Interim / Quarterly Report • Jul 24, 2014
Interim / Quarterly Report
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1 January – 30 June 2014
"In the second quarter, we demonstrated that we can generate significant revenue from our technology. We have scaled up our marketing efforts and seen a growing interest from international pharmaceutical and biotech companies for our development platform F.I.R.S.T™ and for our key pipeline projects. Our research programs are focused in immuno-oncology, the pharmaceutical market segment expected to become the largest pharmaceutical market in oncology with a value potential of over SEK 200 billion." says 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 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. The scope and strength of this platform is also used to develop antibody-based drugs in collaboration with partners who finance the development of the new drug, and provide BioInvent the right to milestone payments and royalties on sales. These partners include Bayer Pharma, Daiichi Sankyo, Mitsubishi Tanabe Pharma, Servier and Xoma.
| Project | Primary Indication | Discovery | Preclinic | Phase I | Phase II | Collabortion |
|---|---|---|---|---|---|---|
| Proprietary Projects | ||||||
| BI-505 | Multiple Myeloma | |||||
| BI-1206 | Hematologic cancer | University of Southampton | ||||
| Research Programmes | ||||||
| T-reg | Oncology | University of Southampton | ||||
| TAM | Oncology | Cancer Research Technology | ||||
| Blood cancers | Hematologic cancer | University of Southampton | ||||
| Partner's Projects (n-CoDeR®)1) | ||||||
| Partner project 1 | ||||||
| Partner project 2 | ||||||
| Partner project 7 | ||||||
| Partner project 3 | ||||||
| Partner project 4 | ||||||
| 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
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 preliminary analysis showed a good safety profile for BI-505. In those dosage groups to which extended therapy was offered, 24% of these severely ill patients demonstrated stable disease for at least two months, indicating a beneficial effect of BI-505. Optimal dose was determined according to the study protocol and is used in the current clinical 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 activity compared with monotherapy when combining the approved drugs Velcade® or Revlimid® with BI- 505. 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 action 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, especially in patients who respond poorly 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. Combined treatment with BI-1206 and rituximab, with annual sales of about USD 7.9 billion, in clinically relevant animal models with tumour cells from patients demonstrated significantly improved antitumour effects compared to monotherapy with rituximab. Combination therapy therefore has the potential to significantly improve treatment of patients with non-Hodgkin's lymphoma.
BI-1206 has also shown strong ability to kill 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 have the potential to also be used as monotherapy and, by blocking the immunosuppressive effect of CD32b, create a more immunostimulatory environment and thereby enhance the therapeutic effect of several approved antibody-based drugs other than rituximab. 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.
Development of the production process for BI-1206 has begun. The next stage of development after up-scaling and production involves toxicological studies, which were initiated in the second quarter of 2014. The first clinical study with BI-1206 is expected to start at year end 2014.
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 all is that 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 three clinical phase I projects, whereof two have entered the clinical phase in 2014, and six 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 the second quarter BioInvent received milestone payments from Bayer and Servier totaling EUR one million as Bayer enrolled the first patient in a phase I clinical trial and Servier reached in vivo proof of concept against a specific target structure.
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.
BioInvent believes that during the early development phase it is of utmost importance to recreate as closely as possible the biology relevant to human disease. Consequently the F.I.R.S.T.™ platform uses 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 cellbased in vitro and in vivo models, developed by BioInvent. We believe this strategy will lead to more predictable results with a lower risk of failure in clinical projects.
Net sales for the April-June period amounted to SEK 32 million (12). 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 April-June period amounted to SEK 29 million (22). Operating costs are divided between external costs of SEK 18 million (8.5), personnel costs of SEK 10 million (13) and depreciation of SEK 0.5 million (0.7). Research and development costs for April – June amounted to SEK 20 million (16).
Earnings after tax for April-June amounted to SEK 3.7 million (-9.4). The net financial items, April– June, amounted to SEK 0.3 million (0.8). Earnings per share before and after dilution, April–June, amounted to SEK 0.04 (-0.13).
Net sales for the January-June period amounted to SEK 34 million (24). 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–June period amounted to SEK 51 million (49). Operating costs are divided between external costs of SEK 31 million (22), personnel costs of SEK 19 million (26) and depreciation of SEK 1.0 million (1.4). Research and development costs for January – June amounted to SEK 34 million (36).
During the period financial support from the EU's framework programme was reported for early research projects. The subsidy amounted to SEK 1.2 million (0.7) and has been reported in the income statement under "Other operating revenues and costs".
Earnings after tax for January – June amounted to SEK -15 million (-24). The net financial items, January–June, amounted to SEK 0.4 million (0.6). Earnings per share before and after dilution, January–June, amounted to SEK -0.17 (-0.32).
As of 30 June 2014, the Group's liquid funds amounted to SEK 74 million (40). The cash flow from current operations and investment activities for January – June amounted to SEK -48 million (-60). Reported but not yet paid revenues affected working capital during the past quarter. 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 91 million (24) 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 76 (42) per cent. Shareholders' equity per share amounted to SEK 0.81 (0.32). The Group had no interest-bearing liabilities.
No investments were made in tangible assets or 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 30 June 2014, BioInvent had 36 (46) employees. 30 (38) 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 a maximum of 33,750 employee options can be 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.
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 1.4 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. For a more detailed description of risk factors, see section "Risks and Risk Management", page 30, in the company's annual report 2013.
This interim report 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.
This report has been reviewed by the company's auditors.
BioInvent will present the following financial reports: Interim reports 23 October 2014
| 3 MONTHS 2014 April-June |
3 MONTHS 2013 April-June |
6 MONTHS 2014 Jan.-June |
6 MONTHS 2013 Jan.-June |
12 MONTHS 2013 Jan.-Dec. |
|
|---|---|---|---|---|---|
| Net sales | 32,442 | 12,274 | 34,206 | 23,912 | 81,713 |
| Operating costs Research and development costs Sales and administrative costs Other operating revenues and costs |
-19,629 -9,439 48 -29,020 |
-15,848 -6,645 -17 -22,510 |
-33,973 -17,110 1,213 -49,870 |
-35,574 -12,964 376 -48,162 |
-71,180 -30,220 511 -100,889 |
| Operating profit/loss | 3,422 | -10,236 | -15,664 | -24,250 | -19,176 |
| Profit/loss from financial investments | 292 | 812 | 445 | 567 | 1,137 |
| Profit/loss after financial items | 3,714 | -9,424 | -15,219 | -23,683 | -18,039 |
| Tax | - | - | - | - | - |
| Profit/loss after tax | 3,714 | -9,424 | -15,219 | -23,683 | -18,039 |
| Other comprehensive income Items that have been or may be reclassified subsequently to profit or loss Changes in actual value current investments Tax |
-5 | - | -5 | -10 | -10 |
| Comprehensive income for the year | 3,709 | -9,424 | -15,224 | -23,693 | -18,049 |
| Other comprehensive income for the year attributable to parent company's shareholders |
3,709 | -9,424 | -15,224 | -23,693 | -18,049 |
| Earnings per share, SEK Before dilution After dilution |
0.04 0.04 |
-0.13 -0.13 |
-0.17 -0.17 |
-0.32 -0.32 |
-0.23 -0.23 |
| 2014 | 2013 | 2013 | |
|---|---|---|---|
| Assets | 30 June | 30 June | 31 Dec. |
| Fixed assets | |||
| Intangible fixed assets | 0 | 0 | 0 |
| Tangible fixed assets | 2,924 | 5,377 | 3,928 |
| Financial fixed assets | 9,000 | ||
| Current assets | |||
| Inventories | 79 | 124 | 205 |
| Current receivables | 32,954 | 12,468 | 12,559 |
| Liquid funds | 74,297 | 39,764 | 64,745 |
| Total assets | 119,254 | 57,733 | 81,437 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 91,163 | 23,955 | 49,007 |
| Current liabilities | 28,091 | 33,778 | 32,430 |
| Total shareholders' equity and liabilities | 119,254 | 57,733 | 81,437 |
| 2014 April-June |
2013 April-June |
2014 Jan.-June |
2013 Jan.-June |
2013 Jan.-Dec. |
|
|---|---|---|---|---|---|
| Opening balance | 30,111 | 33,367 | 49,007 | 47,624 | 47,624 |
| Effect of employee incentive programme Rights issue and directed new share issue |
19 57,324 |
12 | 56 57,324 |
24 | 49 |
| Rights issue Comprehensive income Closing balance |
3,709 91,163 |
-9,424 23,955 |
-15,224 91,163 |
-23,693 23,955 |
19,383 -18,049 49,007 |
| Shareholders' equity pertaining to the parent company's shareholders |
91,163 | 23,955 | 91,163 | 23,955 | 49,007 |
The share capital as of 30 June 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 April-June |
2013 April-June |
2014 Jan.-June |
2013 Jan.-June |
2013 Jan.-Dec. |
|
|---|---|---|---|---|---|
| Current operations | |||||
| Operating profit/loss | 3,422 | -10,236 | -15,664 | -24,250 | -19,176 |
| Depreciation | 502 | 725 | 1,004 | 1,447 | 2,896 |
| Adjustment for other non-cash items | 19 | 12 | 56 | 24 | 49 |
| Interest received and paid | 101 | 146 | 291 | 606 | 929 |
| Cash flow from current operations | |||||
| before changes in working capital | 4,044 | -9,353 | -14,313 | -22,173 | -15,302 |
| Changes in working capital | -28,847 | -28,007 | -33,459 | -38,124 | -39,350 |
| Cash flow from current operations | -24,803 | -37,360 | -47,772 | -60,297 | -54,652 |
| Investment activities | |||||
| Acquisition of tangible fixed assets | - | - | - | - | -47 |
| Cash flow from investment activities | - | - | - | - | -47 |
| Cash flow from current operations and | |||||
| investment activities | -24,803 | -37,360 | -47,772 | -60,297 | -54,699 |
| Financing activities | |||||
| Rights issue and directed new share issue | 57,324 | 57,324 | |||
| Rights issue | - | - | - | - | 19,383 |
| Cash flow from financing activities | 57,324 | - | 57,324 | - | 19,383 |
| Change in liquid funds | 32,521 | -37,360 | 9,552 | -60,297 | -35,316 |
| Opening liquid funds | 41,776 | 77,124 | 64,745 | 100,061 | 100,061 |
| Liquid funds at end of period | 74,297 | 39,764 | 74,297 | 39,764 | 64,745 |
| Liquid funds, specification: | |||||
| Current investments | 70,054 | 20,081 | 70,054 | 20,081 | 50,073 |
| Cash and bank | 4,243 | 19,683 | 4,243 | 19,683 | 14,672 |
| 74,297 | 39,764 | 74,297 | 39,764 | 64,745 |
| 2014 | 2013 | 2013 | |
|---|---|---|---|
| 30 June | 30 June | 31 Dec. | |
| Shareholders' equity per share at end of period, SEK | 0.81 | 0.32 | 0.58 |
| Number of shares at end of period (thousands) | 112,790 | 73,926 | 85,015 |
| Equity/assets ratio, % | 76.4 | 41.5 | 60.2 |
| Number of employees at end of period | 36 | 46 | 43 |
| 3 MONTHS 2014 |
3 MONTHS 2013 |
6 MONTHS 2014 |
6 MONTHS 2013 |
12 MONTHS 2013 |
|
|---|---|---|---|---|---|
| April-June | April-June | Jan.-June | Jan.-June | Jan.-Dec. | |
| Net sales | 32,442 | 12,274 | 34,206 | 23,912 | 81,713 |
| Operating costs Research and development costs Sales and administrative costs Other operating revenues and costs |
-19,629 -9,439 48 -29,020 |
-15,848 -6,645 -17 -22,510 |
-33,973 -17,110 1,213 -49,870 |
-35,574 -12,964 376 -48,162 |
-71,180 -30,220 511 -100,889 |
| Operating profit/loss | 3,422 | -10,236 | -15,664 | -24,250 | -19,176 |
| Profit/loss from financial investments | 292 | 812 | 445 | 567 | 1,137 |
| Profit/loss after financial items | 3,714 | -9,424 | -15,219 | -23,683 | -18,039 |
| Tax | - | - | - | - | - |
| Profit/loss | 3,714 | -9,424 | -15,219 | -23,683 | -18,039 |
| Other comprehensive income Changes in actual value current investments |
5 | - | 5 | -10 | -10 |
| Comprehensive income for the year | 3,719 | -9,424 | -15,214 | -23,693 | -18,049 |
| 2014 | 2013 | 2013 | |
|---|---|---|---|
| 30 June | 30 June | 31 Dec. | |
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | 0 | 0 | 0 |
| Tangible fixed assets | 2,924 | 5,377 | 3,928 |
| Financial fixed assets | 9,100 | 100 | 100 |
| Current assets | |||
| Inventories | 79 | 124 | 205 |
| Current receivables | 32,954 | 12,468 | 12,559 |
| Current investments | 70,054 | 20,081 | 50,073 |
| Cash and bank | 4,243 | 19,683 | 14,672 |
| Total assets | 119,354 | 57,833 | 81,537 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 91,201 | 23,983 | 49,035 |
| Current liabilities | 28,153 | 33,850 | 32,502 |
| Total shareholders' equity and liabilities | 119,354 | 57,833 | 81,537 |
The board of directors and the CEO hereby ensure that this interim report for the period 1 January 2013 – 30 June 2014 provides a fair overview of the operations, financial position and performance of the Company and the Group and describes the material risks and uncertainty factors faced by the Company and the companies included in the Group.
Lund, 24 July 2014
| Björn O. Nilsson | Vessela Alexieva | Lars Backsell | Dharminder Chahal |
|---|---|---|---|
| Chairman of the Board | Board member | Board member | Board member |
| Lars Ingelmark | Jonas Jendi | Elisabeth Lindner | Ulrika T. Mattson |
| Board member | Board member | Board member | Board member |
Michael Oredsson President and CEO
We have reviewed the summarised interim financial information for BioInvent International AB (publ) on 30 June 2014 and for the six month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Standard on Review Engagements ISRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing, ISA, and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the group's part according to IAS 34 and the Annual Accounts Act and for the parent company's part according to the Annual Accounts Act.
Lund, 24 July 2014 KPMG AB
Alf Svensson Authorised Public Accountant
Co. reg. no. 556537-7263 Address: Sölvegatan 41, 223 70 Lund Tel.: +46 (0)46 286 85 50 [email protected]
This half year report 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 half year report 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 24 July, 2014.
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