AroCell AB (publ)
Interim report for period 1 January - 31 March
2017
-
Net sales were 56 (0) KSEK
-
Loss after financial items was - 4,225 (- 2,842)
KSEK
-
Earnings per share were -0.15 (-0.10) SEK
-
Cash flow from operating activities was -4,898
(-1,272) KSEK
-
Cash flow from investing activities was 0
(-3,220) KSEK
This information is information
that AroCell is obliged to make public pursuant to the EU Market
Abuse Regulation and the Securities Markets Act. The information
was submitted for publication, through Jan Stålemark, at 08:25 CET
on 11 May 2017.
About AroCell
AroCell AB (AROC) is a Swedish
company that develops standardized modern blood tests to support
the prognosis and follow up of cancer patients. AroCell's new
technology is based on patented methods to measure TK1 protein
levels, which provide valuable information about the speed of cell
turnover. A tumor has high cell turnover (speed of cell division
and cell death) and as a result TK1 can be detected in the blood
with a simple laboratory test, called TK 210 ELISA. The test
provides valuable clinical information for prognosis and
optimization of treatment strategy. The test may also be used for
monitoring disease relapse. AroCell (AROC) is listed at Nasdaq
First North and has about 2,600 shareholders. For more information,
please see www.arocell.com. Redeye AB is
AroCell:s Certified Adviser.
Significant events during the
reporting period
-
A scientific poster showing the correlation
between TK 210 ELISA and Prostate Health Index (PHI) was accepted
by AARC, American Association of Cancer Research.
-
AroCell participated at the World Biomarker
Congress in Manchester, UK in February.
-
A webinar entitled "Improved Monitoring of Tumor
Growth with a Novel Serum Proliferation Biomarker" was held on
March 23rd, with 135
participants from both industry and academia.
Significant events after the
reporting period
-
AroCell attended the AACR congress in
Washington, DC together with its distribution partner Eagle
Biosciences.
-
The Biomarker and World Congress in Philadelphia
on May 2-4.
Comments by CEO Jan
Stålemark
A key priority for Arocell in 2017 is to ensure
that we have a strong strategic framework in place to maintain
focus for our activities and drive commercial growth. We have
identified key areas where we will focus on moving forward which
include elements to support both the commercial and clinical
strategies.
Our commercial activities have increased
significantly during the last period. We have seen a very positive
response to our diverse marketing activities. These activities have
generated significant interest in our product, providing plenty of
contacts and leads for us to follow up on. We are thereby now able
to make advances in commercializing our CE-marked TK 210 ELISA kit
into the clinical research market.
The clinical validation is a key focus to ensure
customer acceptance for long term growth. We have made good
progress in the clinical development plans and expect to be
presenting preliminary and interesting results soon. The Swedish
Promix multicentre study has been analysed and publication is
planned. Both our prospective studies, Sarcoma at Helsinki hospital
and Prostate cancer at the South Hospital in Stockholm are on plan
and expected to be completed by the end of 2018. We have also
completed the analysis of the biobank samples in the U-CAN study in
Uppsala. The remaining work is to get the results analysed in
correlation to the patient records which will be done by the
clinicians at Uppsala Academic Hospital. This is key to our
strategy in obtaining clinical acceptance through clinical
validation, in order to introduce our product to the global in
vitro diagnostic market.
As prostate cancer is a key component in our
clinical development program, it is essential to communicate the
results to the medical community. A scientific poster was presented
at the AARC, American Association of Cancer Research. It shows
significant correlation between results by TK 210 ELISA and
Prostate Health Index (PHI), a new index to determine patient
status for individuals with suspected or confirmed prostate cancer.
The study compare AroCell's TK 210 ELISA test with other commonly
used test methods such as PSA, free PSA, pro PSA and PHI in men
with pre-cancerous conditions and confirmed prostate cancer
indicates that AroCell's TK 210 ELISA test provides valuable
clinical information.
We have the only CE-marked kit on the market that
measures concentrations of TK 1 protein in serum from a simple
blood test based on the global standardized ELISA format. Our
product's uniqueness has generated interest well above our
expectations during meetings with potential customers from the
research and medical communities at trade shows and conferences.
This will be a strong basis to find new partners and markets in
2017.
With a robust product, commercially available and
with an increased customer interest, we are now putting full
efforts behind our plans for launching the TK 210 ELISA kit into
the clinical research market as well as the ongoing clinical
development program.
Jan Stålemark
CEO
Essential risks
Financial risks
AroCell's business activities are based on external financing. To
date, the company has been successful in obtaining financing, but
there are not guarantees of this happening in the future in a way
that is advantageous to the company's shareholders. A sufficiently
serious failure in future financing may affect the company's
development and market value.
Development and production risks
Development and transfer to production are always associated with
risks. A product manufactured at production scale does not always
display the same characteristics as one manufactured at research
scale. Developing future products may also prove to be more
complicated and take longer than expected.
Commercialization risks
There is always a risk that the products AroCell has developed will
not achieve the expected positive reception on the market and that
the product will need longer time to gain acceptance. Particularly
in the early stages, the quantity of products sold may then be
lower and the time it takes to establish the product on the market
may be longer than the company allowed for in its sales
estimates.
Currency risks
The company expenses are partially based in Euro, and this means
that there is a risk that weakening of the Swedish krona against
the Euro may lead to increased expenses for the company. A portion
of the sales proceeds in future can be associated with currencies
from other countries, which means that there is a risk that if the
Swedish krona becomes stronger to other currencies, this may lead
to decreased profits for the company in SEK.
In addition, there are risks associated with
patent security and how the market assesses studies, approvals and
certifications. Taking risk factors into consideration in decision
processes and when designing routines and drawing up documentation
means that the risks are assessed and their effects can be
minimized, and to some extent, avoided.
The share
AroCell AB (publ) was listed on Nasdaq First North, Stockholm, June
30 2016 under AROC.
On March 31, 2017 there were 28 674 506 shares (quota
value SEK 0,10).
Accounting
principles
This Interim Report has been prepared in accordance with the
Swedish law: Årsredovisningslagen and Bokföringsnämndens allmänna
råd BFNAR 2012:1 Årsredovisning och Koncernredovisning (K3).
Report review
This interim report has not been reviewed by the company's
auditor.
Contact information
Jan Stålemark
VD
AroCell AB (publ)
jan.stalemark@arocell.com
Virdings allé 32B
0706-92 62
06
754 83 UPPSALA
www.arocell.com
SVERIGE
The Annual
General Meeting
The Annual General Meeting will be held on Wednesday 18 May 2017 at
15.00 hours at the corporate headquarters at Virdings allé 32 B i
UPPSALA.
Financial
Calender
05/11/2017 Interim report 1
05/18/2017 Annual General Meeting
08/24/2017 Interim report 2
11/23/2017 Interim report 3
02/22/2018 Interim report 4
Submission of
interim report
Uppsala May 10, 2017
The board of directors
|
|
|
|
|
|
Summary Income
statement |
|
|
|
|
(TSEK) |
2017 |
2016 |
2016 |
|
|
Jan-Mar |
Jan-Mar |
Jan-Dec |
|
|
3 months |
3 months |
full year |
|
Net
sales |
56 |
0 |
59 |
|
Cost
of goods sold |
|
|
|
|
Selling expenses |
-2 188 |
-1 426 |
-5 020 |
|
Administrative expenses |
-881 |
-718 |
-2 193 |
|
Research and development expenses |
-1 212 |
-698 |
-2 075 |
|
Operating loss |
-4 225 |
-2 842 |
-9 229 |
|
Net
financial items |
0 |
0 |
-6 |
|
Loss after financial items |
-4 225 |
-2 842 |
-9 235 |
|
Income
taxes |
0 |
0 |
0 |
|
Loss for the period |
-4 225 |
-2 842 |
-9 235 |
|
|
|
|
|
|
|
|
|
|
|
Summary balance sheet |
|
|
|
|
(TSEK) |
2017 |
2016 |
2016 |
|
|
Mar 31 |
Mar 31 |
Dec 31 |
|
ASSETS |
|
|
|
|
Fixed
assets |
|
|
|
|
Intangible assets |
31 328 |
25 030 |
31 328 |
|
Tangible assets |
168 |
12 |
170 |
|
Total fixed assets |
31 496 |
25 042 |
31 498 |
|
Current asset |
|
|
|
|
Inventories |
1 419 |
1 419 |
1 419 |
|
Other
receivables |
597 |
272 |
652 |
|
Cash
and cash equivalents |
27 954 |
45 210 |
32 852 |
|
Total current assets |
29 970 |
46 901 |
34 923 |
|
Total assets |
61 466 |
71 943 |
66 421 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
Share
capital |
2 867 |
2 867 |
2 867 |
|
Restricted reservs |
9 518 |
0 |
9 518 |
|
Other
contributed capital and reserves |
102 615 |
102 615 |
102 615 |
|
Non-restricted equity |
-55 769 |
-35 633 |
-51 544 |
|
Total equity |
59 231 |
69 849 |
63 456 |
|
Long-term liabilities |
0 |
0 |
0 |
|
Current liabilities |
2 235 |
2 094 |
2 965 |
|
Total equity and liabilities |
61 466 |
71 943 |
66 421 |
|
|
|
|
|
|
|
|
|
|
|
Summary cash flow statement |
|
|
|
|
(TSEK) |
2017 |
2016 |
2016 |
|
|
Jan-Mar |
Jan-Mar |
Jan-Dec |
|
|
3 months |
3 months |
full year |
|
Cash
flow from operating activities |
-4 898 |
-1 272 |
-7 168 |
|
Cash
flow from investing activities |
0 |
-3 220 |
-9 682 |
|
Cash
flow from financing activities |
0 |
0 |
0 |
|
Cash flow from the period |
-4 898 |
-4 492 |
-16 850 |
|
Cash
and cash equivalents at beginning of period |
32 852 |
49 702 |
49 702 |
|
Cash and cash equivalents at end of
period |
27 954 |
45 210 |
32 852 |
Share data |
|
|
|
|
2017 |
2016 |
2016 |
|
Jan-Mar |
Jan-Mar |
Jan-Dec |
|
3 months |
3 months |
full year |
|
|
|
|
Earnings per share (SEK) |
-0,15 |
-0,10 |
-0,32 |
Before
dilution |
-0,15 |
-0,10 |
-0,32 |
After
dilution |
|
|
|
|
|
|
|
Number
of shares on balance sheet date |
|
|
|
Before
dilution |
28 674 506 |
28 674 506 |
28 674 506 |
After
dilution |
28 674 506 |
28 674 506 |
28 674 506 |
|
|
|
|
Average number of shares |
|
|
|
Before
dilution |
28 674 506 |
28 674 506 |
28 674 506 |
After
dilution |
28 674 506 |
28 674 506 |
28 674 506 |
AroCell Q 1 2017 report
FINAL
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: AroCell AB via Globenewswire
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