Nuevolution AB (publ) announces its results for the first quarter 2016/17
Stockholm, 17 November 2016. Nuevolution AB (publ) announces its report for the first quarter 2016/17. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.
First quarter 2016/17 summary
Solid business progress
- Net sales amounted to SEK 1.8 million (1.1).
- Operating costs amounted to SEK 29.5 million (26.7).
- Operating loss was SEK -27.7 million (-25.6).
- Net loss amounted to SEK -25.6 million (-23.9).
- Earnings per share (EPS) was SEK -0.60 (-0.83).
- Net cash amounted to SEK 170.6 million as per September 30, 2016 (21.5).
- Kilogram scale production of the active pharmaceutical ingredient (API) for the RORγt inverse agonist (inhibitor) candidate has been initiated.
- The lead compound in Nuevolution’s selective BET inhibitor program demonstrated positive preliminary toxicology results and positive preliminary efficacy data in an animal mouse model for lupus disease (SLE).
- Three novel Chemetics® compound screening libraries have been completed, providing the company access to 400 million additional small molecule compounds for its drug discovery research.
- Nuevolution scientists presented data on the RORγt inverse agonist, BET BRD and GRP78 inhibitor programs at scientific conferences in Australia, the US and Europe.
Events occurred after 30 September 2016:
On 4 October 2016, Nuevolution announced that Amgen and Nuevolution have entered into a multiple target research collaboration to discover, develop and commercialize novel therapeutics in the areas of oncology and neuroscience. Amgen has the exclusive option to obtain all rights to successfully developed programs. Nuevolution is eligible to receive up to USD 410 million in licensing upfront payment, development and sales milestone payment per development program and tiered royalties on future sales.
Message of the CEO
“We are excited about entering into the broad collaboration with Amgen. This agreement supports Nuevolution’s overall strategy of delivering five or six business opportunities (mature programs for partnering) during 2016-2018. The company maintains its overall outlook to place three or four of its programs with partners, and intend to keep one or two programs for further internal development. As such, the agreement with Amgen both augments our pipeline ambitions, while at the same time lowers the overall risk of Nuevolution’s research investments” said Alex Haahr Gouliaev, CEO.
On Thursday 17 November at 12:00 CET, the company’s CEO and CFO will host a conference call and webcast presentation of the results and provide an update on partnering activities and pipeline programs. Access to the event can be obtained as follows:
LIVE access on Thursday 17 November at 12:00 CET
SE: +46 85 664 2690
DK: +45 35 44 55 75
UK: +44 20 3008 9807
US: +1 855 753 2235
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 3913 0902
Henrik Damkjær Simonsen, CFO
Phone: +45 3913 0947
Information about Nuevolution AB (publ)
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, and headquartered in Copenhagen, Denmark. Nuevolution partners its discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment option. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication, through the agency of the contact persons set out above, on Thursday 17 November, 10:00 (CET).
Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE.ST). Västra Hamnen Corporate Finance AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com.