Quarterly Report • Feb 17, 2009
Quarterly Report
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Orexo AB, P.O. Box 303, SE-751 05 Uppsala, Sweden Tel: +46 (0) 18-780 88 00, Fax: +46 (0) 18-780 88 88, E-mail: [email protected] Internet: www.orexo.com Corp. reg. no 556500-0600
This text is a translation of the Year-end Report prepared in Swedish. In the event of any discrepancy between the English translation and the official Swedish version, the Swedish version shall prevail.
Uppsala, February 17, 2009
| MSEK | 2008 3 months Oct-Dec |
2007 3 months Oct-Dec |
2008 12 months Jan-Dec |
2007 12 months Jan-Dec |
|---|---|---|---|---|
| Net revenues | 92.1 | 55.1 | 233.3 | 76.8 |
| Loss after tax | -14.4 | -44.0 | -103.1 | -172.6 |
| Earnings per share, before dilution (SEK) |
-0.67 | -2.47 | -4.77 | -11.42 |
| Earnings per share after dilution (SEK)2 |
-0.67 | -2.47 | -4.77 | -11.42 |
2008 was one of the most active and operationally successful years so far for Orexo. We have confirmed a strategic direction and are on our way to become a profitable pharmaceutical company. A number of factors contributed to Orexo's success, including the approval of AbstralTM in Europe, successful clinical trials, a major deal with Meda covering two of our products, and the change of partner for Rapinyl/AbstralTM in North America, with increased royalty rates.
The year 2009 may be an even more eventful year for Orexo since we, together with our partner Meda, expect a decision from the US Food and Drug Administration (FDA) in respect of SublinoxTM – designed to treat sleep disturbances. We will also submit a registration application for Rapinyl/AbstralTM to the FDA. We expect higher sales of AbstralTM, as the product has now been launched in Sweden, Germany and the UK, with more territories expected in 2009. Also during the current year, the focus will be on identifying new business partners and strict cost control. Orexo has sufficient cash liquidity to permit it to continue pursuing operations on the basis of the same business model up to and including 2010 without additional financing.
1) Refers to the Group, unless stated otherwise in this report. Figures in parentheses are for the corresponding period of the preceding year. Biolipox was consolidated in the Group as of November 23, 2007.
2) Since earnings are negative, the same earnings per share are reported after dilution as before dilution.
Sublinox™ (OX22) (temporary treatment of insomnia) contains a well-documented active substance zolpidem, one of the world's most commonly used pharmaceuticals for the treatment of sleeping disturbances. Sublinox™ (OX22) uses a unique and patented tablet formulation for fast and reliable onset of action. An application to the FDA for Sublinox™ (OX22) was submitted during the second quarter of 2008.
OX-NLA is a nasal spray formulation containing the substance cetirizine (antihistamine). Liposomes in OX-NLA provide the product with unique features. OX-NLA has been documented for the treatment of allergic and non-allergic rhinitis – one of Meda's key therapy areas. The product is in the initial stages of Phase III. Meda will take over and finance its continuing development. Meda has also acquired the exclusive rights for further combination products based on OX-NLA.
AbstralTM/Rapinyl – designed for the treatment of breakthrough pain resulting from cancer – has been approved for registration in Europe by the EMEA's Committee for Medical products for Human Use (CHMP).
AbstralTM was launched in Sweden during the third quarter of 2008. The product is sold through ProStrakan AB, which is Orexo's joint venture with ProStrakan Group plc.
Approval in these territories means that ProStrakan will launch AbstralTM in both countries in early 2009.
The registration application for SublinoxTM was accepted by the Food and Drug Administration (FDA) in the U.S., as complete for substantive review after initial evaluation. SublinoxTM contains the well-known active substance zolpidem and is based on Orexo's sublingual technology, involving a rapidly-dissolving tablet placed under the tongue.
The data supporting the application include a clinical study involving patients with sleep disturbances, which was concluded in October 2007. The study showed that SublinoxTM induced sleep 30% earlier after dosage compared with Ambien/Stilnoct and that patients sleep through the night. The safety profile for Sublinox™ was comparable with that of Ambien/Stilnoct.
In July, Endo Pharmaceuticals decided to return Rapinyl to Orexo, as a result of the change in Endo's corporate strategy set by the company's new executive management. Up to the return date, Orexo had received a total of MUSD 26.9 in license fees from Endo Pharmaceuticals. Of that, MUSD 0.75 in respect of the termination and MUSD 1.5 for Endo's prior commitment for the ongoing Phase III study was received on October 31.
Orexo extended the licensing agreement with its partner, the international specialty pharma company ProStrakan Group plc so that its agreements with ProStrakan would also include North America. ProStrakan, which was already Orexo's partner for the sale and marketing of
AbstralTM/Rapinyl in Europe, will now also assume responsibility for product sales and marketing in the U.S.
In connection with the transfer of the product from Endo – and pursuant to the new agreement for the North American market – Orexo received MUSD 2 from ProStrakan. Orexo may receive up to an additional MUSD 27 in application- and sales milestones, excluding the MUSD 2 it received upon signing of the agreement.
In conjunction with the signing of the agreement, the current agreement covering Europe was also amended. The milestone compensation linked to approval on the five largest markets was reduced from MEUR 5 to MUSD 5 and the sales level compensation in Europe was raised from MEUR 10 to MEUR 19.9. At the same time, royalty payments were increased by 7 to 9 percentage points. Royalty payments in North America were increased by a similar amount compared with the previous agreement with Endo.
OX914 is a product candidate for treatment of inflammatory respiratory diseases.
OX914 acts by a mechanism called a PDE4 inhibition with an enhanced safety profile over other agents in this class. Orexo is developing OX914 for treatment of asthma, chronic obstructive pulmonary disease (COPD or smoker's disease) and rhinitis (hay fever).
A study has been initiated in which patients will be treated with OX914 using a clinical model for inflammatory respiratory diseases. Some 36 patients with seasonal allergic rhinitis will be treated with a placebo or OX914 in dosages of 15 or 50 mg for two weeks in a double-blind, three-way cross-over study. The effects on nasal symptoms and anti-inflammatory responses, as well as safety and tolerance will be documented.
The global market for respiratory products is about USD 17 billion.
The existing three-year research partnership was extended by an additional 12 months as of November 2008. This research is being conducted within the framework of the global rights to develop and market a new and effective pharmaceutical for treatment of pain and inflammation.
The agreement comprises an extension of the original partnership that started in 2005 which has a potential value of MEUR 250, excluding royalties.
The objective of the partnership is to develop a pharmaceutical that selectively inhibits the prostaglandin enzyme (PG) E synthase (mPGES) to reduce the formation of PGE2, a bodily substance that plays a central role in many inflammatory processes. Such a more selectively targeted active mechanism may result in drugs with fewer side effects than existing pain medications, such as the classic NSAID preparations.
Orexo signed an exclusive development agreement with a large healthcare company, providing for joint development within Orexo's OX17 program for gastroesophageal reflux disease (GERD).
During this development work, Orexo will continue negotiations to enter into an appropriate global exclusive license agreement including the whole of Orexo's OX17 program and related intellectual property. This license agreement is anticipated during 2009. The financial terms were not disclosed.
Orexo and the Chinese pharmaceutical company NovaMed Pharmaceuticals have signed an exclusive licensing and distribution agreement that grants NovaMed rights to seek approval for Abstral, Orexo's product for treatment of breakthrough cancer pain, in the People's Republic of China, and if granted, to market and sell the product in that market.
The terms of the agreement include an upfront payment, regulatory milestones and sales milestones. The total value of the upfront payment and milestones is MUSD 4.75. In addition, Orexo will supply NovaMed with Abstral in China and will receive a margin on the sales of the product if approved. NovaMed will be responsible for managing the regulatory approval process including clinical studies, which is a standard requirement in China.
AbstralTM/Rapinyl – for the treatment of acute pain is recommended for approval in Europe and is in clinical Phase III in the US. AbstralTM/Rapinyl was developed for the treatment of cancerrelated breakthrough pain as its primary indication. Orexo's principal technology, the sublingual dosage method whereby a fast-dissolving tablet is placed under the tongue, enables rapid onset and a predictable effect "on-demand". License agreements for AbstralTM/Rapinyl have been signed with ProStrakan Group plc for the European and North American markets and with Kyowa Kirin for the Japanese market. Distribution agreements for the CIS (Russia and other countries in the former Soviet Union), Bulgaria and Romania have been signed with Gedeon Richter, with NovaMed for the Chinese market and with Hospira for Southeast Asia, including Australia and New Zealand.
In December 2005, Phase III studies began on Abstral TM/Rapinyl in the US. Positive results from an interim analysis of the Phase III trials were announced in December 2007. Now, the inclusion of patients in the Phase III studies has been completed and ProStrakan plans to submit a registration application for AbstralTM to the FDA in the US during the course of 2009.
AbstralTM has already been launched in Sweden, UK, and Germany.
Diabact® UBT/Heliprobe™ System – Diabact® UBT is Orexo's first commercialized product. It is based on Orexo's patent-protected fast-dissolving tablet. The tablet contains bodily substances and is swallowed with water, meaning that no solution mixture needs to be prepared. A breath test is performed as early as ten minutes after administration. The result is more cost-
effective medical care, since time-consuming preparatory measures are eliminated. The sample is analyzed in a laboratory, and the result is available within two to three days.
The Heliprobe™ System breath test is also very user-friendly for both patients and medical personnel. The test result is available just 15 to 20 minutes after the patient has swallowed a urea capsule containing a mild radioactive dose, which makes immediate analysis possible.
Distribution and marketing agreements for Diabact® UBT have been signed for markets in the UK, Finland, Denmark, Hong Kong, Ireland, Germany, Austria, Serbia and Sweden. The technology is outlicensed in the Japanese market.
The Heliprobe™ System has been launched in more than 30 countries, including Eastern Europe, the Middle East and Asia. Thus, Orexo has access to well-established distribution and sales channels in a number of markets with substantial potential.
Sublinox™ – for the treatment of sleeping disorders. Sublinox™ is based on Orexo's sublingual tablet technology. In 2006, the US insomnia market was worth USD 3.3 billion (according to IMS sales data).
A licensing agreement with exclusive world rights for Sublinox™ has been signed with Meda.
During October 2007, Orexo completed the clinical Phase III program for Sublinox™. The primary objectives of the trials in terms of effect, local tolerance and safety profile were attained. The efficacy trials confirmed that Sublinox™ renders a 30 percent faster onset of sleep, compared with Ambien™, in patients suffering from sleeping disorders. The phase III trials strengthen evidence that Sublinox™ is a safe and effective treatment for temporary insomnia.
OX-MPI – Selective prostaglandin E2 inhibitor for pain, inflammation and rheumatism. The project is aimed at developing a new, effective drug for pain, inflammation and fever with fewer side-effects than existing drugs such as the classic NSAID preparation (Diclofenac for example) and the more recently developed COX-2 inhibitors (for example, Vioxx and Celebrex). The mechanism is based on the discovery of a specific enzyme, prostaglandin (PG) E2 synthase (mPGES), a bodily substance that plays a central role in many inflammatory processes. The project has been conducted since 2005 with Boehringer Ingelheim GmbH, Germany, which has acquired the global sales rights. Orexo retained co-promotion rights to markets in the Nordic countries and the Baltic States.
OX-NLA – fast-acting effect for treatment of allergic and non-allergic rhinitis. A license agreement covering exclusive global commercialization rights for OX-NLA has been signed with Meda. Under the agreement, Meda is responsible for the project's continued development, including all related costs.
OX-NLA Nasal Spray for the treatment of allergic and non-allergic rhinitis contains the active component cetirizine. Orexo has developed a unique formulation that reduces cetirizine's local irritating properties. Clinical Phase II studies have shown both favorable and fast-acting effects, making NLA suitable for on-demand treatment. Local treatment in the nose reduces the risk for systemic side effects, such as drowsiness.
In a recently completed study of patients with rhinitis, OX-NLA nasal spray showed favorable tolerance without local side effects in the form of stinging and pain. The conclusion is that the liposomes in OX-NLA Nasal Spray appear to mask the irritating effects of cetirizine.
OX17 – for the treatment of GERD (gastroesophageal reflux disease), a disorder that gives the patient recurrent heartburn, involving acidic regurgitation linked to stomach ache, discomfort and sharp pains in the esophagus. OX17 is a patent-pending fixed combination of two well-established active substances that each inhibits acid secretion in the stomach: an H2-receptor blocker and a proton pump inhibitor (PPI). To date, patents have been secured in Europe, China, Australia and New Zealand.
The clinical trial program confirms that effective inhibition of acid secretion is rapidly achieved after taking the first dose. Effective acid inhibition can be maintained as long as the symptoms persist. This is a favorable and unique clinical profile for a drug intended for the treatment of GERD. A pharmacodynamic study has been concluded on patients suffering from GERD and the clinical data confirm that OX17 has a competitive profile for the treatment of GERD.
In February 2009, Orexo signed an exclusive development agreement with a large healthcare company. During this development work, Orexo will continue negotiations to enter into an appropriate global exclusive license agreement including the whole of Orexo's Ox17 program and related intellectual property. This license agreement is anticipated during 2009.
OX914 – for the treatment of COPD and asthma. The aim of this project is to develop an orally active product that blocks the PDE4 enzyme present in many pro-inflammatory cells. In clinical trials of various substances that inhibit PDE4, several companies have demonstrated positive treatment effects for COPD and asthma. However, no substance has reached the market, mainly due to side effects, primarily nausea. OX914 has demonstrated favorable effects in preclinical models of COPD and asthma and clinical studies have not shown increased frequency of nausea compared with placebo. Orexo has initiated a clinical Phase II program for OX914, which is expected to be complete during the first half of 2009.
OX2477 – an entirely new class of agents with treatment potential for asthma and COPD. Orexo has identified a new group of mediators – eoxins – that are formed primarily in cells in respiratory passages and have shown powerful pro-inflammatory effects. Accordingly, eoxin release in the lungs could play a significant role in the inflammatory process involved in COPD and asthma. The project aims to develop an entirely new class of pharmaceuticals to curtail asthma, COPD and other inflammatory diseases.
OX-CLI – a new generation of agents with treatment potential for asthma, COPD and rhinitis. Orexo is developing an orally administered, dual-acting drug with bronchodilating and antiinflammatory effects. Studies using animals that lack the target protein have shown significantly reduced inflammatory responses in various asthma and COPD models. Orexo has identified molecules that show favorable effects in different pharmacological models. A patent portfolio with potential candidate drugs has been prepared.
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| 3 months | 3 months 12 months 12 months | |||
| MSEK | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Net revenues | 92.1 | 55.1 | 233.3 | 76.8 |
| Cost of goods sold | -4.2 | -4.2 | -17.4 | -14.4 |
| Gross profit | 87.9 | 50.9 | 215.9 | 62.4 |
| Selling expenses | -13.5 | -8.5 | -38.8 | -27.0 |
| Administrative expenses | -16.9 | -22.1 | -55.3 | -58.9 |
| Research and development costs | -75.6 | -65.3 | -238.1 | -156.0 |
| Other operating income and costs | 1.8 | -1.0 | 3.8 | -1.1 |
| Operating loss | -16.3 | -46.1 | -112.5 | -180.6 |
| Net financial items | 1.7 | 2.0 | 9.0 | 7.8 |
| Profit/loss after financial items | -14.5 | -44.1 | -103.5 | -172.8 |
| Tax | 0.1 | 0.1 | 0.4 | 0.2 |
| Net profit/loss for the period | -14.4 | -44.0 | -103.1 | -172.6 |
Net revenues
Consolidated net revenues for the period January-December 2008 amounted to MSEK 233.3 (76.8). The sharp rise for the period compared with a year earlier is related to revenue from Meda of MSEK 88.6 for the outlicensing of SublinoxTM, plus revenue of MSEK 13 from ProStrakan Ltd in connection with the approval of AbstralTM in the UK and Germany, along with revenues from ProStrakan Ltd of MSEK 15.5 in conjunction with the takeover of the rights for Rapinyl in North America. Moreover, revenue from cooperation with Boehringer Ingelheim GmbH in respect of the OX-MPI project and the invoicing of research and development costs, as well revenue as from the joint venture company, ProStrakan AB, contributed to the increase.
Sales of AbstralTM totaled MSEK 1.4 during the period (of which 50% is Orexo's share).
During the period October-December 2008, net revenues were MSEK 92.1 (55.1).
| MSEK | Oct-Dec 2008 | Oct-Dec 2007 | Jan-Dec 2008 | Jan-Dec 2007 | |||
|---|---|---|---|---|---|---|---|
| Diabact® UBT | 2.5 | 1.5 | 6.6 | 5.2 | |||
| Heliprobe™ System | 4.8 | 5.1 | 22.0 | 19.7 | |||
| ProStrakan AB J/V 50% | 2.7 | 2.0 | 9.7 | 2.7 | |||
| License revenue | 57.9 | 34.0 | 123.2 | 34.0 | |||
| Forwarded invoicing of | 24.2 | 12.5 | 71.8 | 15.2 | |||
| R & D costs | |||||||
| Total | 92.1 | 55.1 | 233.3 | 76.8 |
Net revenues were distributed as follows:
Costs for the entire year totalled MSEK 332.2 (241.9), with the increase from the preceding year relating to the acquisition of Biolipox AB which was completed in the fourth quarter of 2007.
Costs for the period October – December totalled MSEK 106, of which MSEK 24.2 were re-invoiced to partners and suppliers. In addition, MSEK 18 represents provisions for costs connected with registration at the FDA for Rapinyl; these costs will not be invoiced on to our partner ProStrakan. With a reduction of costs in the fourth quarter by the aforementioned amounts, the consolidated operating costs totalled MSEK 63.8 for the period October – December 2008.
The pro forma statement of operations presented below is for Orexo AB, including Biolipox AB, and shows the trend in 2008 compared with 2007. It is important to note that research and development costs in the amount of MSEK 71.8 were re-invoiced in 2008. This means that ongoing costs for research and development will continue to decline in 2009. The table below excludes the 50% jointly owned company, ProStrakan AB, as well as costs related to employee stock options.
| Pro forma 2007 Jan-Dec |
Pro forma 2008 Jan-Dec |
Percentage change |
|
|---|---|---|---|
| Net revenues | 103.1 | 223.6 | 117% |
| Cost of goods sold | -13.7 | -15.1 | 10% |
| Gross profit | 89.4 | 208.5 | 133% |
| Selling expenses | -23.6 | -30.2 | 28% |
| Administrative expenses | -84.3 | -52.8 | -37% |
| Research and development costs | -255.5 | -237.6 | -7% |
| Other operating income | 0.6 | 3.8 | 533% |
| Operating loss | -273.4 | -109.6 | +60% |
Selling expenses for the year totalled MSEK 38.8 (27.0), with the period October-December of 2008 accounting for MSEK 13.5 (8.5).
Selling expenses primarily include expenses associated with business development linked to the outlicensing of Orexo's projects, as well as expenses incurred in Kibion AB and the joint venture company ProStrakan AB. The increase in selling expenses between the corresponding periods in 2007 and 2008 are related to the increased focus on business development, notably for outlicensing, and a greater commitment to the joint venture company, ProStrakan AB.
Administrative expenses for 2008 totalled MSEK 55.3 (58.9). For the period October-December 2008, administrative expenses totalled MSEK 16.9 (22.1).
Research and development costs for 2008 totalled MSEK 238.1 (156,0), with the period October-December 2008 accounting for MSEK 75.6 (65.3). For 2008 as a whole, MSEK 71.8 was re-invoiced, with the period October – December 2008 accounting for MSEK 24.2.
Research and development expenses include expenses for employees, employee stock options, premises, external costs for clinical trials, drug registration and laboratory services, as well as depreciation of equipment and amortization of acquired patents and other intangible assets. Orexo has no capitalized research and development costs.
Overall, the company incurred expenses for its employee stock option program in the amount of MSEK -1.7 (-1.9) for the period October-December 2008. The factor underlying the cost reduction for the quarter was the fall in stock price during the period, resulting in reduced costs, as reflected in a decrease in provisions for estimated social security fees.
For 2008 as a whole, expenses for the employee stock option program totalled MSEK 1.5 (1.4), of which MSEK 1.1 (-0.2) is attributable to administrative personnel, MSEK 0.5 (1.6) to research and developmentrelated personnel and MSEK -0.1 (0.0) to sales-related personnel.
Depreciation for the period January-December 2008 totalled MSEK 10.7 (5.9).
Tax assets (deferred tax) for the period January-December 2008 totalled MSEK 0.4 (0.2).
The operating loss for the year totalled MSEK 112.5 (loss: 180.6). The loss after financial items amounted to MSEK 103.5 (loss: 172.8), with the loss after tax amounting to MSEK 103.1 (loss: 172.6).
The operating loss for the period October-December 2008 was MSEK 16.3 (loss: 46.1). The loss for the period after financial items and tax totalled MSEK 14.4 (loss: 44.0).
Group cash and cash equivalents plus current investments amounted to MSEK 188.2 (291.6) at December 31, 2008.
Cash flow from operating activities for 2008 resulted in a deficit of MSEK 101.5 (deficit: 152.8). Cash flow after financing amounted to a deficit of MSEK 103.4 (15.2). Cash flow from operating activities for the period October-December resulted in a deficit of MSEK 7.3 (deficit: 21.0). Cash flow after financing resulted in a deficit of MSEK 7.4 (149.1).
Shareholders' equity at December 31, 2008 totalled MSEK 569.8 (671.3). The equity/assets ratio was 81 percent (84).
Gross investments in tangible fixed assets during the year totalled MSEK 1.7 (49.3), with the period October-December 2008 accounting for MSEK 0.2 (7.6). The decline compared with corresponding periods in 2007 is attributable to the renovation of new premises conducted in 2007.
Most the Group's business is carried out in the Parent Company, Orexo AB. Net revenues in 2008 totalled MSEK 207.8 (48.4), with the loss after financial items totalling MSEK 54.8 (loss: 159.9). Investments totalled MSEK 1.7 (49.3). Cash and cash equivalents in the Parent Company at December 31, 2008 amounted to MSEK 29.6 (109.5).
In the acquisition of Inflazyme, a supplemental payment was agreed contingent on certain goals being met. Part of the supplemental payment was reported as long-term liabilities and MSEK 34.9 was reported as contingent liabilities since the latter is not assessed as a probable payment based on pharmaceutical development statistics. The supplemental payment was adjusted for changes in exchange rates during the year. As cash-flow hedging for social fees pertaining to the employee stock options issued by Biolipox, warrants were issued to Pyrinox AB. Orexo is committed to cover any deficit greater than the cover provided by the warrants. In addition, the acquisition of Noster System AB involved an agreement on a supplemental purchase price of not more than MSEK 7.2, which would become payable if the growth of Heliprobe™ System achieves pre-determined sales targets by year-end 2009. The amount is reported under contingent liabilities, since Orexo does not deem it as likely. The previous pledged assets related to currency futures and chattel mortgages were terminated and reversed.
Orexo is a Group in the development stage with three products on the market and a number of other product candidates in various development stages, with some in the late clinical development phase. The research and development of pharmaceuticals are characterized by significant operating risks. Many factors affect the probability that a drug project will result in an approved pharmaceutical. For example, a potential drug candidate that demonstrated favorable effects in animal models may lack any significant effect on humans. Risks for side-effects can also complicate a drug project. However, the risk of not reaching the market diminishes as the project passes through the various phases in the development process. If the Group's clinical trials are not successful, Orexo may lack the potential to license out or commercialize new products.
Orexo's competitors are large pharmaceutical and biotech companies with substantial financial resources and which conduct research in the same areas as Orexo. There is a risk that these competitors develop a pharmaceutical that is better than those developed by Orexo, or that they reach the market faster, whereby the future value of the Group's products will be lower than originally expected.
Orexo is dependent on partners – and is expected to remain so in the future – for development, implementation of clinical trials, approval from regulatory authorities regarding manufacturing, marketing and sales of the Group's product candidates. Orexo's and its partners' facilities and processes require the approval of the regulatory authorities and the manufacture and storage of pharmaceuticals and biological products involve environmental risks and are subject to environmental legislation, which may delay or disrupt operations. Changes to the healthcare system can also impact on Orexo's operations and profitability.
Orexo is dependent on its personnel and certain key individuals. In the event they terminate their employment, this could disrupt and delay development processes. To motivate and retain personnel and key individuals, the company offers such incentives as an options program aimed at all employees.
Orexo's operations entail exposure to risks due to changes in interest rates, exchange rates, and credit and counterparty risks as well as liquidity and financing risks. Orexo has developed guidelines and policies to effectively manage and limit these risks.
Orexo plans to reduce its operating costs during 2009 and the Board concludes that current financing, even without additional licensing agreements, is sufficient to pursue operations without additional financing in 2009. The assessment is that Orexo has the necessary funding also for 2010 given the current business model and the potential for cost cutting.
Group cash and cash equivalents amounted to MSEK 188 at December 31, 2008.
The Board does not intend to propose a dividend for the 2008 fiscal year.
Orexo's share traded at SEK 36.30 on December 30, 2008. The company's market capitalization, based on the number of shares outstanding on December 31, 2008, amounted to MSEK 785. At December 31, 2007, the company's market value amounted to MSEK 1,016.
Analysts monitoring Orexo:
| ABG Sundal Collier | Alexander Lindström |
|---|---|
| Carnegie | Camilla Oxhamre |
| Handelsbanken Markets | Erik Hultgård |
| Nordea | Patrik Ling |
| Remium | Johan Isaksson |
| Redeye | Björn Andersson |
| SEB Enskilda | Gustaf Vahlne |
| Annual General Meeting, 2009 | April 23, 2009 |
|---|---|
| Interim report, January - March 2009 | May 6, 2009 |
| Interim report, January - June 2009 | August 21, 2009 |
| Interim report, January - September 2009 | November 10, 2009 |
The Annual General Meeting will be held in Stockholm, Thursday, April 23, 2009 at 5:00 p.m. at Summit, Grev Turegatan 30. Notice of the Meeting will be released not later than March 26, 2009.
Orexo AB's Annual Report will be presented on the company's website not later than April 9, 2009 and will be sent to the shareholders who so request.
Uppsala February 17, 2009
Orexo AB (publ)
Torbjörn Bjerke, President and CEO
Torbjörn Bjerke, President and CEO, tel: 018-780 88 12, e-mail: [email protected] Claes Wenthzel, Executive Vice-President & CFO, tel: 018-780 88 44, e-mail: [email protected]
We have reviewed the appended report for the period January 1 to December 31, 2008. The Board of Directors is responsible for the preparation and fair presentation of this interim report in accordance with the Annual Accounts Act. Our responsibility is to express an opinion on this interim report based on our review.
We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by FAR. 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 more restricted in scope than an audit conducted in accordance with Standards on Auditing in Sweden RS 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 appended yearend report has not in all significant respects been compiled in accordance with the Annual Accounts Act and IAS 34 and for the Parent Company in accordance with the Annual Accounts Act.
Uppsala, February 17, 2009 PricewaterhouseCoopers
Leonard Daun Authorized Public Accountant
| SEK 000s | Notes | 2008 Dec 31 |
2007 Dec 31 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Tangible fixed assets | 50,317 | 57,790 | |
| Goodwill | 16,030 | 16,030 | |
| Other intangible fixed assets | 375,941 | 377,335 | |
| Total fixed assets | 442,288 | 451,155 | |
| Current assets | |||
| Inventories | 13,982 | 13,294 | |
| Accounts receivable | 57,535 | 45,826 | |
| Cash and bank balances | 188,220 | 291,598 | |
| Total current assets | 259,737 | 350,718 | |
| Total assets | 702,025 | 801,873 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES |
3 | ||
| Share capital | 8,647 | 8,647 | |
| Capital contributions | 1,012,964 | 1,011,380 | |
| Accumulated losses | -451,828 | -348,775 | |
| Total shareholders' equity | 569,783 | 671,252 | |
| Long-term liabilities | |||
| Provisions | 490 | 162 | |
| Long-term liabilities | 9,510 | 9,595 | |
| Deferred tax liability | 415 | 877 | |
| Total long-term liabilities | 10,415 | 10,634 | |
| Current liabilities | |||
| Current liabilities, non-interest-bearing | 121,827 | 119,987 | |
| Total liabilities | 132,242 | 130,621 | |
| Total shareholders' equity and liabilities |
702,025 | 801,873 | |
| Pledged assets | - | 14,500 | |
| Contingent liabilities | 42,120 | 43,550 |
| SEK 000s | 3 months | 3 months | 12 months | 12 months | ||
|---|---|---|---|---|---|---|
| Notes | 2008 | 2007 | 2008 | 2007 | ||
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |||
| Net revenues | 92,135 | 55,079 | 233,346 | 76,757 | ||
| Cost of goods sold | 2 | -4,204 | -4,195 | -17,446 | -14,384 | |
| Gross profit | 87,931 | 50,884 | 215,900 | 62,373 | ||
| Selling expenses | 2 | -13,549 | -8,469 | -38,818 | -26,982 | |
| Administrative expenses | 2 | -16,865 | -22,148 | -55,294 | -58,932 | |
| Research and development costs | 2 | -75,552 | -65,320 | -238,125 | -155,972 | |
| Other operating income | 3,205 | 183 | 7,451 | 9,958 | ||
| Other operating expenses | 2 | -1,442 | -1,199 | -3,611 | -11,014 | |
| Operating loss | -16,272 | -46,069 | -112,497 | -180,569 | ||
| Earnings from financial | ||||||
| investments | ||||||
| Interest income | 1,819 | 2,433 | 9,268 | 8,231 | ||
| Interest expenses | -76 | -1 | -266 | -23 | ||
| Other financial expenses | 0 | -473 | 0 | -473 | ||
| Profit/loss after financial items | -14,529 | -44,110 | -103,495 | -172,834 | ||
| Tax | 96 | 114 | 441 | 237 | ||
| Net profit/loss for the period | -14,433 | -43,996 | -103,054 | -172,597 | ||
| Loss per share, before dilution, SEK | -0.67 | -2.47 | -4.77 | -11.42 | ||
| Loss per share, after dilution, SEK | -0.67 | -2.47 | -4.77 | -11.42 | ||
| Average number of shares, before dilution | 21,617,395 | 17,783,010 | 21,617,395 | 15,108,176 | ||
| Average number of shares, after dilution Number of shares, before dilution |
22,684,988 21,617,395 |
18,858,697 21,617,395 |
22,689,035 21,617,395 |
16,183,863 21,617,395 |
||
| Number of shares, after dilution | 22,684,988 | 22,693,082 | 22,684,988 | 22,693,082 |
| 3 | 3 | 12 | 12 | ||
|---|---|---|---|---|---|
| months | months | months | months | ||
| Notes | 2008 | 2007 | 2008 | 2007 | |
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | ||
| Continuing operations | |||||
| Loss before interest expense and interest income | -16,272 | -46,069 | -112,497 | -180,569 | |
| Interest income | -76 | -1 | -266 | -23 | |
| Interest expenses | 1,819 | 2,433 | 9,268 | 8,231 | |
| Other financial expenses | - | -473 | - | -473 | |
| Adjustment for items not included in cash flow | 4 | 868 | 694 | 12,254 | 7,461 |
| Cash flow from continuing operations | -13,661 | -43,416 | -91,241 | -165,373 | |
| before changes in working capital | |||||
| Change in working capital | |||||
| Accounts receivable | -3,378 | -444 | -19,172 | 2,537 | |
| Other current receivables | 306 | -7,896 | 7,463 | -18,266 | |
| Inventories | -1,210 | -2,366 | -688 | -4,060 | |
| Current liabilities | 10,237 | 34,903 | 1,894 | 37,069 | |
| Provisions | -36 | -1,746 | 328 | -4,657 | |
| Long-term liabilities | 410 | - | -85 | - | |
| Cash flow from continuing operations | -7,332 | -20,965 | -101,501 | -152,750 | |
| Investing activities | |||||
| Acquisition of machinery and equipment | -220 | -7,569 | -1,671 | -49,318 | |
| Divestment of machinery and equipment | 110 | - | 121 | - | |
| Change in current investments | - | 9,951 | - | 56,126 | |
| Acquisition of subsidiaries | - | 167,396 | -327 | 158,151 | |
| Cash flow after investments | -7,442 | 148,813 | -103,378 | 12,209 | |
| Change in financing | |||||
| Proceeds from new share issue | - | 255 | - | 2,981 | |
| Cash flow after financing activities | -7,442 | 149,068 | -103,378 | 15,190 | |
| Cash flow for the year | |||||
| Cash and cash equivalents, beginning of period | 195,662 | 142,530 | 291,598 | 276,408 | |
| Changes in cash and cash equivalents | -7,442 | 149,068 | -103,378 | 15,190 | |
| Cash and cash equivalents, at close of period | 188,220 | 291,598 | 188,220 | 291,598 |
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Operating margin, % | -18 | -84 | -48 | -235 |
| Profit margin, % | -16 | -80 | -44 | -225 |
| Return on total capital, % | -2 | -8 | -14 | -45 |
| Return on equity, % | -3 | -10 | -17 | -53 |
| Return on capital employed, % | -3 | -10 | -17 | -53 |
| Debt/equity ratio, multiple | 0 | 0 | 0 | 0 |
| Equity/assets ratio, % | 82 | 84 | 82 | 84 |
| Current ratio, % | 213 | 292 | 213 | 292 |
| Acid ratio, % | 202 | 281 | 202 | 281 |
| Average number of shares, before dilution | 21,617,395 | 17,783,010 | 21,617,395 | 15,108,176 |
| Average number of shares, after dilution | 22,684,988 | 18,858,697 | 22,689,035 | 16,183,863 |
| Number of shares, after full dilution | 23,300,567 | 23,010,220 | 23,300,567 | 23,010,220 |
| Number of shares, before dilution | 21,617,395 | 21,617,395 | 21,617,395 | 21,617,395 |
| Number of shares, after dilution | 22,684,988 | 22,693,082 | 22,684,988 | 22,693,082 |
| Earnings per share before dilution. SEK | -0.67 | -2.47 | -4.77 | -11.42 |
| Earnings per share after dilution. SEK | -0.67 | -2.47 | -4.77 | -11.42 |
| Shareholders' equity per share before | ||||
| dilution. SEK | 26.36 | 31.05 | 26.36 | 31.05 |
| Shareholders' equity per share after dilution. | ||||
| SEK | 25.12 | 29.58 | 25.12 | 29.58 |
| Number of employees at close of period | 128 | 129 | 128 | 129 |
| Average number of employees | 128 | 102 | 123 | 80 |
| Shareholders' equity | 569,783 | 671,252 | 569,783 | 671,252 |
| Capital employed | 569,783 | 671,252 | 569,783 | 671,252 |
Operating margin: Operating profit/loss as a percentage of net revenues.
Profit margin: Profit/loss after financial items as a percentage of net revenues.
Return on total capital: Operating profit/loss plus financial income as a percentage of average balance sheet total.
Return on shareholders' equity: Profit/loss of the period as a percentage of average shareholders' equity.
Return on capital employed: Operating profit/loss plus financial income as a percentage of average capital employed.
Capital employed: Interest-bearing liabilities and shareholders' equity.
Debt/equity ratio: Interest-bearing liabilities divided by shareholders' equity.
Equity/assets ratio: Shareholders' equity in relation to total assets.
Current ratio: Current assets as a percentage of current liabilities.
Acid ratio: Current assets excluding e inventories as a percentage of current liabilities.
Number of shares after full dilution: Total number of shares plus the maximum number of shares that can be subscribed for through options outstanding.
Number of shares after dilution: Calculation of the dilution from options issued by the company up to 2005 has been carried out in accordance with IAS 33.
Earnings per share before dilution: Profit/loss divided by average number of shares outstanding before dilution.
Earnings per share after dilution: Profit/loss divided by average number of shares outstanding after dilution. Shareholders' equity per shares before dilution: Shareholders' equity divided by the number of shares before dilution at the close of the period.
Shareholders' equity per share after dilution: Shareholders' equity divided by the number of shares after dilution at the close of the period.
| SEK 000s | Notes | 2008 Dec 31 |
2007 Dec 31 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Tangible fixed assets | 49,985 | 50,903 | |
| Intangible fixed assets | 509 | 566 | |
| Shares in subsidiaries /joint ventures | 524,169 | 523,842 | |
| Total fixed assets | 574,663 | 575,311 | |
| Current assets | |||
| Inventories | 5,233 | 4,362 | |
| Accounts receivable | 63,812 | 40 | |
| Current receivables | 41,969 | 53,030 | |
| Current investments | - | - | |
| Cash and bank balances | 29,608 | 109,511 | |
| Total current assets | 140,622 | 166,943 | |
| Total assets | 715,285 | 742,254 | |
| SHAREHOLDERS' EQUITY, PROVISIONS AND LIABILITIES |
6 | ||
| Share capital | 8,647 | 8,647 | |
| Restricted equity | 290,750 | 290,750 | |
| Non-restricted equity | 309,797 | 366,535 | |
| Total shareholders' equity | 609,194 | 665,932 | |
| Long-term liabilities | |||
| Provisions | 490 | 162 | |
| Total long-term liabilities | 490 | 162 | |
| Current liabilities, non-interest bearing |
105,601 | 76,160 | |
| Total liabilities | 106,091 | 76,322 | |
| Total shareholders' equity and liabilities |
715,285 | 742,254 | |
| Pledged assets | - | 2,500 | |
| Contingent liabilities | 11,050 | 11,050 |
| SEK 000s | 3 months 2008 |
3 months 2007 |
12 months 2008 |
12 months 2007 |
|
|---|---|---|---|---|---|
| Notes | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Net revenues | 117,349 | 42,506 | 207,757 | 48,389 | |
| Cost of goods sold | 5 | - | - | - | -2,409 |
| Gross profit | 117,349 | 42,506 | 207,757 | 45,980 | |
| Selling expenses | 5 | -8,044 | -3,365 | -19,041 | -15,408 |
| Administrative expenses | 5 | -16,799 | -18,187 | -52,085 | -54,327 |
| Research and development costs | 5 | -71,346 | -52,114 | -197,689 | -143,225 |
| Other operating income | 1,901 | 71 | 4,514 | 9,674 | |
| Other operating expenses | 5 | -604 | -777 | -1,779 | -10,413 |
| Operating profit/loss | 22,457 | -31,866 | -58,323 | -167,719 | |
| Earnings from financial investments |
|||||
| Interest income | 532 | 1,228 | 3,733 | 7,832 | |
| Interest expenses | -72 | -1 | -215 | -11 | |
| Profit/loss after financial | |||||
| items | 22,917 | -30,639 | -54,805 | -159,898 | |
| Net profit/loss for the period | 22,917 | -30,639 | -54,805 | -159,898 |
This Year-End Report was prepared pursuant to IAS 34, Interim Financial Reporting, which complies with the requirements of the Swedish Financial Accounting Standards Council's recommendation RFR 1.1, Interim Financial Reporting for Groups. As of 2005, Orexo applies IFRS as approved by the EU. The accounting principles and calculation methods comply with those applied in preparing the 2007 Annual Report.
Since the interim report of 31 March 2008, the classification between selling costs and administrative expenses has been changed. Business development is now classified as a selling expense and not as an administrative expense. Historical figures were recalculated according to the new classification. With effect from the fourth quarter, an adjustment has been made in the consolidated financial statements in the form of a reclassification among "Other capital contributions" and "Accumulated loss". The adjustments have also led to a recalculation of the comparative data. Total shareholders' equity remains unchanged. The change for 2007 is that MSEK 176.2 has been transferred to the "Accumulated loss", which subsequently amounts to MSEK 348.8
The Parent Company's accounting was prepared in accordance with RFR 2.1.
The amounts below are in SEK 000s, unless otherwise indicated.
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Raw materials and supplies | 8,228 | 13,326 | 32,444 | 26,835 |
| Other external costs | 63,257 | 51,181 | 181,642 | 132,307 |
| Personnel costs | 37,528 | 34,456 | 128,475 | 92,967 |
| Depreciation and impairment | 2,600 | 2,368 | 10,734 | 5,875 |
| Re-invoicing of rebuilding costs | - | - | - | 9,300 |
| TOTAL | 111,613 | 101,331 | 353,295 | 267,284 |
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Shareholders' equity brought forward, | ||||
| according to balance sheet | 585,645 | 202,553 | 671,252 | 324,350 |
| Profit/loss for the period | -14,433 | -43,996 | -103,054 | -172,597 |
| Subscription of shares through the | ||||
| exercise of warrants | - | 255 | - | 2,981 |
| New share issues | - | 438,775 | - | 438,775 |
| New issue of stock options | - | 52,875 | - | 52,875 |
| Employee stock options, value of | ||||
| employees' service | -1,429 | 1,911 | 1,585 | 5,989 |
| Acquired value of employee stock | ||||
| options | - | 18,879 | - | 18,879 |
| Amount at close of period | 569,783 | 671,252 | 569,783 | 671,252 |
The number of shares outstanding at December 31, 2008, was 21,617,395 all of which were common shares. All shares carry entitlement to one vote each.
| Outstanding shares at January 1, 2008 | 21,617,395 |
|---|---|
| Share subscription through exercise of employee stock options | |
| Share subscription through exercise of warrants | |
| New issue of shares in conjunction with the acquisition of Biolipox AB | |
| Number of shares outstanding at December 31, 2008 | 21,617,395 |
At December 31, there was a total of 2,577,897 options outstanding that carry rights corresponding to 2,112,672 shares in Orexo and the exercise of 465 225 options for shares in Orexo3. Each option written by Biolipox AB provides entitlement for exchange for one share in Orexo AB, and a corresponding number of shares is held by the independent company Pyrinox AB.
The list below shows the change in the number of options during the period January 1, 2008 to December 31, 2008 distributed among each category.
Under the period October - December 2008, 8,489 of Biolipox' employee stock options were exercised, entailing that the holders exchanged their options for 8,489 Orexo shares, which were held by the independent company, Pyrinox AB. However, such exercise does not require Orexo to issue more shares. During under the period January-December, Pyrinox sold 5,000 warrants to hedge cash flow-related social security fees. During the period October – December, 19,889 options were cancelled. These were related to unearned options for employees who had terminated their employment and, thus, could not exercise them.
| Opening 1/1 2008 |
- | + | Closing 31/12 2008 |
|
|---|---|---|---|---|
| Personnel-related options | ||||
| Of which: | ||||
| Decided and allotted employee stock options Decided and allotted employee Board options |
373,525 - |
-134,950 - |
412,500 12,847 |
651,075 12,847 |
| Decided and allotted warrants | 15,250 | - | - | 15,250 |
| Decided but not allotted employee stock options, 2008 |
372,000 | -372,000 | 429,500 | 429,500 |
| Warrants held by subsidiary for cash-flow hedging of social security fees |
78,000 | - | - | 78,000 |
| Total decided options | 838,775 | -506,950 | 854,847 | 1,186,672 |
| Employee stock options taken over from Biolipox AB (no dilution effect, included in newly issued shares in conjunction with acquisition of Biolipox) |
399,167 | -64,316 | - | 334,851 |
| Warrants taken over from Biolipox AB subsidiary for cash-flow hedging of social security fees (no dilution effect) |
135,374 | -5,000 | - | 130,374 |
| Total options from Biolipox | 534,541 | -69,316 | - | 465,225 |
| Total options to employees | 1,373,316 | -576,266 | 854,847 | 1,651,897 |
| Other options Warrants related to supplemental payment in conjunction with acquisition of Biolipox AB |
926,000 | - | - | 926,000 |
| Total options outstanding | 2,299,316 | -576,266 | 854,847 | 2,577,897 |
3) All data regarding options written by Orexo AB is adjusted for the 1:250 share split in November 2005. As shown in the 2005 Annual Report, each old option carries rights to subscribe for 250 shares after the split. Reported figures regarding options issued by Orexo AB pertain to the number of shares for which each option entitles the holder to subscribe after the split. All figures relating to options issued by Biolipox AB were translated using a factor of 0.45854, which corresponded to the estimated value of the options in relation to the Orexo share price on the acquisition date. Reported figures regarding options issued by Biolipox relate to the number of shares for which each option may be exchanged after translation.
During February 2008, new employee stock options were allotted entitling the holders to subscribe for 372,000 new shares. The distribution among employees is as follows:
The exercise price was SEK 44 per share and the lifetime of the options extends through December 31, 2017. One third of the total employee options are vested on each of the three annual dates immediately following February 21, 2008. The market value, as calculated using the Black & Scholes method, amounted to SEK 11.50 per option at the date of allotment.
At Orexo's Annual General Meeting on April 3, 2008, it was resolved to adopt a new employee stock option program, which included the issuance of subscription warrants and approval of the utilization of subscription warrants within the framework of the employee stock option program. The employee stock option program consists of 470,000 employee stock options. Each employee stock option may be exercised to acquire one share in Orexo in exchange for payment of an exercise price set as 110 percent of the market value of the Orexo share on the date of allotment. A total of 470,000 subscription warrants were issued to the wholly owned subsidiary Pharmacall AB as a hedge for the program. Full exercise of the warrants will result in a dilution of about 2% of the share capital and votes in Orexo. Of these employee stock options, 40,500 were allotted without charge to employees of December 31, 2008. The distribution among employees was as follows:
Other senior executives: 30,000 options Other employees: 10,500 options
The subscription price for the options is SEK 56 per share, and the option lifetime extends up to December 31, 2018. The market value, as calculated by the Black & Scholes method, amounted to SEK 15.38 per option on the allotment date.
The Meeting also resolved to adopt a Board Member Shareholder Plan including the issuance of 27,500 warrants and approval of disposal of the warrants issued under the Board Member Shareholder Plan. Board members participating in Orexo's Board Member Shareholder Program will receive 50% of their Board fee and any fee for committee work in cash and will be allotted a number of Board Member shares, whose value at the time of allotment shall correspond to 50% of the Board fee and any fee for committee work. The right to acquire new shares by using the Board shares is contingent on whether the Board member remains a Board member during the whole or only part of his/her period of office. Each Board Member share can be exercised to acquire one share in Orexo against payment of an exercise price determined as the par value of the Orexo share. During May 2008, 16,388 options were allotted from the Board Member Shareholder Program to Board members, and the options may be exercised up until December 31, 2015. Entitlement is earned with one fourth after the publication of Orexo's first quarter report and with one fourth following the publication of the interim reports for each of the quarters two to four during the term of office for the fiscal year in which the option holder was elected or re-elected. The market value, as calculated by the Black & Scholes method, amounted to SEK 55.15 per option on the allotment date.
During the January-December period, the Board of Directors resolved to cancel option certificates with entitlement to subscription for 134,950 shares. The cancelled options relate to earned options for employees who have terminated their employment and are therefore will unable to exercise them.
| 2008 Oct-Dec |
2007 Oct-Dec |
2008 Jan-Dec |
2007 Jan-Dec |
|
|---|---|---|---|---|
| Depreciation/amortization and | ||||
| impairments | 2,600 | 2,368 | 10,734 | 5,875 |
| Calculated costs for employee | ||||
| stock option program | -1,718 | -1,885 | 1,531 | 1,381 |
| Other | -14 | 211 | -11 | 205 |
| Total | 868 | 694 | 12,254 | 7,461 |
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Raw materials and supplies | 3,671 | 3,435 | 11,784 | 9,162 |
| Other external costs | 57,233 | 45,546 | 142,142 | 125,146 |
| Personnel costs | 34,093 | 23,932 | 109,522 | 77,603 |
| Depreciation and impairment | 1,797 | 1,530 | 7,147 | 4,571 |
| Invoicing of rebuilding costs | - | - | - | 9,300 |
| TOTAL | 96,794 | 74,443 | 270,595 | 225,782 |
| 2008 Oct-Dec |
2007 Oct-Dec |
2008 Jan-Dec |
2007 Jan-Dec |
|
|---|---|---|---|---|
| Shareholders' equity brought forward according to balance sheet |
588,620 | 205,951 | 665,932 | 328,406 |
| Net profit/loss for the period | 22,917 | -30,639 | -54,805 | -159,898 |
| Disposal of hedge options | - | - | - | - |
| Subscription of shares through the | ||||
| exercise of warrants | - | 255 | - | 2,981 |
| New share issues | - | 438,776 | - | 438,776 |
| New issue of subscription warrants Employee stock options, value of |
- | 52,875 | - | 52,875 |
| employees' service | -1,343 | 1,314 | -933 | 5,392 |
| Group contribution | -1,000 | -2,600 | -1,000 | -2,600 |
| Amount at the close of the period | 609,194 | 665,932 | 609,194 | 665,932 |
Note
Orexo AB Publ. discloses the information provided herein pursuant to the Securities Markets Act. The information was provided for public release on February 17, 2009 at 08:00 a.m. CET. This report has been prepared in both Swedish and English. In case of variation in the content of the two versions, the Swedish version shall take precedence.
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