2cureX publishes interim report for the second quarter and first half of 2021

August 26, 2021

Press Releases Regulatory

2cureX AB (“2cureX”) hereby publishes the interim report for the second quarter and first half of 2021. The interim report is available on the company’s website (here). Below follows a short summary of the report. 

CEO Fernando Andreu comments
Driven by the positive results of the TICC trial, and its pub­lication at the ASCO conference, we have accelerated the establishment of our commercial infrastructure in Europe to multiply the access to oncologists and pathologists and get a faster penetration in the market with our first product, lndiTreat® mCRC 3L. As part of this acceleration, we have renewed our commercial leadership team and opened discussions with commercial partners to build a presence in 12 countries by year end.

This increased momentum requires a solid organization and internal processes. The changes we initiated some months ago have culminated with the certification of our ISO 13485:2016 quality management system.

With a higher focus on the market, we have redefined our future product portfolio, to launch multiple lndiTreat® products for each cancer entity, covering different therapy decision-making points and thus expanding our market opportunity. We are proud of having engaged two global leaders in gastrointestinal cancer for our Clinical Advisory Board, which is also a sign of the increasing interest in the oncology community to use lndiTreat® to improve the way cancer care is delivered today.

We are very confident we are on track to achieve our ambitious goals for this year and for 2022.

FINANCIAL HIGHLIGHTS
With a successful warrant subscription in May 2021, the cash position totals to SEK 79 million at the end of Q2 2021 and 2cureX continues to hold a strong financial position that can support the activities and growth ambitions of the current plans.

First half of 2021 (2021-01-01 until 2021-06-30) – the group

Net turnover for the period was 0 KSEK (0 KSEK).

Other operating income was 4 319 KSEK (6 011 KSEK)

The result before tax was -8 810 KSEK (-4 797 KSEK)

The result per share* was -0.48 SEK (-0.34 SEK)

The solidity** was 94 % (81 %).

The cash and bank were 78 913 KSEK (30 070 KSEK).

>*Earnings per share: Profit for the period divided by the average number of shares. Average number of shares for the first half year of 2021: 15 338 033 shares. Total number of shares in 2cureX AB on June 30st, 2021: 17 287 516 shares.

**Equity ratio: Shareholder’s equity divided by total capital.

 Significant events during the second quarter 2021

  • April:

The exercise price for warrants of series TO1 determined to SEK 13.22.

Board and management of 2cureX exercise all held warrants of series TO1 for SEK 6.04 million.

2cureX’s CEO Fernando Andreu is buying shares in the company

  • May:

Mangold Fondkommission AB published an Analyst Report on 2cureX

Warrants of series TO1 were subscribed to approximately 96.75 percent and 2cureX AB receives approximately SEK 31.40 million.

  • June:

2cureX appoints 2 new VP’s to accelerate the commercial efforts.

 Significant events after the period

  • July:

2cureX receives its ISO 13485:2016 certification, an important milestone in the company’s efforts towards bringing 3D-microtumors to routine clinical practice.

  • August:

2cureX appoints Dr. John L. Marshall and Dr. Jesús García-Foncillas as new Clinical Advisors, both internationally and highly recognized oncologists.

2cureX announces in press release, that it is now able to predict response to anti-angiogenic drugs with a modified version of its IndiTreat® technology.

For more information about 2cureX:
Fernando Andreu, Chief Executive Officer
E-mail: fa@2curex.com
Telephone: +45 2279 5399
www.2curex.com

This information is such that 2cureX AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person above on August 26, 2021.

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About 2cureX
2cureX has developed the IndiTreat® (Individual Treatment) test. IndiTreat® establishes thousands of 3D microtumors, tumoroids that functionally resemble the patient’s tumor and identifies the approved cancer treatment that most effectively kills the patient’s tumor. Immediately after the test, the patient is given the selected treatment.

The first IndiTreat® product in metastatic colorectal cancer is introduced to the European market. Subsequent products help patients at different stages of colorectal cancer and other solid cancers.

According to several published reports, the total yearly expenditure in cancer-related In Vitro Diagnostic (IVD) tests exceeds 17.5Bn USD worldwide (1), from which 2.5 Bn USD are tests directly related to therapy decision making, with a CAGR of 12.7% (2). Despite this, only one third of all cancer therapy decisions are currently supported by the result of an IVD.

The company is listed on Nasdaq First North Growth Market in Stockholm (symbol: “2CUREX”). For more information about 2cureX visit www.2cureX.com

Certified Adviser: Redeye AB, +46 8 121 576 90, certifiedadviser@redeye.se

  1. https://www.industryarc.com/Research/Cancer-IVD-Market-Research-507107
  2. https://www.grandviewresearch.com/industry-analysis/oncology-companion-diagnostics-market