SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number: 001-37604
NOTIFICATION OF LATE FILING
¨
Form
10-K
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x
Form
20-F
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¨
Form
11-K
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¨
Form
10-Q
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¨
Form
10-D
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¨
Form
N-SAR
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¨
Form
N-CSR
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|
For Period Ended: April 30, 2018
¨
Transition
Report on Form 10-K
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¨
Transition
Report on Form 10-Q
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¨
Transition
Report on Form 20-F
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¨
Transition
Report on Form N-SAR
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¨
Transition
Report on Form 11-K
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For the Transition Period Ended: _______________________________________
Nothing in this form
shall be construed to imply that the Commission has verified any information contained herein.
If the notification
relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: ____________________
PART I
REGISTRANT INFORMATION
Full name of registrant
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Oasmia Pharmaceutical AB
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Former name if applicable
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Address of principal executive office
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Vallongatan 1
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City, state and zip code
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Uppsala, Sweden 752 28
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PART II
RULE 12b-25 (b) AND (c)
If the subject report
could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the following
should be completed. (Check box if appropriate.)
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(a)
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The reasons described in reasonable detail in Part III of this form could not
be eliminated without unreasonable effort or expense;
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x
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(b)
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The subject annual report, semi-annual report, transition report on Form 10-K, 20-F, 11-K
or Form 10-Q, or portion thereof will be filed on or before the 15
th
calendar day following the prescribed due
date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof will be filed on or before the
fifth calendar day following the prescribed due date; and
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(c)
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The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached
if applicable.
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PART III
NARRATIVE
State
below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q, N-SAR, N-CSR, or the transition report portion thereof,
could not be filed within the prescribed time period.
Oasmia
Pharmaceutical AB (the “
Company
”) was unable to complete its Annual Report
on Form 20-F for the fiscal year ended April 30, 2018 (the “
Annual Report
”)
prior to the filing deadline for the Annual Report on August 31, 2018 as the result of the need to complete final year-end closing
procedures, financial statement preparation and disclosures. As a result, the Company could not finalize its financial statement
preparation and disclosures for the fiscal year ended April 30, 2018 without unreasonable effort and expense.
The
Company expects to file its Annual Report within the extension period of 15 calendar days as provided under Rule 12b-25 under
the Securities Exchange Act of 1934, as amended.
Part
IV
Other
Information
(1) Name and telephone number of person to contact in regard
to this notification
Mikael Asp
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(46)
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18 50 54 40
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(Name)
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(Area Code)
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(Telephone Number)
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(2) Have all other periodic reports required
under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the
preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer
is no, identify report(s).
x
Yes
¨
No
(3) Is it anticipated that any significant
change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements
to be included in the subject report or portion thereof?
x
Yes
¨
No
If so: attach an explanation of the anticipated
change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot
be made.
The Company expects to report in the Annual
Report the following operating results for the fiscal year ended April 30, 2018, compared to the fiscal year ended April 30, 2017:
Revenues from royalties and sales of products
were 3,007 thousand SEK (“TSEK”) in the year ended April 30, 2018 and TSEK nil in the year ended April 30, 2017. These
consisted of invoiced distribution rights of TSEK 1,595 in the year ended April 30, 2018 and TSEK nil in the year ended April
30, 2017 in connection with the signing of an agreement with a Russian distributor, invoiced deliveries of goods in the amount
of TSEK 630 in the year ended April 30, 2018 and TSEK nil in the year ended April 30, 2017 and a share of the profits in the amount
of TSEK 783 stemming from sales of these goods. There were revenues from sales of water for injection amounting to TSEK 162 in
the year ended April 30, 2018 and TSEK 172 in 2017.
Change in inventories of products in progress
and finished goods amounted to TSEK (1,450) in the year ended April 30, 2018. This derives from the production of semi-finished
products to be included in the production of goods intended for sale. Change in inventory of products in progress, amounting to
TSEK (1,405) in the previous financial year, derives from the production of semi-finished products that will be included in the
production of goods for sale as well as from a write-down of inventories of finished goods that were intended for sale on the
Russian market of TSEK 5,324. Change in inventories of products in progress and finished goods amounted to TSEK 9,509 in the previous
financial year.
For the year ended April 30, 2018, other
operating income increased to TSEK 1,753, compared to TSEK 420 in the prior year. Oasmia has been involved in an ongoing legal
dispute for a number of years with a supplier concerning delivery of defective production equipment. This dispute was settled
in November 2017 as a result of which Oasmia was awarded compensation of TSEK 1,300, which has been recorded as other operating
income. Favorable exchange gains of TSEK 157 in the year ended April 30, 2018 compared to TSEK 202 for the year ended April 30,
2017.
Operating expenses including depreciation
and amortization decreased by SEK 30.34 million, or 20.7%, from SEK 146.7 million to SEK 116.4 million, for the year ended April
30, 2018 compared to the prior financial year.
The decrease is mainly attributable to
lower costs for clinical studies during the period. The decrease is mainly attributable to lower costs for bad debt losses, clinical
studies and employees. The decrease in employee benefit expenses is largely due to the fact that the rationalization program which
was started the previous financial year has had an impact this year. The average number of employees decreased by 16 people or
21% from 75 in April 30, 2017 to 59 in April 30, 2018 and resulted in lower employee benefit costs.
Financial income in the year ended April
30, 2018 amounted to TSEK 101, compared to TSEK 85 in the previous year. The increase is mainly due to increased foreign exchange
gains related to bank balances in foreign currencies
Interest expense on convertible loan programs
and other borrowings amounts to SEK 12.31 million in the year ended April 30, 2018 compared to SEK 13.49 million in the year ended
April 30, 2017.
Financial expenses also consist of other
financial expenses related to convertible loans and exchange losses related to bank balances in foreign currencies. Exchange losses
from bank balances in foreign currencies decreased by SEK 4.28 million from SEK 6.36 million in the year ended April 30, 2017
to SEK 2.08 million in the year ended April 30, 2018.
The net loss after tax
was TSEK
118,013 in the year ended April 30, 2018 compared to TSEK 160,243 in the year ended April 30, 2017. The improvement in the net
loss was primarily attributable to lower operating expenses, see above, and to higher net sales. Furthermore, net financial items
for the year involved an improvement, TSEK (14,289) compared to TSEK (19,762) in the year ended April 30, 2017, which is attributable
to the on average lower interest-bearing liabilities this year.
The Group’s business activities
were not affected by seasonal variation or cyclical effects.
Forward-Looking
Statements
Except
for the historical statements contained herein, this notification includes forward-looking statements within the meaning of Section
21E of the Exchange Act, including statements regarding the Company’s
expectation regarding the timing of the anticipating
closing of the pending public offering, the timing of the filing of its Annual Report and the description of anticipated material
changes from the results of operation from the corresponding period of the last fiscal year.
Actual
results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation:
the Company’s inability to complete the work required to file the Annual Report in the timeframe that is anticipated or
due to unanticipated changes being required in its reported operating results; risks related to the Company’s ability to
finalize the financial statements to be included in the Annual Report, including those related to the need to complete the Company’s
internal review and the performance of the requisite procedures by our independent registered public accounting firm; as well
as other risks detailed in the Company’s filings with the Securities and Exchange Commission, including under the heading
“Risk Factors” in the Company’s filings with the Securities and Exchange Commission, including the Company’s
most recent Annual Report on Form 20-K for the year ended
April 30, 2017
. The Company
disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this notification.
Oasmia Pharmaceutical AB
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed
on its behalf by the undersigned thereunto duly authorized.
Dated: August 31, 2018
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/s/ Anders Blom
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By: Anders Blom
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Title: Chief Financial Officer
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