Xbrane Biopharma releases interim report for the first quarter of 2019
Xbrane Biopharma AB’s (publ.) (”Xbrane”) interim report for the first quarter of 2019 is now available on the Company’s website, www.xbrane.com.
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.