Nuevolution AB (publ) announces its results for the first quarter of 2018 and provides update on partnership discussions

Stockholm, 8 May 2018. Nuevolution AB (publ) announces its report for the first quarter of 2018 and provides update on partnership discussions. The report is available on the company’s home page (www.nuevolution.com). The following is taken from the quarterly report.

Financial summary

SEK million Q1 2018 Q1 2017
Revenue 8.3 1.5
Total operating expenses, net -31.1 -31.3
Operating result -22.8 -29.8
Net result -21.3 -20
Basic and diluted earnings per share (SEK) -0.5 -0.68
Cash flow from operating activities -25.6 53.9
Cash and cash equivalents 90.8 200.9

 

Business and R&D summary

  • As previously communicated, most recently in the interim report for October – December 2017, we are in sev­eral discussions with pharmaceutical companies exploring different types of deals; including potential program out-licensing, R&D/platform collaboration. We can now update this guidance and confirm on-going partnership discussions including late stage negotiations of financial terms and other terms. The financial terms under discus­sion are size wise similar to the financial terms of the partnership agreements that Nuevolution has acheived dur­ing recent years. Nuevolution cannot, however, guarantee that such terms will be achieved in a final agreement for potential signing, and cannot guarantee that a final agreement for partnership will be reached and executed. We maintain our guidance on potential realization of a further partnership during the coming six months.
  • Nuevolution successfully completed its support to the collaboration with Almirall, who will now solely seek the further development of the program
  • Nuevolution’s own RORγt candidate compound showed good efficacy following therapeutic dosing in adoptive T-cell transfer mouse model of inflammatory bowel disease (IBD)
  • BET-BD1 program on track for nomination of development candidate during the second quarter of 2018

 “30 June 2018 is coming up soon, but our preparations to apply for a list change to the main market progresses according to plan. Likewise, our business development discussions and R&D activities progress positively. We therefore maintain our guidance overall (corporate, business and R&D)”, said Alex Haahr Gouliaev, CEO

Events occurred after 31 March 2018

No events occurred subsequent to the balance sheet date that could affect the financial statements as of 31 March 2018.

On Wednesday, 9 May at 15:00 CET, the company’s executive management will host a conference call and webcast discussion of the results and provide an update on the pipeline programs and partnering activities. Access to the event can be obtained as follows:

LIVE access on Wednesday 9 May at 15:00 CET

Telephone numbers:
SE: +46 85 661 9353
DK: +45 3544 5575
UK: +44 20 3008 9806
US: +1 855 8315 944

Webcast will be available at www.nuevolution.com in the Investors section and at www.financialhearings.com

REPLAY access

Webcast replay will be available at www.nuevolution.com in the Investors section and at www.financialhearings.com

For more information, please contact:

Alex Haahr Gouliaev, CEO
Phone: +45 3913 0902
Email: ahg@nuevolution.com

Henrik Damkjær Simonsen, CFO
Phone: +45 3913 0947
Email: hs@nuevolution.com

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 Tuesday 8 May 2018 at 18:00 CET.

Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE). Redeye AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com