated with a number of different pharmaceuticals. Our focus on addressing acute conditions with a combination of mitochondria-protecting and energy-regulating drugs means that we're well positioned for the future.

Mikael Brönnegård

CEO, NeuroVive Pharmaceutical AB (publ)

Operations

NeuroVive conducts research and development of pharmaceuticals that protect the mitochondria, and pharmaceuticals that enhance mitochondrial function. Its development technology platform primarily consists of cyclosporine A, as well as molecules with a different chemical structure that serve to protect the mitochondria by inhibiting enzymes of the cyclophilin type. The collective term for this type of candidate drug (CD) is cyclophilin inhibitors. NeuroVive's product portfolio also includes CDs for cellular energy regulation. Cyclosporin A, the active compound of CicloMulsion® and NeuroStat®, has been on the market as an active pharmaceutical compound for nearly 30 years. This means that extensive safety data for this active compound is already in place.

The new technology platform is based on the naturally occurring cyclophilin inhibitor Sanglifehrin which has several favorable characteristics that will become important to NeuroVive's future progress. The new cyclophilin inhibitors are more potent (more effective) and more specific (potentially lower risk of adverse events) than NeuroVive's existing drug candidates. Accordingly, NeuroVive anticipates these drugs to complement or completely replace CicloMulsion®/NeuroSTAT® eventually, contributing to NeuroVive extending its leadership in mitochondrial medicine.

The clinical trial with the company's drug candidate, CicloMulsion®, did not meet its primary endpoint in a topline analysis, This will delay the commercialization of CicloMulsion®. The 12-month follow-up of the CIRCUS study is currently being carefully analyzed, and the full results of the study are expected to be available and published in the third quarter.

The by NeuroVive initiated clinical phase II study in Denmark investigating NeuroSTAT® for traumatic brain injury has passed the first safety evaluation, which means that it is moving on to the next higher dosage group according to plan. The planning for an international phase III study with NeuroSTAT® will takeplace in parallel with the ongoing phase II study. NeuroVive intends to seek one or several cofinanciers for the study.

Enrolment for the investor initiated clinical phase II CiPRICS study at Skåne University Hospital in Sweden has begun and is proceeding as planned. Patients are being treated with CicloMulsion® or placebo before undergoing coronary bypass surgery with the aim of evaluating whether prior treatment with mitochondria-protecting drugs protects the kidneys against injury and compromised renal function, which result from altered blood supply during cardiac surgery.

NeuroVive's Asian operations are focusing on establishing a research and development platform in Asia and Asia-Pacific based on the company's international strategy. The operations include collaboration with Sihuan in China and Sanofi-Aventis Korea. The ToxPhos® technology platform will be marketed to the pharmaceutical industry and will be operated by the subsidiary in Taiwan.

Project overview

Business model

Revenues and results of operations

Revenues

The consolidated revenues during the second quarter of 2015 were SEK 2,502,000 (0). And other operating revenues for the second quarter of 2015 were SEK 377,000 (1,128,000). The revenues for the half year amounted to SEK 2,502,000 (0) includes the upfront payment in connection with signing NeuroVive Asia's collaboration agreement with Sanofi and the other operating revenues amounted to SEK 426,000 (1,171,000).

Results of operations

The operating loss for the second quarter was SEK -15,325,000 (-14,095,000) and for the half year SEK - 30,043,000 (-23,955,000). The net loss before tax in the second quarter was SEK -15,216,000 (- 13,690,000), and for the half year SEK -29,487,000 (-23,567,000).

The operating loss was affected by increased external expenses, which for the first six months were SEK - 32,971,000 (-25,126,000). Expenses related to development projects have affected the result with SEK - 8,022,000 (-4,830,000). These expenses relates to development projects that have not reached phase I. Personnel expenses rose to SEK -6,813,000 (-4,718,000) because of a higher number of employees than the corresponding period of the previous year, due to increased development work. The financial costs, SEK -90,000 (-138,000), relates to unrealized foreign exchange losses.

Financial position

The equity/assets ratio was 91 (93) % as of 30 June 2015, and equity was SEK 217,177 (127,571,000). Cash and cash equivalents amounted to SEK 138,049,000 (74,512,000) as of 30 June 2015, an increase of SEK 88,351,000 from the beginning of the year. The increase is due on the capital from the new share issues in NeuroVive AB and the external financing of the subsidiary in Asia. Total assets as of 30 June 2015 were SEK 238,470,000 (136,586,000).

Cash flow and investments

Operating cash flow for the second quarter was SEK -36,950,000 (-30,140,000). Operating cash flow from the second quarter was SEK -13,816,000 (-12,787,000) Consolidated cash flow was SEK 88,282,000 (34,457,000), where the positive cash flow is explained by the share issues of SEK 119,575,000 (76,599,000) and the external financing of the subsidiary in Asia. The cash flow effect due to investments in intangible assets was SEK -13,114,000 (12,039,000) for first half year of 2015.

Transactions with related parties

Transactions between the company and its subsidiaries, which are related parties to the company, have been eliminated on consolidation, and accordingly, no disclosures are made regarding these transactions. Disclosures regarding transactions between the group and other related parties are stated below.

Apart from remuneration to senior managers including remuneration for consulting services and loan commitment, no purchases or sales between the group and related parties occurred. Transactions with related parties affecting profit/loss for the period are stated below.

Transactions with related parties	1 Jan. 2015	1 Jan. 2014
(SEK 000)	30 Jun.2015	30 Jun.2014
Stanbridge bvba (owned by Gregory Batcheller, Executive Chairman)	802	916
Ankor Consultants bvba (owned by Arne Ferstad, Board member)	182	210
Baulos Capital (owned by Fredrik Olsson, Board member)	-	48
Total transactions with related parties	984	1 174

Segment information

Financial information reported to the chief operating decision maker (CEO) as the basis for allocating resources and judging the group's profit or loss is not divided into different operating segments. Accordingly, the group consists of a single operating segment.

Financial instruments

NeuvoVive does not hold any financial instruments measured at fair value. The reported value of financial instruments essentially corresponds to fair value.

Human resources

The average number of employees of the group for the period was 11 (8), of which 7 (4) are women.

Parent company

Most of the Group operations are conducted within the parent company. Accordingly, no further specific information regarding the parent company is presented.

Risks and uncertainty factors

A research company such as NeuroVive Pharmaceutical AB (publ) is subject to high operational and financial risks because the projects the company conducts are in different developmental phases, where a number of parameters influence the likelihood of commercial success. Briefly, operations are associated with risks relating to factors including drug development, competition, technological progress, patents, regulatory requirements, capital requirements, currencies and interest rates. New share issues in the first quarter of 2015 secured the company's capital requirement for its next development activities. Except for the negative Top-line result of CIRCUS (study investigating CicloMulsion®), there have been no significant changes regarding risks or uncertainty factors during the current period.

The arbitration proceeding with CicloMulsion AG is ongoing. In March 2013, CicloMulsion AG invoked an arbitration by which it seeks to determine the contractual right of CicloMulsion AG to receive royalty. If the arbitration is settled in favor of CicloMulsion AG, NeuroVive may be liable to pay future royalties for 15 years after product launch. If the arbitration is settled in favor of the Company, it may be possible

for NeuroVive to make no royalty payments. CicloMulsion AG has also claimed payment of 10% royalty from NVP AB on the 5m RMB payment already received by NVP Asia from Sihuan Pharma and made further claims for compensation. NeuroVive's position is that there is no legal basis for such a claim. There is a possibility that CicloMulsion AG may raise further issues relating to the license during the arbitration proceedings. To date, the Tribunal has made a non-binding preliminary consideration of some questions of interpretation of the License Agreement under applicable contract law, while there has yet been no final decision. The Tribunal has recently begun assessing further key questions of the case, inter alia, the licensing and transfer of any know-how to NeuroVive and questions of anti-trust-law. As yet we have no definite timeline for a final award. For more detail of risks and uncertainty factors, refer to the Statutory Administration Report in the Annual Report 2014 and the prospectus published 18th May 2015 for the rights issue in May 2015.

Incentive programs/share warrants Currently there is no incentive program.

Audit review

This Interim Report has not been subject to review by the company's auditor.

Upcoming financial statements

Interim Report July-September 2015	18 November 2015
Year-End Report	19 February 2016

The interim reports and the Annual Year Report are available at www.neurovive.com

Principles of preparation of the Interim Report

NeuroVive prepares its consolidated accounts in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretation statements from the IFRS Interpretations Committee, as endorsed by the EU for application within the EU. This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting.

The parent company applies the Swedish Annual Accounts Act and RFR's (the Swedish Financial Reporting Board) recommendation RFR 2 Accounting for Legal Entities. Application of RFR 2 implies that, as far as possible, the parent company applies all IFRS endorsed by the EU within the limits of the Swedish Annual Accounts Act and the Swedish Pension Obligations Vesting Act, and considering the relationship between accounting and taxation.

The group and parent company have applied the same accounting principles as described in the Annual Report for 2014 on pages 52-56.

New and revised standards and interpretation statements applicable from 1 January 2015 onwards did not have any effect on the group's or parent company's results of operations or financial position.

Consolidated Statement of Comprehensive Income

(SEK 000)	Note	1 Apr. 2015	1 Apr. 2014	1 Jan. 2015	1 Jan. 2014	1 Jan. 2014
		30 Jun. 2015	30 Jun. 2014	30 Jun. 2015	30 Jun. 2014	31 Dec. 2014
Net sales		2 502	-	2 502		7 152
Other operating income		377	1 128	426	1 171	1 181
		2 879	1 128	2 928		8 333
Operating expenses
Other external expenses		-14 235	-12 354	-24 985	-20 071	-41 962
Personnel cost		-3 510	-2 592	-6 813	--- -4 718	-10 346
Depreciation and write-down of tangible		-195		-345		-441
and intangible assets			-40		-80 ---258
Other operating expenses		-263	-238	-828	-258	-838
		-18 204	-15 223	-32 971	-25 126	-53 587
		-15 325		-30 043	-23 955	-45 254
Operating income			-14 095
Profit/loss from financial items
Financial income		135	458	646	526	1 124
Financial costs		-26	-53	-90	-1 -138	-544
		109	406	556	389	580
Profit/loss before tax		-15 216	-13 690	-29 487	-23 567	-44 673
Income tax	2	-	-	-		-
Profit/loss for the period		-15 216	-13 690	-29 487	-23 567	-44 673
Other comprehensive income
Items that may be reclassified to profit or
loss Translation differences on foreign
subsidiaries		890	-97	251	-105	-269
Total comprehensive income for the period		-14 326	-13 786	-29 236	-23 671	-44 942
Loss for the period attributable to:
Parent company shareholders		-15 623	-13 225	-29 634	-22 790	-42 549
Non-controlling interests		407	-465	147	-777	-2 124
		-15 216	-13 690	-29 487	-23 567	-44 673
Total comprehensive income for the period attributable to:
Parent company shareholders		-15 414	-13 292	-29 001	-22 863	-42 770
Non-controlling interests		1 088	-494	-235	-808	-2 173
		-14 326	-13 786	-29 236	-23 671	-44 942
Earnings per share before and after dilution(SEK) based on average number of		-0.54	-0.69	-1.02	-0.93	-1.53
shares

Consolidated Statement of Financial Position

(SEK 000)	Note	30 Jun. 2015	30 Jun. 2014	31 Dec. 2014
ASSETS
Non-current assets
Intangible assets	1
Development costs		83 056	50 736	68 368
Patents		14 336	9 689	11 146
Software		116	127	87
		97 508	60 552	79 601
Tangible assets
Equipment		410	328	344
		410	328	344
Financial assets
Other long-term receivables		181 181	-	-
			-	-
Total non-current assets		98 099	60 880	79 945
Current assets
Other receivables		1 619	716	1 123
Prepaid expenses and accrued income		703	477	502
Cash and cash equivalents		138 049	74 512	49 698
		140 371	75 706	51 323
TOTAL ASSETS		238 470	136 586	131 268
(SEK 000)	Note	30 Jun. 2015	30 Jun. 2014	31 Dec. 2014
EQUITY AND LIABILITIES
Equity attributable to the shareholders of the parent company
Share capital		1 537	1 389	1 389
Additional paid in capital Translation reserve		335 672 531	207 812 46	207 812 -102
Retained earnings		-135 421	-80 054	-105 787
Total equity attributable to the shareholders of the parent		202 317	129 193	103 312
company
Non-controlling interests		14 859	-1 622	4 529
Total equity		217 177	127 571	107 841
Short-term liabilities Accounts payable		9 717	4 352	14 216
Other liabilities		499	1 711	5 000 1 801
Accrued expenses and deferred income		11 077	2 952	7 410
		21 293	9 015	23 427
Total liabilities		21 293	9 015	23 427
TOTAL EQUITY AND LIABILITIES		238 470	136 586	131 268

Consolidated Statement of Changes in Equity

Total number of shares at end of period: 30,735,152 (27,788,093).

(SEK 000)					Equity attributable to the shareholders of the parent company
		Additional			Total equity attributable to the	Non
	Share	paid-in	Translation	Retained	shareholders of the	controlling	Total
	capital	capital	reserve	earnings	parent company	interests	equity*
Opening balance, 1 January 2015	1 389	207 812	-102	-105 787	103 312	4 529	107 841
Comprehensive profit/loss for the period
Profit/loss for the period	-	-	-	-29 634	-29 634	147	-29 487
Other comprehensive income
Translation differences	-	-	633	-	633	-382	251
Other comprehensive profit/loss for the period, net after tax	-	-	633	-	633	-382	251
Total comprehensive profit/loss	-	-	633	-29 634	-29 001	-235	-29 236
Transactions with shareholders
New share issue	148	119 427	-	-	119 575	-	119 575
Share issue with non-controlling interests	-	8 433	-	-	8 433	- 10 565	18 998
in new share issue Total transactions with shareholders	148	127 860	-	-	128 008	10 565	138 573
Closing balance, 30 June 2015	1 537	335 672	531	-135 421	202 319	14 859	217 178

Opening balance, 1 January 2014	1 083	131 519	118	-57 264	75 456	-813	74 643
Comprehensive profit/loss for the period
Profit/loss for the period	-	-	-	-22 790	-22 790	-777	-23 567
Other comprehensive income
Translation differences	-	-	-73	-	-73	-23	-105
Other comprehensive profit/loss for the	-	-	-73	-	-73	-23	-105
period, net after tax
Total comprehensive profit/loss	-	-	-73	-22 790	-22 862	-809	-23 671
Transactions with shareholders
New share issue	306	76 293	-	-	76 599	-	76 599
Total transactions with shareholders	306	76 293	-	-	76 599	-	76 599
Closing balance, 30 June 2014	1 389	207 812	46	-80 054	129 193	-1 622	127 571
Opening balance, 1 January 2014	1 083	131 519	118	-80 054	129 193	-813	74 643
Comprehensive profit/loss for the period
Profit/loss for the period	-	-	-	-42 549	-42 549	-2 124	-44 673
Other comprehensive income
Translation differences	-	-	-220	-	-220	-49	-269
Other comprehensive profit/loss for the
period, net after tax	-	-	-220	-	-220	-49	-269
Total comprehensive profit/loss	-	-	-220	-42 549	-42 769	-2 173	-44 942
Transactions with shareholders
New share issue	306	76 293	-	-	76 599	-	76 599
Change of ownership in new share issue	-	-	-	-5 974	-5 974	7 515	1 541
Total transactions with shareholders	306	76 293	-	-5 974	70 625	7 515	78 140
Closing balance, 31 Dec. 2014	1 389	207 812	-102	-105 787	103 312	4 529	107 841

*Total equity includes funds from the in January completed private placement with 65,000,000 SEK less expenses 4,787,000 SEK and the in May completed private placement with 70,000,000 less expenses 10,639,000.

Consolidated Statement of Cash Flows

(SEK 000)	1 Apr. 2015	1 Apr. 2014	1 Jan. 2015	1 Jan. 2014	1 Jan. 2014
	30 Jun. 2015	30 Jun. 2014	30 Jun. 2015	30 Jun. 2014	31 Dec. 2014
Cash flow from operating activities
Operating income	-15 325	-14 095	-30 043	-23 955	-45 254
Adjustments for non-cash items:
Depreciation	195	40	345	80	441
Currency differences on intercompany items	-305	-	218		-278
				433
Interest received	135	383	646	-138	758
Interest paid	-26	-53	-90		-219
Net cash from operating activities
before changes in working capital	-15 326	-13 725	-28 924	-23 580	-44 552
Changes in working capital
Increase/decrease of other current assets	-376	-1 034	-873	508	-16
Increase/decrease of other short-term liabilities	1 886	-96	-7 153	-7 068	936
Changes in working capital	1 510	-938	-8 026	-6 560	920
Cash flow from operating activities	-13 816	-12 787	-36 950	-30 140	-43 633
Investing activities
Acquisition of tangible assets	13	37	-227	37	-178
Acquisition of intangible assets	-12 906	-9 906	-13 114	-12 039	-23 251
Cash flow from investing activities	-12 894	-9 869	-13 342	-12 002	-23 429
Financing activities
Share issue minority	-571	-	18 998		-
New share issue	59 363		119 576	76 599	76 599
Cash flow from financing activities	58 792		138 574	76 599	76 599
Cash flow for the period	32 082	-22 656	88 282	34 457	9 537
Cash and cash equivalents at the beginning of the period	104 735	97 097	49 698	39 992 +	39 992
Effect of exchange rate changes on cash	1 232	71	69	63	169
Cash and cash equivalents at end of period	138 049	74 512	138 049	74 512	49 698

Parent Company Income Statement

(SEK 000)	Note	1 Apr. 2015	1 Apr. 2014	1 Jan. 2015	1 Jan. 2014	1 Jan. 2014
		30 Jun. 2015	30 Jun. 2014	30 Jun. 2015	30 Jun. 2014	31 Dec. 2014
Net sales		-	372	-	372	7 546
Other operating income		377	1 128	426	1 171	29 125
		377	1 500	426	1 543	36 671
Operating expenses
Other external expenses		-13 709	-11 206	-23 585	-17 953	-35 383
Personnel cost		-3 150	-2 592	-5 980	-4 718	-10 346
Depreciation and write-down of tangible and		-172	-40	-308		-441
intangible assets					-80
Other operating expenses		-363	-239	-828	- -259	-816
		-17 394	-14 077	-30 702	-259 -23 010	-46 986
Operating income		-17 018	-12 577	-30 276	-21 467	-10 315
Profit/loss from financial items
Interest income and other similar profit items		235	495	566	598	1 047
Interest expenses and other similar loss items		35	-57	-17	-108	-376
		270	438	548	490	671
Profit/loss before tax		-16 748	-12 139	-29 727	-20 977	-9 644
Income tax	2	-	-	-	-	-
Profit/loss for the period		-16 748	-12 139	-29 727	-20 977	-9 644

Statement of Comprehensive Income, Parent Company

(SEK 000) Note	1 Jan. 2015 30 Jun. 2015	1 Jan. 2014 30 Jun.	1 Jan. 2015 30 Jun. 2015	1 Jan. 2014 30 Jun. 2014	1 Jan. 2014 31 Dec. 2014
Profit/loss for the period Other comprehensive income	-16 748 -	2014 -12 139 -	-29 727 -	-20 977 -	-9 644 -
Total comprehensive profit/loss for the	-16 748	-12 139	-29 727	-20 977	-9 644

Parent Company Balance Sheet

(SEK 000)	Note	30 Jun. 2015	30 Jun. 2014	31 Dec 2014
ASSETS
Non-current assets
Intangible assets	1
Development costs		82 821	50 736	68 133
Patents		14 336	9 689	11 146
Software		47	127	87
		97 204	60 552	79 366
Tangible assets
Equipment		302	328	212
		302	328	212
Financial assets
Other lpng-term placement		1	-	-
Shares in subsidiaries	3	41 750	6	33 618
		41 751	6	33 618
Total non-current assets		139 257	60 886	113 196
Current assets
Short term receivables
Receivables from group companies		2 157	5 201	2 195
Other receivables		1 592	714	1 067
Prepaid expenses and accrued income		702	294	498
		4 473	6 209	3 760
Cash and bank balances		111 113	73 580	48 842
Total current assets		115 586	79 789	52 602
TOTAL ASSETS		254 844	140 675	165 798
(SEK 000)	Note	30 Jun. 2015	30 Jun. 2014	31 Dec 2014
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital		1 537	1 389	1 389
Statutory reserve		1 856	1 856	1 856
		3 393	3 245	3 245
Unrestricted equity
Share premium reserve		195 720	76 293	76 293
Retained earnings		64 777	74 423	74 422
Profit/loss for the period		-29 727	-20 977	-9 644
		230 769	129 739	141 071
Total equity		234 162	132 984	144 316
Short-term liabilities
Accounts payable		9 100	4 352	13 823
Liabilities to group companies		6	6	6
Other liabilities		498	381	243
Accrued expenses and deferred income		11 077	2 952	7 410
		20 681	7 691	21 482
		254 844	140 675	165 798
TOTAL EQUITY AND LIABILITIES
PLEDGE AND CONTINGENT LIABILITIES		30 Jun. 2015	30 Jun. 2014	31 Dec 2014
Pledge assets		None	None	None
Contingent liabilities		None	None	None

Note 1 — Intangible assets

(SEK 000)	Development costs	Patents*	Software	Total
ACCUMULATED COST
Opening balance 1 Jan. 2015	68 368	15 111	400	83 879
Additions	14 688	3 443	69	18 200
Closing balance 30 Jun. 2015	83 056	18 554	469	102 079
ACCUMULATED DEPRECIATION
Opening balance 1 Jan. 2015	-	-3 965	-313	-4 278
Depreciation for the period	-	-253	-40	-293
Closing balance 31 Mar. 2015	-	-4 218	-353	-4 571
Residual value 31 Mar. 2015	83 056	14 336	116	97 508
(SEK 000)	Development costs	Patents*	Software	Total
ACCUMULATED COST Opening balance 1 Jan. 2014	39 182	11 086	400	50 668
Additions	29 186	4 025	-	33 211
Government grants	68 368	15 111	400	83 879
Closing balance 31 Dec. 2014
ACCUMULATED DEPRECIATION Opening balance 1 Jan. 2014	-	-3 316	-233	-3 549
Depreciation for the period	-	-649	-80	-729
Closing balance 31 Dec. 2014	-	-3 965	-313	-4 278

* Amortization of patents is recognized as a portion of historical cost of capitalized expenditure from product development because patents are used in development work.

Of total capitalized expenditure for product development, 45% is for NeuroSTAT, 52 % is for CicloMulsion, 1 % is for NVP014.

Note 2 – Tax

The group's total loss carry-forwards amount to SEK 169,990,000 as of 30 June 2015 (91,032,000). The parent company's total loss carry-forwards amount to SEK 132,558,000 as of 30 June 2015 (87,413,000). Because the company is loss making, management cannot judge when deductible loss carry-forwards will be utilized.

Note 3 — Shares and participations in group companies

These shares are the holding of 71,37% in the subsidiary NeuroVive Pharmaceutical Asia Inc., domiciled in Taiwan. NeuroVive Pharmaceutical Asia Inc. has two fully owned subsidiaries - NeuroVive Pharmaceutical Asia Ltd. domiciled in Hongkong and NeuroVive Pharmaceutical Taiwan, Inc. domiciled in Taiwan. In April the subsidiary NeuroVive Pharamceutical SARL, domiciled in France was included and is owned 100% by NeuroVive Pharmaceutical AB.

This Interim Report gives a true and fair view of the parent company's and group's operations, financial position and results of operations, and states the significant risks and uncertainty factors facing the parent company and group companies.

Greg Batcheller Arne Ferstad Chairman of the Board Board member

Boel Flodgren Marcus Keep Board member Board member

Helena Levander Anna Malm Bernsten Board member Board member

Helmuth von Moltke Fredrik Olsson Board member Board member

Mikael Brönnegård Chief Executive Officer

Lund, Sweden, August 19, 2015

This Interim Report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.

For more information concerning this report please contact CEO Mikael Brönnegård, telephone: +46 (0)46-275 62 20.

NeuroVive Pharmaceutical AB (publ) Medicon Village, SE-223 81 Lund Tel: +46-46 275 62 20 (switchboard), Fax: +46-46 888 83 48 www.neurovive.com