Idogen AB Year-end report 1 January–31 December 2018

REGULATORISK


FOURTH QUARTER (OCTOBER–DECEMBER 2018)
 

  •  Other operating income amounted to KSEK 3,766 (0)
  •  Operating loss amounted to KSEK -4,796 (-7,289)
  •  Loss for the period amounted to KSEK -4,806 (-7,315)
  •  Cash flow from operating activities was KSEK -432 (-8,250)
  •  Loss per share before dilution was SEK -0.19 (-0.35). Loss per share after dilution was SEK -0.19 (-0.35)

PERIOD (JANUARY–DECEMBER 2018) 

  •  Other operating income amounted to KSEK 3,766 (0) 
  •  Operating loss amounted to KSEK -27,861 (-21,299)
  •  Loss for the period amounted to KSEK -27,634 (-21,322)
  •  Cash flow from operating activities was KSEK -10,394 (-19,906)
  •  Loss per share before dilution was SEK -1.27 (-1.32). Loss per share after dilution was SEK -1.27 (-1.32)
  •  The proposed dividend is SEK 0.00/share (0.00) 

SIGNIFICANT EVENTS IN THE FOURTH QUARTER 

  •  In October, Canada’s patent office announced that it intended to approve Idogen’s patent application related to the second patent family, which pertains to induction of IDO in autoimmune diseases and transplantation.
  •  In October, the company announced its decision to hold a rights issues with a “top” guarantor.
  •  In November, an Extraordinary General Meeting was held where a decision was taken approving the Board’s recommendation for a rights issue of shares.
  •  In November, Idogen demonstrated proof-of-principle in a model of autoimmune disease, autoimmune uveitis. The model in the study is T-cell driven and the effects are expected to therefore be relevant for the treatment of other autoimmune diseases. 
  •  In December, Idogen published the outcome of the company’s rights issue that was subscribed to 80% and raised capital of approximately MSEK 38.7 for Idogen after issue costs, which is sufficient to support operations until the third quarter of 2020. 

SIGNIFICANT EVENTS DURING THE PERIOD

  •  In January, the EU paid the first subpayment of the Horizon 2020 grant, an amount of MEUR 1.2. In December, a further MEUR 0.3 was paid. The remaining MEUR 1.4 will be paid out over the next 24 months.
  •  In April, Idogen announced that the company had postponed the planned start of the Phase I/IIa clinical trial of the IDO 8 project until early 2020 and initiated an expanded optimisation process. Accordingly, the planned start of the first clinical trial in the IDO T project was also postponed until the end of 2020 at the earliest.  
  •  Idogen strengthened its research organisation in the second quarter with the appointment of Hanne Risager Romedahl as new Chief Scientific Officer. Hanne took up her position on 7 May and replaces Anette Sundstedt who has remained with the company in the role of scientific expert.  
  •  In August, the Board decided to add a third therapeutic area to Idogen’s project portfolio – autoimmune diseases, IDO AID. 
  •  In September, Idogen’s IDO 8 was granted orphan drug designation in the US.
  •  Work transferring the Idogen share from Spotlight to Nasdaq First North began. 

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD 

  •  The company announced in January that it extends and broadens the preclinical development program for the tolerogenic cell therapy, which may delay the clinical studies for IDO 8 and IDO T by six months, starting H2 2020 for IDO 8 and H1 2021 for IDO T. 
  •  Arctic Securities was chosen as Corporate Advisor (CA) ahead of the listing on First North 
  • No other significant events occurred after the end of the period that affected the results or financial position.
     

CONDENSED EARNINGS AND CASH FLOW 

(Amounts in KSEK unless otherwise   stated) 2018  2017  2018  2017 
3 months  3 months  12 months  12 months 
Oct-Dec  Oct-Dec  Jan-Dec  Jan-Dec 
Other operating income 3,766 0 3,766 0
Operating expenses -8,562 -7,289 -31,627 -21,299
Operating loss -4,796 -7,289 -27,861 -21,299
Loss for the period after net financial items -4,806 -7,315 -27,634 -21,322
Average number of shares 24,998,490 20,778,472 21,843,166 16,207,516
Average number of warrants 8,555,883 17,111,766 11,790,710 7,969,864
Loss per share before dilution (SEK) -0.19 -0.35 -1.27 -1.32
Loss per share after dilution (SEK) -0.19 -0.35 -1.27 -1.32
Cash flow from operating activities -432 -8,250 -10,394 -19,906

KEY   FIGURES
 
Working capital 42,306 33,894 42,306 33,894
Acid-test ratio (%) 305 895 305 895
Equity/assets ratio (%) 71 90 71 90
Loss per share before dilution -0.19 -0.35 -1.27 -1.32
Average number of shares 24,998,490 20,778,472 21,843,166 16,207,516

For additional information, please contact:

Lars Hedbys, CEO Idogen AB

Tel: +46 (0)46-275 63 30

E-mail: lars.hedbys@idogen.com


This is an English version of an original Swedish press release communicated by Idogen AB. In case of interpretation issues or possible differences between the different versions, the Swedish version shall apply. This constitutes information that Idogen AB is required to publish under the EU’s Market Abuse Regulation. The information was submitted for publication through the above contact person on the 6th of February 2019.


Idogen (Spotlight Stock Market: IDOGEN)
develops tolerogenic cell therapies to prevent the patient’s immune system from attacking biological agents, transplanted organs or the body’s own cells or tissue. Idogen’s most advanced product candidate IDO 8 is designed for patients with severe haemophilia A who have developed anti-drug antibodies against their critical treatment with coagulation factor VIII (factor VIII). The company´s second project IDO T is developed to prevent kidney transplant rejection. In a third project, IDO AID, Idogen focuses on the treatment of autoimmune diseases. The treatment is based on the patient’s own cells and is expected to have a favorable safety profile and long-lasting effect. The fact that a short treatment has the potential to yield a long-lasting effect is another great advantage. For more information, visit https://www.idogen.com

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