Quarterly Report • Aug 11, 2016
Quarterly Report
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• Out-licensing activities are continuing
| SEK M | Q2 | Q1–Q2 | |||||
|---|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | Year 2015 |
|||
| Net sales | 3.9 | 3.2 | 7.9 | 6.1 | 16.3 | ||
| Operating loss | -14.5 | -70.1 | -30.6 | -127.5 | -177.9 | ||
| Loss for the period | -15.5 | -71.4 | -32.3 | -129.3 | -193.5 | ||
| Loss per share, before and after dilution (SEK) | -0.17 | -0.79 | -0.36 | -1.44 | -2.15 | ||
| Cash and cash equivalents (at the end of the period) | 57.4 | 186.6 | 103.6 |
• Refocusing of the company is completed, operating costs reduced by 71% (SEK 95.2 M) compared with 2015
Tomas Leanderson, President and CEO Tel: +46 46 19 20 95
Hans Kolam, CFO Tel: +46 46 19 20 44 Active Biotech AB (Corp. Reg. No. 556223-9227) Box 724, SE-220 07 Lund Tel: +46 46 19 20 00 Fax: +46 46 19 11 05
The report is also available at www.activebiotech.com.
Active Biotech's new organization was implemented during the two first quarters of 2016. Because many of the company employees who have been made redundant had long employment periods, the cutbacks will also effect the year's third quarter. The full economic impact of the reorganization will be realized in the year's fourth quarter. The company's primary focus is to support our partner Teva in the development of the laquinimod project. In regard to the ANYARA, tasquinimod, paquinimod and SILC projects, only those activities necessary for Active Biotech to find a commercial partner for the further development of these projects are underway. No comment will be provided concerning the status of these negotiations.
Laquinimod is a quinoline compound under development for the treatment of multiple sclerosis (MS) and Huntington's disease. Active Biotech has an agreement with the Israeli company Teva Pharmaceutical Industries Ltd since 2004 covering the development and commercialization of laquinimod.
In December 2010, positive results from the Phase 3 ALLEGRO study were presented. Laquinimod met the primary endpoint of reducing the annualized relapse rate and significantly slowed progression of disability. On August 1, 2011, the initial results were announced from the second Phase 3 study BRAVO. The BRAVO findings supported the direct effect of laquinimod in the central nervous system (CNS) and were in line with the results of the first laquinimod Phase 3 trial, ALLEGRO, but did not achieve statistical significance regarding the primary clinical endpoint.
The ongoing CONCERTO trial is Teva's third Phase 3 study in relapsing remitting MS (RRMS), designed to evaluate daily doses of laquinimod 0.6 mg or 1.2 mg. The study is intended to confirm the benefits of laquinimod in delaying further disability progression (as measured by EDSS – Expanded Disability Status Scale), which is its primary endpoint. This study will also examine the impact of laquinimod on endpoints such as percentage change in brain volume and other clinical and MRI markers of disease activity. On June 25, 2015, it was announced that enrollment to CONCERTO had been finalized and included 2,199 patients.
In November 2014, the first patient was screened for the Phase 2 LEGATO-HD clinical study, which will evaluate a daily dose (0.5 or 1.0 mg per day) of laquinimod as a potential treatment for adult patients with Huntington's disease. The primary endpoint for LEGATO-HD is change from baseline in the Unified Huntington's Disease Rating Scale-Total Motor Scale (UHDRS-TMS) as defined by the sum of the scores of all UHDRS-TMS sub-items after 12 months of treatment. The study is planned to include about 400 patients in the US, Canada and Europe.
It was announced in April 2015 that the first patient had been enrolled in the study "A Randomized Placebocontrolled Trial Evaluating Laquinimod in PPMS, Gauging Gradations In MRI and Clinical Outcomes" (ARPEGGIO), which will evaluate laquinimod's potential for treatment of primary progressive multiple sclerosis (PPMS). ARPEGGIO is a multinational, multicenter, randomized, double-blind, placebo-controlled clinical Phase 2 study with parallel groups that will evaluate laquinimod (0.6 mg per day) compared with placebo in PPMS patients. The primary endpoint of the study is brain atrophy, defined as the percentage brain volume change (PBVC) as measured with MRI.
On January 4, 2016, it was announced that the trial arms studying higher doses of laquinimod in two ongoing studies in multiple sclerosis (MS) (CONCERTO and ARPEGGIO) would be discontinued after the occurrence of cardiovascular events, none of which was fatal, in eight patients. The change comes at the recommendation of the Data Monitoring Committee (DMC) overseeing the two active clinical studies in MS. The DMC identified an imbalance in the number of cardiovascular events in the studies. Further analysis of these events is ongoing. The studies are continuing according to plan with the treatment of patients with 0.6 mg per day. On January 11, 2016, it was also announced that the trial design of a Phase 2 study (LEGATO-HD) of laquinimod in Huntington's disease would be amended. The amendment consists of dropping the highest of three doses (1.5 mg/day) in the trial while keeping two remaining active doses (0.5 and 1 mg/day) unchanged. This is a precautionary measure in the interest of patient safety being suggested by Teva to the DMC for the LEGATO-HD trial. No cardiovascular events have been observed for any dose of the LEGATO-HD trial.
Extension studies involving patients from both the clinical Phase 2 and Phase 3 studies, ALLEGRO and BRAVO, are under way. These studies encompass more than 2,000 patients that have received treatment with 0.6 mg of laquinimod for up to ten years.
The clinical trials CONCERTO, ARPEGGIO and LEGATO-HD are progressing according to plan.
At the 68th AAN Annual Meeting (American Academy of Neurology), held in Vancouver, Canada, on April 15–21, 2016, Teva presented updated results from follow-up studies after the Phase 3 ALLEGRO and BRAVO studies. Pooled data for the studies, in which patients were treated with laquinimod for up to ten years, showed that the efficacy and safety of laquinimod were maintained over time. It could also be shown that laquinimod disability progression effects remain despite increasingly rigorous confirmation time interval. Analysis of a subgroup of patients with more advanced disability (EDSS>3) at the start of the study showed that laquinimod had positive effects on relapses, disability progression and MRI parameters also in this group.
Results from the pivotal Phase 3 CONCERTO trial are expected to be available in the first half of 2017.
Tasquinimod is an immunomodulatory, anti-metastatic substance that indirectly affects the tumor's ability to grow and spread. The development of tasquinimod has previously been focused on the treatment of prostate cancer and in March 2016, the company announced that it was planning development of the substance for the treatment of multiple myeloma.
In April 2011, Active Biotech and Ipsen (Euronext: IPN; ADR: IPSEY) entered a broad partnership for the codevelopment and commercialization of Active Biotech's compound, tasquinimod. On April 16, 2015, the initial results of the Phase 3 10TASQ10 trial, a global, randomized, double-blind, placebo-controlled study of patients with metastatic castrate resistant prostate cancer (mCRPC), were presented. The aim of the study was to confirm tasquinimod's efficacy on the disease, with radiological progression-free survival (rPFS) as the primary clinical endpoint and overall survival (OS) as the secondary clinical endpoint. Results showed that the study met its primary end-point and tasquinimod treatment compared with placebo significantly reduced the risk of radiological cancer progression in patients with mCRPC who have not received chemotherapy. However, the treatment with tasquinimod did not extend overall survival (OS, HR=1.09, CI 95%: 0.94 – 1.28). Despite the favorable safety profile, total efficacy results did not support a positive benefit/risk balance in this population. Therefore, the companies decided to discontinue all studies in and all further development of tasquinimod in prostate cancer. This also resulted in the termination of further development of tasquinimod by Ipsen in other indications and the ending of the partnership agreement between Ipsen and Active Biotech. The company is now looking for a commercial partner for further development of tasquinimod for the treatment of multiple myeloma.
Net sales amounted to SEK 7.9 M (6.1) and included service and rental revenues.
The operation's research and administration expenses amounted to SEK 38.5 M (133.7), of which research expenses accounted for SEK 29.9 M (123.7). The reduction in expenses of SEK 93.8 M was attributable to lower costs for the Phase 3 tasquinimod trial for the treatment of prostate cancer. The other research projects – the ANYARA renal cell cancer project, 57-57 for the treatment of scleroderma and the preclinical SILC research project – only had a limited impact on the cost development between the years. The out-licensed projects comprising laquinimod and RhuDex are financed by the relevant partners.
The operating loss for the period amounted to SEK 30.6 M (loss: 127.5). The improvement in earnings SEK 96.9 M, compared with the year-earlier period, was attributable to lower costs for the Phase 3 tasquinimod trial, which was concluded in 2015. Administration expenses amounted to SEK 8.6 M (10.0), the net financial expense for the period to SEK 2.9 M (expense: 2.9) and the loss after tax to SEK 32.3 M (loss: 129.3).
Net sales amounted to SEK 3.9 M (3.2) and included service and rental revenues.
The operation's research and administration expenses amounted to SEK 18.4 M (73.4), of which research expenses amounted to SEK 14.3 M (68.7). The reduction in expenses of SEK 54.4 M was attributable to lower costs for the Phase 3 tasquinimod trial for the treatment of prostate cancer. The other research projects – the ANYARA renal cell cancer project, 57-57 for the treatment of scleroderma and the preclinical SILC research project – only had a limited impact on the cost development between the years.
The operating loss for the period amounted to SEK 14.5 M (loss: 70.1). The change in earnings compared with the year-earlier period was attributable to lower research expenses. Administration expenses totaled SEK 4.1 M (4.7), the net financial expense for the period to SEK 1.6 M (expense: 1.8) and the loss after tax to SEK 15.5 M (loss: 71.4).
Cash and cash equivalents at the end of the period amounted to SEK 57.4 M, compared with SEK 103.6 M at the end of 2015.
Cash flow for the period was a negative SEK 46.2 M (neg: 141.8), of which cash flow from operating activities accounted for a negative SEK 43.0 M (neg: 138.3) and cash flow from financing activities for a negative SEK 3.2 M (neg: 3.5).
Investments in tangible fixed assets amounted to SEK 0.0 M (0.0).
Net sales for the period amounted to SEK 11.9 M (11.1) and operating expenses to SEK 48.5 M (149.8). The Parent Company's operating loss for the period was SEK 36.6 M (loss: 138.7). Net financial income amounted to SEK 0.4 M (0.5) and the loss after financial items was SEK 36.2 M (loss: 138.2). Cash and cash equivalents including short-term investments totaled SEK 46.9 M at the end of the period, compared with SEK 88.7 M on January 1, 2016.
Net sales for the period amounted to SEK 5.2 M (6.1) and operating expenses to SEK 23.5 M (81.9). The Parent Company's operating loss for the period was SEK 18.3 M (loss: 75.8). Net financial income amounted to SEK 0.1 M (expense: 0.1) and the loss after financial items was SEK 18.2 M (loss: 75.9).
The Board has calculated the Parent Company's equity in accordance with the rules in Chapter 25, paragraph 14, sections 1 and 2 of the Swedish Companies Act and, it is evident according to this calculation that equity is not less than half of the registered share capital.
Consolidated shareholder's equity at the end of the period amounted to SEK 152.2 M, compared with SEK 180.6 M at year-end 2015.
The number of shares outstanding at the end of the period totaled 89,908,298. At the end of the period, the equity/assets ratio for the Group was 38.6 percent, compared with 40.2 percent at year-end 2015. The corresponding figures for the Parent Company, Active Biotech AB, were 88.2 percent and 81.4 percent, respectively.
The average number of employees was 36 (56), of which the number of employees in the research and development organization accounted for 28 (45). At the end of the period, the Group had 29 employees. As previously communicated, the company has decided to focus the operations on the laquinimod projects and engage only in out-licensing activities for all other projects. Employees who have been made redundant will successively end their contracts in 2016, with the planned number of employees at the end of the third quarter of 2016 to amount to 17.
In the long term, the existing partnership agreement with Teva Pharmaceuticals has a significant impact on future earnings and financial position. In the short term, the existing liquidity, financial and real assets is expected to fund operations until the phase III results for laquinimod are expected during the first half of 2017. In addition the Board has the Annual General Meetings mandate, if necessary, to issue up to seven million new shares.
A research company such as Active Biotech is characterized by a high operational and financial risk, since the projects in which the company is involved are at the clinical phase, where a number of factors have an impact on the likelihood of commercial success. In brief, the operation is associated with risks related to such factors as pharmaceutical development, competition, advances in technology, patents, regulatory requirements, capital requirements, currencies and interest rates. A detailed account of these risks and uncertainties is presented in the Directors' Report in the 2015 Annual Report. The Group's operations are primarily conducted in the Parent Company and thus risks and uncertainties refer to both the Group and the Parent Company.
| Consolidated profit and loss | April - June | Jan. - June | ||||
|---|---|---|---|---|---|---|
| SEK M | 2016 | 2015 | 2016 | 2015 | 2015 | |
| Net sales | 3,9 | 3,2 | 7,9 | 6,1 | 16,3 | |
| Administrative expenses | -4,1 | -4,7 | -8,6 | -10,0 | -18,0 | |
| Research and development costs | -14,3 | -68,7 | -29,9 | -123,7 | -176,2 | |
| Operating profit/loss | -14,5 | -70,1 | -30,6 | -127,5 | -177,9 | |
| Net financial items | -1,6 | -1,8 | -2,9 | -2,9 | -6,8 | |
| Profit/loss before tax | -16,1 | -71,9 | -33,4 | -130,4 | -184,7 | |
| Tax | 0,6 | 0,6 | 1,1 | 1,1 | -8,8 | |
| Net profit/loss for the period | -15,5 | -71,4 | -32,3 | -129,3 | -193,5 | |
| Comprehensive loss attributable to: | ||||||
| Parent Company shareholders | -15,5 | -71,4 | -32,3 | -129,3 | -193,5 | |
| Non-controlling interests | – | – | – | – | – | |
| Net profit/loss for the period | -15,5 | -71,4 | -32,3 | -129,3 | -193,5 | |
| Comprehensive profit/loss per share before dilution (SEK) | -0,2 | -0,8 | -0,36 | -1,44 | -2,15 | |
| Comprehensive profit/loss per share after dilution (SEK) | -0,2 | -0,8 | -0,36 | -1,44 | -2,15 | |
| Statement of profit and loss and consolidated comprehensive income | April - June | Jan. - June | Full Year | |||
| SEK M | 2016 | 2015 | 2016 | 2015 | 2015 | |
| Net profit/loss for the period | -15,5 | -71,4 | -32,3 | -129,3 | -193,5 | |
| Other comprehensive income | ||||||
| Items that can not be reclassified into profit or loss | ||||||
| Change in revaluation reserve | 1,8 | 1,8 | 3,6 | 3,6 | -42,8 | |
| Taxes attributable to other comprehensive income | -0,4 | -0,4 | -0,8 | -0,8 | 9,4 | |
| Total comprehensive profit/loss for the period Total other comprehensive profit/loss for the period attributable to: |
-14,1 | -70,0 | -29,5 | -126,5 | -226,9 | |
| Parent Company shareholders | -14,1 | -70,0 | -29,5 | -126,5 | -226,9 | |
| Non-controlling interests | – | – | – | – | – | |
| Total comprehensive profit/loss for the period | -14,1 | -70,0 | -29,5 | -126,5 | -226,9 | |
| Depreciation/amortization included in the amount of | 2,9 | 3,0 | 5,9 | 6,1 | 12,0 | |
| Investments in tangible fixed assets | – | – | – | – | 0,0 | |
| Weighted number of outstanding common shares before dilution (000s) | 89908 | 89908 | 89908 | 89908 | 89908 | |
| Weighted number of outstanding common shares after dilution (000s) | 89908 | 89908 | 89908 | 89908 | 89908 |
| Consolidated statement of financial position | June 30 | Dec. 31 | |
|---|---|---|---|
| SEK M | 2016 | 2015 | 2015 |
| Tangible fixed assets | 328,9 | 380,8 | 329,8 |
| Long-term receivables | 0,0 | 0,0 | 0,0 |
| Total fixed assets | 328,9 | 380,8 | 329,8 |
| Current receivables | 7,5 | 7,7 | 16,0 |
| Cash and cash equivalents | 57,4 | 186,6 | 103,6 |
| Total current assets | 64,9 | 194,4 | 119,6 |
| Total assets | 393,8 | 575,1 | 449,4 |
| Shareholders equity | 152,2 | 279,9 | 180,6 |
| Long-term liabilities | 213,1 | 219,5 | 216,3 |
| Current liabilities | 28,5 | 75,7 | 52,6 |
| Total shareholders equity and liabilities | 393,8 | 575,1 | 449,4 |
| Consolidated statement of changes in shareholders equity | June 30 | Dec. 31 | |
|---|---|---|---|
| SEK M | 2016 | 2015 | 2015 |
| Opening balance | 180,6 | 405,3 | 405,3 |
| Transfer from revaluation reserve | 1,1 | 1,1 | 2,2 |
| New share issue | 0,0 | 0,0 | – |
| Net loss for the period | -29,5 | -126,5 | -226,9 |
| Balance at close of period | 152,2 | 279,9 | 180,6 |
| Condensed consolidated cash-flow statement | Jan. - June | Full Year | |
|---|---|---|---|
| SEK M | 2016 | 2015 | 2015 |
| Loss after financial items | -33,4 | -130,4 | -184,7 |
| Adjustment for non-cash items, etc. | 5,9 | 6,1 | 12,0 |
| Cash flow from operating activities | |||
| before changes in working capital | -27,5 | -124,4 | -172,7 |
| Changes in working capital | -15,4 | -14,0 | -45,2 |
| Cash flow from operating activities | -43,0 | -138,3 | -217,9 |
| Loans raised/amortization of loan liabilities | -3,2 | -3,5 | -7,0 |
| Cash flow from financing activities | -3,2 | -3,5 | -7,0 |
| Cash flow for the period | -46,2 | -141,8 | -224,8 |
| Opening cash and cash equivalents | 103,6 | 328,5 | 328,5 |
| Closing cash and cash equivalents | 57,4 | 186,6 | 103,6 |
| June 30 | Dec. 31 | ||
|---|---|---|---|
| Key figures | 2016 | 2015 | 2015 |
| Shareholders equity, SEK M | 152,2 | 279,9 | 180,6 |
| Equity per share, SEK | 1,69 | 3,11 | 2,01 |
| Equity/assets ratio in the Parent Company | 88,2% | 79,3% | 81,4% |
| Equity/assets ratio in the Group | 38,6% | 48,7% | 40,2% |
| Average number of annual employees | 36 | 56 | 55 |
| Consolidated profit and los | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||
| SEK M | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Net sales | 2,6 | 94,0 | 39,8 | 91,5 | 2,4 | 2,5 | 107,0 | 4,0 | 2,1 | 2,7 | 2,6 | 2,9 | 2,9 | 3,2 | 5,2 | 5,0 | 3,9 | 3,9 |
| Administrative expenses | -3,8 | -4,2 | -3,2 | -4,7 | -4,2 | -4,6 | -3,8 | -4,4 | -4,5 | -5,3 | -3,7 | -3,5 | -5,3 | -4,7 | -3,8 | -4,2 | -4,4 | -4,1 |
| Research and dev. costs | -99,4 | -109,7 | -84,8 | -81,3 | -75,2 | -77,5 | -75,3 | -80,0 | -56,9 | -55,3 | -54,6 | -55,1 | -55,0 | -68,7 | -23,6 | -29,0 | -15,6 | -14,3 |
| Operating profit/loss | -100,7 | -19,9 | -48,2 | 5,5 | -77,0 | -79,5 | 27,9 | -80,4 | -59,2 | -57,9 | -55,7 | -55,6 | -57,4 | -70,1 | -22,2 | -28,2 | -16,1 | -14,5 |
| Net financial items | 1,0 | -5,3 | -4,1 | -0,4 | -1,6 | -2,2 | 0,8 | -2,2 | -1,5 | -0,3 | -1,5 | -1,9 | -1,1 | -1,8 | -1,8 | -2,1 | -1,3 | -1,6 |
| Profit/loss before tax | -99,6 | -25,1 | -52,3 | 5,1 | -78,6 | -81,7 | 28,7 | -82,6 | -60,8 | -58,2 | -57,2 | -57,6 | -58,5 | -71,9 | -23,9 | -30,3 | -17,4 | -16,1 |
| Tax | 0,6 | 0,6 | 0,6 | -5,0 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | -10,4 | 0,6 | 0,6 |
| Net profit/loss for the period | -99,0 | -24,5 | -51,6 | 0,1 | -78,0 | -81,2 | 29,2 | -82,1 | -60,2 | -57,7 | -56,6 | -57,0 | -58,0 | -71,4 | -23,4 | -40,8 | -16,8 | -15,5 |
| Active Biotech Parent Company - Income Statement, condensed | April - June | Jan. - June | Full Year | ||
|---|---|---|---|---|---|
| SEK M | 2016 | 2015 | 2016 | 2015 | 2015 |
| Net sales | 5,2 | 6,1 | 11,9 | 11,1 | 26,0 |
| Administration expenses | -8,3 | -9,1 | -16,8 | -18,8 | -35,6 |
| Research and development costs | -15,2 | -72,8 | -31,7 | -131,0 | -191,2 |
| Operating profit/loss | -18,3 | -75,8 | -36,6 | -138,7 | -200,8 |
| Profit/loss from financial items: | |||||
| Interest income and similar income-statement items | 0,1 | -0,1 | 0,4 | 0,1 | 0,2 |
| Interest expense and similar income-statement items | 0,0 | 0,0 | 0,0 | 0,4 | -0,1 |
| Profit/loss after financial items | -18,2 | -75,9 | -36,2 | -138,2 | -200,7 |
| Tax | 0,0 | 0,0 | – | – | – |
| Net profit/loss for the period | -18,2 | -75,9 | -36,2 | -138,2 | -200,7 |
| Statement of comprehensive income parent company | |||||
| Net profit/loss for the period | -18,2 | -75,9 | -36,2 | -138,2 | -200,7 |
| Other comprehensive income | 0,0 | 0,0 | – | – | – |
| Total comprehensive profit/loss for the period | -18,2 | -75,9 | -36,2 | -138,2 | -200,7 |
| Active Biotech Parent Company - Balance sheet, condensed | June 30 | ||
|---|---|---|---|
| SEK M | 2016 | 2015 | Dec. 31 2015 |
| Goodwill | 72,7 | 88,8 | 80,7 |
| Tangible fixed assets | 0,5 | 0,5 | 0,5 |
| Financial fixed assets | 40,6 | 40,6 | 40,6 |
| Total fixed assets | 113,7 | 129,9 | 121,8 |
| Current receivables | 18,8 | 20,3 | 28,4 |
| Short-term investments | 41,7 | 146,8 | 76,6 |
| Cash and bank balances | 5,2 | 27,1 | 12,1 |
| Total current assets | 65,7 | 194,2 | 117,0 |
| Total assets | 179,4 | 324,1 | 238,8 |
| Shareholders equity | 158,3 | 257,0 | 194,4 |
| Current liabilities | 21,1 | 67,1 | 44,4 |
| Total equity and liabilities | 179,4 | 324,1 | 238,8 |
Any errors in additions are attributable to rounding of figures.
The interim report of the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Annual Accounts Act. The interim report of the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. For the Group and the Parent Company, the same accounting policies and accounting estimates and assumptions were applied to this interim report as were used in the preparation of the most recent annual report.
| June 30, 2016 | Dec. 31, 2015 | |
|---|---|---|
| SEK M | Level 2 | Level 2 |
| Short-term investments | 41,7 | 76,6 |
The fair value of financial assets and liabilities essentially corresponds to the carrying amount in the balance sheet. For more information, refer to Note 17 in the 2015 Annual Report. No significant changes have occurred in relation to the measurement made at December 31.
This financial report includes statements that are forward-looking and actual results may differ materially from those anticipated. In addition to the factors discussed, other factors that can affect results are developments in research programs, including clinical trials, the impact of competing research programs, the effect of economic conditions, the effectiveness of the company's intellectual patent protection, obstacles due to technological development, exchange-rate and interest-rate fluctuations, and political risks.
Interim reports 2016: November 10 Year-end report 2016: February 16, 2017
The reports will be available from these dates at www.activebiotech.com.
Lund, August 11, 2016
Active Biotech AB (publ)
Mats Arnhög Magnhild Sandberg-Wollheim Peter Sjöstrand Chairman Board member Board member
Peter Thelin Tomas Leanderson Board member President and CEO
This interim report is unaudited.
Active Biotech AB (publ) (NASDAQ Stockholm: ACTI) is a biotechnology company with focus on neurodegenerative/inflammatory diseases and cancer. Laquinimod, an orally administered small molecule with unique immunomodulatory properties, is in pivotal Phase 3 development for the treatment of relapsing remitting multiple sclerosis. Also, laquinimod is in Phase 2 development for the treatment of primary progressive multiple sclerosis and Huntington's disease. Furthermore, commercial activities are conducted for the tasquinimod, SILC, ANYARA and paquinimod projects. Please visit www.activebiotech.com for more information.
Active Biotech is obligated to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. This information was provided to the media, through the agency of the contact person set out above, for publication on August 11, 2016 at 08.30 a.m. CET.
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