Interim report Q1 2021
"The development of Nanexa is continuing and at the beginning of the quarter we started our second proprietary product project, NEX-20. The choice of multiple myeloma as our second indication fits well with myelodysplastic syndrome (MDS) in NEX-18 and creates an interesting portfolio in haematological cancer. In 2021, we intend to identify another project, NEX-21, where PharmaShell® can create another unique product with major potential." David Westberg, CEO Nanexa AB.
Significant events during the first quarter
- Applied Ventures invested USD 1 million in a directed share issue in accordance with the investment agreement entered into at the end of 2020, which provided the company with approximately SEK 8 million after issue costs.
- Nanexa decided that the company's second proprietary product project, NEX-20, will focus on developing a long-acting formulation of lenalidomide for the treatment of multiple myeloma.
- Nanexa signed an evaluation agreement with an unnamed European biotech company that has a development project in the cardiovascular area, where PharmaShell® can enable a long-acting injectable product.
- Redemption of warrants of series TO2 was carried out during the period 1-15 February 2021, with a subscription rate of 97.5%, which brought SEK 24.9 million to the company, before costs of issue. The number of shares and votes in the company thus increased by 2,956,588 to 24,866,934 shares and votes.
- Jonas Fransson was recruited as head of pharmaceutical development and will join Nanexa’s management team as of 1 May 2021.
Significant events after the end of the period
- Applied Ventures invested a further USD 0.5 million through the exercise of warrants issued in connection with the directed share issue in Q1 2021. Nanexa received SEK 4.3 million through the issue before issue costs and the number of shares and votes in the company thus increased by 480,879 to 25,347,813 shares and votes.
- Nanexa started its first clinical trial in April 2021. It is a phase I study in the NEX-18 project to study pharmacokinetics, safety and tolerability.
Summary of the reporting period 1 January – 31 March 2021
- Turnover amounted to: TSEK 536 (1,192)
- Operating profit (EBIT) amounted to: TSEK -6,623 (-3,469)
- Profit after tax amounted to: TSEK -6,670 (-3,525)
- Earnings per share amounted to: SEK -0.29 (-0.22)
- Cash flow for the period was: TSEK 22,158 (32,672)
- Cash and cash equivalents at end of period: TSEK 34,849 (44,050)
Figures in brackets refer to the corresponding period in the previous year.