STOCKHOLM, Aug. 24, 2018 /PRNewswire/ -- "On 3 April, trading in Immunovia's shares started on NASDAQ Stockholm's main market, where we are listed in the Mid Cap segment. During the second quarter we also completed a directed share issue worth around SEK 324 million to reputable institutions in Sweden and internationally.
Very exciting results have been achieved in two major application areas, lung cancer and rheumatoid arthritis, which show that the general usability of the IMMray™ platform opens up great opportunities for Immunovia.
During the spring and summer we completed a lung cancer study with very good results. This was our first collaboration with a global, top-ten pharmaceutical business and the aim was to assess the technical performance of the IMMray™ platform within lung cancer.
In the autoimmune field we have made significant progress within rheumatoid arthritis. In August we published results that mean we will now continue our efforts aimed at developing a product for patients that are difficult to diagnose in this area.
The main focus, as usual, was on IMMray™ PanCan-d. Work has proceeded according to plan in the second quarter. In August, however, new data emerged showing that the sample-collection procedure, which will be applicable commercially and for our final validation studies, affects our product's algorithms. We have therefore decided that a necessary stage is to optimize IMMray™ PanCan-d to safeguard the quality of the test results prior to release. This will delay the start of sales to the latter part of 2019," said Mats Grahn, CEO of Immunovia AB.
Key Indicators
| Key Indicators (SEK thousand unless otherwise stated) |
1 Apr- 30 June 2018 |
1 Apr- 30 June 2017 |
1 Jan- 30 June 2018 |
1 Jan- 30 June 2017 |
Full year 2017
|
| Net sales |
44 |
68 |
156 |
95 |
149 |
| Operating earnings |
–27,232 |
–10,645 |
–44,608 |
–18,515 |
-45,520 |
| Earnings before tax |
–26,147 |
–10,554 |
–43,473 |
–18,325 |
-45,232 |
| Net earnings |
–26,154 |
–10,554 |
–43,480 |
–18,325 |
-45,232 |
| Earnings per share before and after dilution (SEK/share) |
–1.47 |
–0.63 |
–2.47 |
–1.09 |
-2.67 |
| Equity ratio, % |
96 |
96 |
96 |
96 |
94 |
| No. of shares at the end of the period |
19,480,853 |
16,804,059 |
19,480,853 |
16,804,059 |
17,318,059 |
| Average no. of shares before and after dilution |
17,846,742 |
16,804,059 |
17,582,400 |
16,804,059 |
16,932,559 |
This financial statement has been produced in accordance with IFRS for the Immunovia Group, which comprises Immunovia AB and the wholly-owned subsidiaries Immunovia Inc. and Immunovia GmbH.
Outlook
Immunovia is focused on fundamentally transforming diagnosis of complex forms of cancer and autoimmune diseases. The antibody-based platform, IMMray™, is the result of 15 years of research at CREATE Health – the Center for Translational Cancer Research at Lund University, Sweden. IMMray™ is a technology platform for the development of diagnostic tests and the company's primary test, IMMray™ PanCan-d, is the first test in the world for early diagnosis of pancreatic cancer.
The company's financial targets remain in place, but have been delayed in relation to previous announcements, due to the need to perform optimization studies. The company expects to receive the first revenues from self-pay sales in the latter part of 2019.
The following financial targets have been established:
• Immunovia's target is to achieve turnover of SEK 250-300 million by 2022 based on self-pay for IMMray™ PanCan-d.
• Immunovia's target is to achieve total turnover, including payment via self-pay and cost remuneration from insurance systems, of SEK 800-1,000 million by 2024.
This information is information that Immunovia AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 24 August at CET 08:30, through the agency of the contact person set out above.
For further information, please contact:
Mats Grahn, CEO, Immunovia AB
Phone: +46(0)70-532-02-30
E-mail: mats.grahn@immunovia.com
About Immunovia
Immunovia AB was founded in 2007 by investigators from the Department of Immunotechnology at Lund University and CREATE Health, the Center for Translational Cancer Research in Lund, Sweden. Immunovia's strategy is to decipher the wealth of information in blood and translate it into clinically useful tools to diagnose complex diseases such as cancer, earlier and more accurately than previously possible. Immunovia´s core technology platform, IMMray™, is based on antibody biomarker microarray analysis. The company is now performing clinical validation studies for the commercialization of IMMray™ PanCan-d that could be the first blood based test for early diagnosis of pancreatic cancer. In the beginning of 2016, the company started a program focused on autoimmune diseases diagnosis, prognosis and therapy monitoring. (Source: www.immunovia.com)
Immunovia's shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com.
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