Xbrane Biopharma releases interim report for the first quarter of 2019

Financial summary first quarter 2019

• Revenues amounted to SEK 0 thousand (8,616).
• Gross margin amounted to 0 percent (23).
• Other income amounted to SEK 1,201 thousand (13,674).
• EBITDA amounted to SEK -31,236 thousand (-7,344).
• R&D expenses amounted to SEK 26,523 thousand (20,260) representing 82 percent (88) of total operating expenses.
• Profit for the period amounted to SEK -33,313 thousand (-8,916).
• Earnings per share of SEK -5.26 SEK (-1.5).
• Cash and cash equivalents by the end of the first quarterof SEK 44,317 thousand (18,930).

Significant events during the first quarter 2019

• Approval was obtained from FDA (Food and Drug Administration) in US for the initiation of the pivotal phase I/III study with Xlucane. The study goes under the name Xplore.
• Martin Åmark, CEO, was appointed Head of IR as the previous Head of IR, Susanna Helgesen, who is also CFO, will be on parental leave on a part-time basis. During the parental leave, Susanna will remain as CFO. The finance team has therefore been expanded with a Group Financial Controller.
• Board members Alessandro Sidoli and Saeid Esmaeilzadeh have declined re-election as board members at the Annual General Meeting for 2019.
• An oversubscribed preferential rights issue was conducted in March 2019 and generated SEK 59 million before transaction costs to the Company.

Significant events after the period

• In April, the first patient was recruited and dosed in the Xplore trial.
• In the right issue, SEK 8 million of the outstanding loan from the credit facility issued by Serendipity Group, was converted to shares.
• Sales targets for Xlucane, amounting to €350 million in annual net sales three years after the product launch, was presented. This renders to approximately €100 million in annual license income for Xbrane, after deduction of production and sales related expenses and profit sharing with STADA.
• A mammalian cell-based technological platform has successfully been established and accelerated the development of Xdivane, a biosimilar of the PD-1 inhibitor Nivolumab (Opdivo®) as the first product of this platform.