CEO Ole Thastrup comments
“2cureX continues to execute on the business objectives necessary for a successful launch of the IndiTreat test in second half of 2020. Commercial partnerships with regional distributors and hospitals are key components of our launch strategy. In this quarter we established a commercial presence in Europe by signing agreements with two IVD-distributors (YourRad and Paralax) that will support us in bringing the IndiTreat test to customers in the Scandinavian and East European markets.
We also reported progress in our clinical studies and in the global patent protection of our core product, IndiTreat. Finally, 2cureX’s success in attracting Danish, German and international grants, to support our clinical and commercial activities, amounted in the present quarter to 2 603 KSEK which is reflected under other operating income.”
First quarter (2020-01-01 until 2020-03-31) – the group
Net turnover for the period was 0 KSEK (0 KSEK).
Other operating income was 2 603 KSEK (2 287 KSEK)
The result before tax was -1 229 KSEK (-1 933 KSEK)
The result per share* was -0.09 SEK (-0.15 SEK)
The solidity** was 81 % (57 %).
The cash and bank were 30 018 KSEK (17 167 KSEK).
*Earnings per share: Profit for the period divided by the average number of shares. Average number of shares for the first quarter 2020: 12 420 000 shares. Total number of shares in 2cureX AB on March 31st, 2020: 12 420 000 shares.
**Equity ratio: Shareholder’s equity divided by total capital.
Significant events during the first quarter 2020
- Clinical validation: In January, 2cureX’s clinical trial in colorectal cancer had successfully enrolled 75% of the patients needed to finalize the trial
- Commercialization of IndiTreat: In February, 2cureX signed two distributor agreements
- Product development: In February, a core patent on the IndiTreat test that previously had been granted in Europe, US and Hong Kong was granted in Australia, too.
Significant events after the period
- Clinical validation: In April, 2cureX established a clinical partnership with Skåne University Hospital, Sweden. This is 2cureX’s first partnership with a major Swedish hospital.
- Product development: In April, 2cureX and its clinical partner, University Medical Center Hamburg- Eppendorf, received a grant of 1.3 MEUR (13.7 MSEK) from Federal Ministry of Education and Research (BMBF), Germany, for adapting IndiTreat to guide immunotherapy for ovarian cancer patients.
- Product development: In April, 2cureX German subsidiary received together with its technical partners Hahn- Schickard and the Department of Microsystems Engineering (“IMTEK”) at the University of Freiburg a grant of 1 MEUR (10.5 MSEK) from the Federal Ministry of Education and Research (BMBF), Germany, to support a product development initiative towards automation of the IndiTreat® test.
For more information about 2cureX:
Ole Thastrup, Chief Executive Officer
Telephone: +45 2211 5399
Svensk Kapitalmarknadsgranskning AB
Phone: +46 11 32 30 732
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 and United Kingdom.
IndiTreat® is presently being introduced into the European market through an Early Access Program.
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”).