Successful rights issue enables increased focus on strategic initiatives
February 20 2020 - 2:00AM
Successful rights issue enables increased focus on strategic
initiatives
Acarix AB (publ) publishes Year-End Report
2019
Malmö, January 20, 2020
Successful rights issue enables
increased focus on strategic
initiatives
The fourth quarter of 2019 was eventful, and we had the
opportunity to see progress in several areas. Importantly, we
closed a rights issue of SEK 43 million, before transaction costs,
securing our ability to execute our plans and activities moving
forward.
Extract from CEO Per Persson’s message to the End Year
Report.
Fourth quarter 2019 compared with same period
2018
- During the fourth quarter, sales amounted to ten (7)
CADScor®Systems and 1,500 (640) patches of which four (–)
CADScor®Systems and 840 (–) patches were delivered for
clinical trials.
- Revenue amounted to 774 kSEK (208), with gross profit of 607
kSEK (132) and a gross margin of 78 percent (63).
- Operational costs amounted 10,591 kSEK (12,328).
- Result before tax amounted to –9,987 kSEK (–12,006).
- After a new share issue that provided the company with a net of
SEK 34,548 kSEK, total cash flow amounted to SEK 26,037 kSEK
(–8,547).
- Basic earnings per share amounted to –0.31 SEK (–0.52). No
dilution arose.
Financial year 2019 compared with same period
2018
- During the year a total of 23 (22) CADScor®Systems and
4,326 (2,210) patches were sold of which 5 (2) CADScor®System
and 2,040 (240) patches were delivered for
clinical trials.
- The share of repurchases of disposable patches increased from
43% in 2018 to 59%.
- Revenue amounted to SEK 1,857 kSEK (1,024), with a gross profit
of 1,430 kSEK (708) and a gross margin of 77 percent (69).
- Operating costs amounted to 47,873 kSEK (43,232).
- Result before tax amounted to –46,434 kSEK (–42,250).
- After a new share issue that provided the company with a net of
SEK 34,548 kSEK, total cash flow was SEK –11,500 kSEK
(–38,336).
- Cash at the end of the period was 53,747 kSEK (65,019).
- Basic earnings per share amounted to –1.83 SEK (–1.83). No
dilution arose.
Events in the fourth quarter, 2019
- On October 9, the company announced that the subscription
period for its rights issue had begun. Supported by authorization
from the Extraordinary General Meeting on August 16, the Board of
Directors resolved on September 25 on a rights issue of a maximum
of 34,541,064 shares with preference for existing
shareholders.
- On October 30, the company announced the outcome of its rights
issue. Through the rights issue, Acarix’s share capital increased
by SEK 28,666,667 to SEK 51,694,043. The total number of shares and
votes increased with 28,666,667, from 23,027,376 to 51,694,043
shares and votes.
- On October 16, the company announced the submission of a De
Novo application to the American Food and Drug Administration (FDA)
for the CADScor®System in preparation of a US market entry.
Events after December 31, 2019
- On January 14, 2020, the company announced that the
CADScor®System is being used commercially for the first time in the
UK, and the first patients are being evaluated. Dr Amrit Takhar and
his team at Wansford and Kingscliffe Practice near Peterborough is
the first clinic in the UK to use the unique CADScor technology to
evaluate patients suffering from stable chest pain.
- On February 18, the company announced initiation of the
randomized, multi-center clinical study FILTER-SCAD to examine the
cost effectiveness and safety of adding the CADScor®System as a
rule-out test in patients referred with symptoms suggestive of
stable coronary artery disease. In the FILTER-SCAD study, 2,000
patients referred on suspected stable coronary disease are to be
consecutively enrolled at four hospitals in Denmark and Lund’s
University Hospital in Sweden.
The complete Year-End report is available by
link below or on www.acarix.com
For further information, please contact:
Per Persson, CEO mail: per.persson@acarix.comtel: +46 736
005 990
Christian Lindholm, CFO mail: christian.lindholm@acarix.comtel:
+46 705 118 333
About Acarix
Acarix was established in 2009 and is listed on Nasdaq First
North Premier. Acarix’s CADScor®System uses an advanced sensor
placed on the skin above the heart to listen to the sounds of
cardiac contraction movement and turbulent flow. It has been
designed to be an all-in-one system in the sense that the heart
signal will be recorded, processed and displayed as a patient
specific score, the CAD score, on the device screen. Readings are
obtained in less than 8 minutes. Safe and suitable for use in both
out- and inpatient settings, the CADScor®System thus has the
potential to play a major role in patient triage, avoiding the need
for many patients to undergo stressful and invasive diagnostic
procedures.
The Year-End Report disclosed above is mandatory for Acarix AB
(publ) to publish pursuant to the EU Market Abuse Regulation. This
information was submitted for publication through the agency of the
above contact person on February 20, 2020 at 8:00 am (CET).
- PM_Acarix_YearEndReport_2019_eng
- Acarix Year-end report 2019