AroCell AB: Interim report, Q2 2017
August 24 2017 - 2:15AM
AroCell AB (publ)
Reporting period 1 April - 30 June 2017
-
Net sales were 237 (0) KSEK
-
Losses after financial items were - 3,606 (-
1,962) KSEK
-
Earnings per share were - 0.27 (- 0.17)
SEK
-
Cash flow from operating activities was - 3,163
(- 1,229) KSEK
-
Cash flow from investing activities was - 318 (-
1,800) KSEK
Interim report, 1 January - 30 June 2017
-
Net sales were 293 (0) KSEK
-
Losses after financial items were - 7,831 (-
4,804) KSEK
-
Earnings per share were - 0.27 (- 0.17)
SEK
Revenues and expenses April -
June 2017 (2016) KSEK
Sales for the period were 237 (0). Expenses were 3,771 (1,962).
Taking into account capitalization of R&D, total expenses for
the same period in 2016 amounted to 3,762. As the product has been
fully developed and CE-marked, R&D expenses are no longer
capitalized. According to plan marketing and sales expenses have
increased which reflects our ambition to get TK 210 ELISA test to
the market. Total cash flow for the period was -3,531 (-3,029).
Cash at the end of the period was 24,423.
Revenues and expenses January -
June 2017 (2016) KSEK
Sales for the period were 293 (0). Expenses were 8,052 (4,804).
Taking into account capitalization of R&D, total expenses for
the same period in 2016 amounted to 9,824. As the product has been
fully developed and CE-marked, R&D expenses are no longer
capitalized. According to plan marketing and sales expenses have
increased which reflects our ambition to get TK 210 ELISA test to
the market. Total cash flow for the period was -8,429 (-7,521).
Cash at the end of the period was 24,423.
AroCell is obliged to make public
this information pursuant to the EU Market Abuse Regulation and the
Securities Markets Act. The information was submitted for
publication through Jan Stålemark, at 08:15 CET on 24 August
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 rate of cell turnover. A tumor has
high cell turnover (rate 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 strategies.
The test may also be used for monitoring disease relapse. AroCell
(AROC) is listed at Nasdaq First North and has about 2,500
shareholders. For more information, please see www.arocell.com.
Redeye AB is AroCell:s Certified Adviser.
CEO
Comments
As a result of our increased commercial activities
we have begun to receive the first commercial orders from customers
which is encouraging. The increase in the interest of our TK 210
ELISA test comes from pharmaceutical companies, IVD (in vitro
diagnostic) companies as well as academic research groups. The key
point of interest is that TK 210 ELISA is unique and the only CE
marked IVD test for measuring TK 1 protein concentrations on the
market. The AroCell team has been actively promoting TK 210 ELISA
with potential customers in the US, Europe and Asia to identify
future business opportunities. Recently a road tour has taken place
in Japan and valuable contacts established.
The clinical validation remains a priority to
ensure customer acceptance and long term growth. We have made good
progress in the clinical development plan and we are excited about
the first results which have been submitted for publication. The
biomarker data specific to TK 210 ELISA from the Swedish Promix
multicentre study has been submitted for presentation at a
scientific meeting towards the end of this year. We will be able to
share these results when they have been accepted for
publication.
The second half of the year will be focused on
further increasing customer interactions and identifying new
opportunities for using TK 210 ELISA in clinical practice. There is
also a focus on the R&D program to provide further data to
support the clinical use of TK 210 ELISA.
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 companys
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
Financial
Calender
11/22/2017 Interim report 3 - 2017
02/22/2018 Interim report 4 - 2017
04/25/2018 Interim report 1 - 2018
08/23/2018 Interim report 2 - 2018
Submission of
interim report
Uppsala August 23, 2017
The board of directors
Summary Income statement |
|
|
|
|
|
(TSEK) |
2017 |
2016 |
2017 |
2016 |
2016 |
|
Apr-Jun |
Apr-Jun |
Jan-Jun |
Jan-Jun |
Jan-Dec |
|
3 mths |
3 mths |
6 mths |
6 mths |
full year |
Net
sales |
237 |
- |
293 |
- |
59 |
Cost
of goods sold |
-72 |
- |
-72 |
- |
- |
Selling expenses |
-1,494 |
-968 |
-3,682 |
-2,394 |
-5,020 |
Administrative expenses |
-807 |
-625 |
-1,688 |
-1,343 |
-2,193 |
Research and development expenses |
-1,470 |
-369 |
-2,682 |
-1,067 |
-2,075 |
Operating loss |
-3,606 |
-1,962 |
-7,831 |
-4,804 |
-9,229 |
Net
financial items |
|
|
|
|
-6 |
Loss
after financial items |
-3,606 |
-1,962 |
-7,831 |
-4,804 |
-9,235 |
Loss for the period |
-3,606 |
-1,962 |
-7,831 |
-4,804 |
-9,235 |
|
|
|
|
|
|
|
|
|
|
|
|
Summary balance sheet |
|
|
|
|
|
(TSEK) |
|
|
2017 |
2016 |
2016 |
|
|
|
Jun 30 |
Jun 30 |
Dec 31 |
ASSETS |
|
|
|
|
|
Fixed
assets |
|
|
|
|
|
Intangible assets |
|
|
31,328 |
26,830 |
31,328 |
Tangible assets |
|
|
475 |
11 |
170 |
Financial assets |
|
|
50 |
- |
- |
Total fixed assets |
|
|
31,853 |
26,841 |
31,498 |
Current asset |
|
|
|
|
|
Inventories |
|
|
2,243 |
1,419 |
1,419 |
Other
receivables |
|
|
663 |
682 |
652 |
Cash
and cash equivalents |
|
|
24,423 |
42,181 |
32,852 |
Total current assets |
|
|
27,329 |
44,282 |
34,923 |
Total assets |
|
|
59,182 |
71,123 |
66,421 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Share
capital |
|
|
2,867 |
2,867 |
2,867 |
Restricted reserves |
|
|
9,518 |
- |
9,518 |
Other
contributed capital and reserves |
|
|
102,615 |
69,824 |
102,615 |
Non-restricted equity |
|
|
-59,376 |
-4,804 |
-51,544 |
Total equity |
|
|
55,624 |
67,887 |
63,456 |
Current liabilities |
|
|
3,558 |
3,236 |
2,965 |
Total equity and liabilities |
|
|
59,182 |
71,123 |
66,421 |
|
|
|
|
|
|
|
|
|
|
|
|
Summary cash flow statement |
|
|
|
|
|
(TSEK) |
2017 |
2016 |
2017 |
2016 |
2016 |
|
Apr-Jun |
Apr-Jun |
Jan-Jun |
Jan-Jun |
Jan-Dec |
|
3 mths |
3 mths |
6 mths |
6 mths |
full year |
Cash
flow from operating activities |
-3,163 |
-1,229 |
-8,061 |
-2,501 |
-7,168 |
Cash
flow from investing activities |
-318 |
-1,800 |
-318 |
-5,020 |
-9,682 |
Cash
flow from financing activities |
-50 |
0 |
-50 |
0 |
0 |
Cash flow from the period |
-3,531 |
-3,029 |
-8,429 |
-7,521 |
-16,850 |
Cash
and cash equivalents at beginning of period |
27,954 |
45,210 |
32,852 |
49,702 |
49,702 |
Cash and cash equivalents at end of
period |
24,423 |
42,181 |
24,423 |
42,181 |
32,852 |
Share data |
|
|
|
|
|
|
|
|
2017 |
2016 |
2016 |
|
|
|
Jan-Jun |
Jan-Jun |
Jan-Dec |
Earnings per share (SEK) |
|
|
|
|
|
Before
dilution |
|
|
-0.27 |
-0.17 |
0.32 |
After
dilution |
|
|
-0.27 |
-0.17 |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares |
|
|
28 674 506 |
28 674 506 |
28 674 506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interim report, Q2 2017
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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