IMMUNICUM AB: YEAR-END REPORT 2014/2015 (JULY-JUNE)
Gothenburg, Sweden, 2015-09-18 14:00 CEST (GLOBE NEWSWIRE) --
FINANCIAL YEAR 2014/2015 COMPARED TO 2013/2014
Profit/loss after financial items was -35.6 MSEK (-16.2)
The number of shares at the end of the period was 20 030 000 (20 030 000)
Profit/loss per share before and after dilution was -1.78 SEK (-0.81).
Equity per share was 3.23 SEK (5.00)
Cash and cash equivalents at the end of the period amounted to 68.2 MSEK (107.8)
The number of employees at the end of the period was 5 (5)
The equity/assets ratio was 91% (92)
Operating expenses during the financial year were 36.6 MSEK (17.2). The increase in expenses compared to last year is to a very large extent due to start-up costs related to the large Phase II trial in metastatic renal cell cancer and expansion of the Company's other clinical programs.
In connection with the clinical program, the Company has had relatively large investments for the transfer of the manufacturing process of Immunicum's vaccines to a major producer in Germany for use at European centers outside of Sweden. These techtransfer costs have primarily affected the second and third quarters.
Expenses for clinical trials (including techtransfer) for the entire financial year were 19.6 MSEK (5.0).
Milestone payments for the acquisition of the adenovirus patent and accompanying rights have affected the result of the full financial year.
Personnel costs increased to 5.8 MSEK compared to 4.1 MSEK the previous year.
The Company's total expenses for the financial year are somewhat lower than what was originally planned, which is due to a slight delay of the start of the Phase II trial outside of Sweden.
Words from the CEO
At Immunicum, we are experiencing very exciting times, to say the least. Our phase II study of INTUVAX® in metastatic renal cell carcinoma is now in progress and we expect a first status report to be ready around the turn of the year. Data is maturing when it comes to the already concluded phase I/II study in the same indication and now shows quite promising survival data, which is something that we hope will be confirmed in phase II.
We have also reported continuously promising survival data from our ongoing phase I/II study in patients with primary liver cancer. Three patients remain to be included in the study, but by the end of the year we expect to present a status report and at the same time provide information regarding future development of the project.
Finally, together with Karolinska Institutet we have submitted an application for the start of a new phase I/II study on INTUVAX® in patients with gastrointestinal stromal tumor (GIST). This study will allow us to investigate the efficacy of INTUVAX® in yet another indication when combined with standard treatment, sutent. The study, which is Immunicum's fourth, is interesting to us because it gives us the chance to fairly quickly and cost effectively evaluate the efficacy of INTUVAX® in patients who have already gone into progress. In addition to this, it will allow us to study the efficacy of two doses of INTUVAX® compared to three doses. Moreover, we are looking forward to working with the Karolinska Institute, which is a world-renowned research institute.
Interest is also growing within the industry, not only for INTUVAX®, but also for our Ad5PTDf35 adenovirus vector, for which we have initiated interesting collaborations with two well-known cancer institutes in the US. At the same time, preclinical studies are underway regarding the development of SUBCUVAX®, in collaboration with Uppsala University and professor Magnus Essand, whose group also plans to, sometime this year, initiate a clinical phase I/II study with the vector for oncolytic treatment of neuroendocrine tumors. Immunicum does not own rights to that particular indication, but for all other indications. Therefore, we will follow the progress of the study with great interest as it can confirm the usefulness of the vector for oncolytic treatment. The vector has several interesting applications.
We have also strengthened the organization by recruiting a new CFO and a Director of Clinical Operations. Our new CFO, Lise-Lotte Hallbäck, will begin on October 1, and most recently served as head of the Gothenburg division of VISMA Services AB. She has long experience from leading positions in accounting and financial control at companies with an international exposure, and has also worked as a certified public accountant. Our new Director of Clinical Operations, Linda Barkemo, has more than 10 years of experience from leading positions in clinical project development in the pharmaceutical industry and joins us from a previous position as Regional Director Northern Europe at ClinTec International, which is a global Contract Research Organization. Her previous work includes positions with responsibility for clinical studies at AstraZeneca and Pfizer.
In addition to this, the nomination committee has proposed Magnus Persson to be elected as new member of the Board of Directors at the annual general meeting on December 3. Magnus has fifteen years of experience of venture capital at partner level within life science, and has founded and served as chairman of the board and board member in several private and public biotech and pharmaceutical companies in Europe and in the US. His experience as a partner at HealthCap and The Column Group is a good match for Immmunicum's current development stage and we look forward to collaborating with Magnus.
We are very optimistic regarding Immunicum's future and I can promise a very exciting and eventful year ahead.
Chief Executive Officer
For further information, please contact:
Jamal El-Mosleh, CEO, Immunicum
The Company's Certified Adviser is Redeye AB
Phone: +46 (0) 8 545 013 31. www.redeye.se
About Immunicum AB (publ)
Immunicum AB (publ) develops vaccines for the treatment of tumor diseases. A phase II study of the Company's most advanced project - INTUVAX® against renal cancer - has started. The project portfolio also contains a clinical phase I/II project in liver cancer.
Immunicum's shares are listed on NASDAQ OMX First North as of April 22, 2013, under the ticker IMMU.
The number of shares in the Company as of June 30, 2015, totals 20 030 000.
Download the full year-end report on the Company's website.