2cureX publishes half-year report for the first half of 2019
CEO Ole Thastrup comments
The second financial quarter of 2019 has as usual meant a high level of activity at 2cureX. We have focused specifically on the commercial aspect of our business by introducing pre-launch activities, as we get closer to the launch of IndiTreat® as a commercial product. Initial talks with oncologists in Germany and the Nordics have been very positive and given us a good basis for our pre-launch activities. The pre-launch has two main objectives a) Ensure that all IndiTreat® processes work and b) engage in a commercial dialogue with customers in order to build the pipeline for 2020 launch. 2cureX has a strong message to the market: The IndiTreat® test can both deliver a more effective treatment for the individual cancer patient and help in keeping the escalating costs for cancer treatment under control.
It is with excitement that I see that our clinical trials in the three major cancers: colorectal, ovarian and pancreatic cancer are progressing well. It was thus a pleasure to see that our latest clinical trial (pancreatic cancer) has come off to a good start with enrolment of patients on par with our previously published ambitious plan. It is a major undertaking for a company of 2cureX’s size to run multinational trials in such important cancers and in major European markets.
First half-year (2019-01-01 to 2019-06-30) – Group
- Net revenue amounted to 0 KSEK (0 KSEK).
- Result after financial posts amounted to -5 035 KSEK (-6 049 KSEK).
- Earnings per share* amounted to -0,41 SEK (-0,58 SEK).
- Equity ratio** amounted to 81 % (47 %).
- Cash and bank amounted to 34 105 KSEK (27 838 KSEK).
Second quarter (2019-04-01 to 2019-06-30) – Group
- Net revenue amounted to 0 KSEK (0 KSEK).
- Result after financial posts amounted to -3 122 KSEK (-3 104 KSEK).
- Earnings per share* amounted to -0,26 SEK (-0,30 SEK).
* Earnings per share: Profit for the period divided by the average number of shares. Average number of shares for the second quarter of 2019:
10 784 586 shares. Number of shares in 2cureX AB as of April 1, 2019: 10,350,000 shares. Number of shares in 2cureX AB as of June 30, 2019: 12,420,000 shares (as a result of a rights issue completed during Q2).
**Equity ratio: Shareholder’s equity divided by total capital.
Significant events during the second quarter of 2019
- 2cureX holds an extra Annual General Meeting in the beginning of April 2019. A communique with the decisions taken at the AGM is available on the Company’s website (www.2curex.com).
- 2cureX announces in the beginning of April 2019 the commercial cooperation with Gibson Oncology LLC, USA. 2cureXwill be using its IndiTreat® technology to rank colorectal cancer patients (CRC) based on their sensitivity towards the anti-cancer treatment drug LMP400.
- 2cureX announce that the board, with the support of authorization by the extra Annual General Meeting on April 2, 2019, has decided to conduct a rights issue of stock that will bring the Company at most 24,7 MSEK before costs.
- On May 7, the Company’s annual report 2018 was published. The report is available at the Company’s website (www.2curex.com).
- On May 28, the Annual General Meeting in 2cureX was held. A communique with the decisions decided is available at the Company’s website (www.2curex.com).
- In late May the outcome of the Company’s rights issue was announced. The interest for the rights issue was significant and the rights issue was signed (excluding guarantee commitments) to a total of 60 MSEK, equivalent to a subscription rate of 241 percent. Through the rights issue 2 070 000 shares were issued and 2cureX obtains circa 24,7 MSEK before the costs of the rights issue.
- In the middle of June 2cureX announced that Dr. Med. Henrik Harling has been selected to Chief Medical Officer (CMO) in the Company. In his role as CMO Dr. Harling will supervise the Company’s multinational clinical studies and actively participate in the launch of the IndiTreat® test for individualized cancer treatment.
- At the end of June, it was announced that 2cureX has signed an agreement with Svensk Kapitalmarknadsgranskning AB (“SKMG”) regarding the service as Certified Adviser. SKMG assumed the role as the Company’s Certified Adviser on July 1, 2019. The reason being that 2cureX’s former CA, Sedermera Fondkommission transferred their CA responsibilities to SKMG.
Significant events after the quarter had ended
- On July 23, 2cureX announced that the first seven patients have been successfully enrolled into its IndiTreat® pancreatic cancer trial.
Svensk Kapitalmarknadsgranskning AB
Telephone: +46 70 755 95 51
For more information about 2cureX:
Ole Thastrup, CEO
Phone: +45 221153 99
This information is information that 2cureX AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on August 23rd, 2019.
2cureX has developed a test called IndiTreat® (Individual Treatment Design), which is a patented method for selecting the right drug for the right patient. IndiTreat® establishes thousands of 3D micro-tumours that are functionally similar to the patient’s tumour. From a large panel of approved cancer treatments IndiTreat® selects the best treatment for the individual patient. IndiTreat® is expected to become a standard tool in the treatment design for cancer patients.
IndiTreat® is currently being clinically validated in colorectal cancer, ovarian cancer, pancreatic cancer and preventive cancer medicine. The clinical studies are conducted at major cancer hospitals in Denmark, Germany and United Kingdom.
The company is listed at the Nasdaq First North stock exchange in Stockholm (symbol “2CUREX”).