2cureX AB (“2cureX”) hereby publishes the interim report for the first half of 2020.
CEO Ole Thastrup comments
“2cureX pushes forward on its clinical trials within colorectal, ovarian and pancreatic cancer. Despite delays due to the COVID-19 pandemic, 2cureX still plans to launch IndiTreat® in 2020. To support our market strategy, we have established our first clinical partnership with a major Swedish hospital (Skåne University Hospital) besides entering into a distributor agreement for Portugal and Spain. The Early Access Program has confirmed the strong need and desire among clinicians to include a Functional Precision Medicine test like IndiTreat® in daily practice. 2cureX will exploit this momentum during the coming market launch. The competitive strength of 2cureX is underlined by the fact that we have received three major international grants in the present quarter.
2cureX continues to present a strong financial position with a cash position of SEK 30 million at the end of Q2. In the first week of July 2020 2cureX closed a Directed Issue transaction adding SEK 40 million to the cash balance.”
First half-year (2020-01-01 to 2020-06-30) – Group
Net turnover for the period was 0 KSEK (0 KSEK).
Other operating income was 6 011 KSEK (4 586 KSEK)
The result before tax was -4 797 KSEK (-5 035 KSEK)
The result per share* was -0,34 SEK (-0,41 SEK)
The solidity** was 71% (81%)
The cash and bank were 30 070 KSEK (34 105 KSEK)
*Earnings per share: Profit for the period divided by the average number of shares. Average number of shares for the first half of 2020: 12 420 000 shares. The total number of shares in 2cureX AB on June 30th, 2020: 12 420 000 shares.
**Equity ratio: Shareholder’s equity divided by total capital.
Significant events during the second quarter of 2020
In April, 2cureX established a clinical partnership with Skåne University Hospital being our first partnership with a major Swedish hospital.
In April, 2cureX and its clinical partner, University Medical Center Hamburg- Eppendorf, received a grant from Federal Ministry of Education and Research (BMBF), Germany of 810.000 EUR, for adapting IndiTreat to guide immunotherapy in ovarian cancer.
In April, 2cureX´s German subsidiary and Hahn-Schickard, Freiburg received a grant from BMBF, Germany of 1 MEUR, to support our ongoing strategy towards automation of the IndiTreat® test.
In May, 2cureX signed a distributor agreement with Lab52 to support the commercialization of IndiTreat® in Portugal and Spain.
In June, 2cureX established a collaboration with Scandion Oncology A/S and Erasmus Medical Centre, Rotterdam, in drug-resistant breast cancer patients. The project is supported by a Eurostars Grant of EUR 800.000.
In June, 2cureX received the third payment from the EU’ Horizon SME-Instrument Program.
Significant events after the period
In July, an Extraordinary General Meeting approved to change the composition of the Board of Directors and issued an authorization to increase the company’s share capital.
In July, 2cureX expanded its Board of Directors with CEO Michael Lutz and Professor, MD, CEO Nils Brünner.
In July, 2cureX completed a heavily oversubscribed Directed Issue of approximately SEK 40 million.
For more information about 2cureX:
Ole Thastrup, Chief Executive Officer
Telephone: +45 22 11 53 99
Telephone: +46 8 121 576 90
2cureX has developed the IndiTreat® (Individual Treatment) test. IndiTreat® establishes thousands of 3D micro-tumors that are similar to the patient’s tumor and identifies the treatment that most effectively kills the patient’s tumor. Immediately after the test, the patient can be offered the selected treatment.
IndiTreat® is being clinically validated in clinical studies in colorectal cancer, ovarian cancer, pancreatic cancer and preventive cancer medicine. The clinical programs are conducted at major cancer hospitals in Denmark, Germany, Sweden and United Kingdom.
IndiTreat® is presently being introduced into the European market.
The aspiration is that IndiTreat® becomes a standard tool in Precision Medicine for cancer patients.
The company is listed at the Nasdaq First North Growth Market in Stockholm (symbol: “2CUREX”).