Fourth quarter in brief

  • The primary clinical endpoint was not met in the Phase II study (ARPEGGIO) with laquinimod in PPMS
  • Patent regarding tasquinimod for the treatment of acute leukemia granted in Europe
  • The process to divest the company's property in Lund is ongoing
  • On December 7, the company announced that funding for the next 12 month period was not guaranteed. See further below "Events after the end of the period" relating to a new share issue

Other significant events during the January-December period

  • Patent regarding tasquinimod for the treatment of multiple myeloma (MM) granted in Europe
  • FDA granted orphan drug status for tasquinimod for the treatment of MM.
  • The primary clinical endpoint in the Phase III study of laquinimod in RRMS (CONCERTO) was not met. The secondary endpoints were met in line with previous studies
  • Helén Tuvesson was appointed CEO of Active Biotech
  • The first product patent in the SILC project was granted in the US
  • The decision was taken to discontinue the company's laboratory animal facility in Lund
  • The Phase II study of laquinimod in Huntington's disease (LEGATO-HD) is ongoing. Results are expected in the second half of 2018
  • The ANYARA project is proceeding, with planned start of clinical studies in the second half of 2018
  • Out-licensing activities are continuing for the tasquinimod, SILC and paquinimod projects

Events after the end of the period

  • The Board of Directors proposes a new share issue of approximately MSEK 48, with pre-emptive rights for the shareholders. An extraordinary general meeting to be held on March 19, 2018
  • In connection with the new share issue, the company has received a permanent waiver from its commitment to the bank that finances the company's property in Lund that the company's liquidity should never fall below MSEK 30
  • The company again has funding for the coming 12 month period
  • Patent application regarding tasquinimod for the treatment of MM allowed in the US
  • Application for the second product patent in the SILC project allowed in the US

Financial summary

SEK M Oct.-Dec. Jan.-Dec.
  2017 2016 2017 2016
         
Net sales 5.4 7.1 20.2 19.0
Operating loss *-58.4 -13.5 *-102.5 -55.1
Loss after tax *-60.1 -14.8 *-108.8 -59.6
Earnings per share (SEK) -0.62 -0.16 -1.12 -0.65
Cash and cash equivalents (at close of period)     25.2 77.7
           

     *of which write down of property SEK 50 M

For further information, please contact:

  Helén Tuvesson, CEO
  Tel: +46 (0)46-19 21 56

 

  Hans Kolam, CFO
  Tel: +46 (0)46 19 20 44

 		 Active Biotech AB
(Corp. Reg. No. 556223-9227)
Box 724, SE-220 07 Lund
Tel: +46 (0)46-19 20 00

 

The report is also available at www.activebiotech.com.

Active Biotech AB Year-end report January – December 2017


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Active Biotech via Globenewswire
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