AroCell AB (publ)
Reporting period 1 July - 30 September 2017
-
Net sales were 0 (46) KSEK
-
Losses after financial items were - 3,678 (-
2,590) KSEK
-
Earnings per share were - 0.12 (- 0.09)
SEK
-
Cash flow from operating activities was - 4,227
(- 784) KSEK
-
Cash flow from investing activities was 0 (-
2,376) KSEK
-
Cash flow for the period was - 4,227 (-3,160)
KSEK
Interim report 1 January - 30 September 2017
-
Net sales were 293 (46) KSEK
-
Losses after financial items were - 11,510 (-
7,395) KSEK
-
Cash flow for the period was -12,656 (-10,861)
KSEK
-
Earnings per share were - 0.40 (- 0.26)
SEK
Revenues and expenses July -
September 2017 (2016) KSEK
Sales for the period were 0 (46). Expenses were 3,678 (2,590).
Taking into account capitalization of R&D, total expenses for
the same period in 2016 amounted to 5,012. As the product has been
fully developed and CE-marked, R&D expenses are no longer
capitalized. R&D expenses are loaded with depreciation of
intangible assets 1 119 (0). Total cash flow for the period
was -4,227 (-3,160). Cash at the end of the period was 20,196.
Revenues and expenses January -
September 2017 (2016) KSEK
Sales for the period were 293 (46). Expenses were 11,510 (7,394).
Taking into account capitalization of R&D, total expenses for
the same period in 2016 amounted to 14,791. As the product has been
fully developed and CE-marked, R&D expenses are no longer
capitalized. R&D expenses are loaded with depreciation of
intangible assets 1 119 (0). According to plan marketing and
sales expenses have increased which reflects our ambition to get TK
210 ELISA test Kit to the market. Total cash flow for the period
was -12,656 (-10,681). Cash at the end of the period was
20,196.
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 08:45 CET on 22 November
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
Thymidine Kinase 1 (TK1) protein levels in a blood sample. The TK
210 ELISA test provides valuable information mainly about the
condition of cancer patients. This may help clinicians to optimize
treatment strategies and estimate the risk of recurrence of tumor
disease during the monitoring of the disease. 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
We are making good progress and we feel confident that TK 210 ELISA
will become a very valuable biomarker in the care of patients with
cancer. Our route to success is based on a strategy which can be
divided in three main focus areas.
Our first focus area is the clinical development
and validation of TK 210 ELISA. This is critical for achieving
acceptance by researchers in drug development and clinical research
organizations (CROs). Results from clinical studies and
experimental studies are necessary to prove utility, both in
research models and clinical practice. During the quarter, we have
presented and communicated three important study results raising
our comfort level of the relevance and importance of TK 210. The
clinical validation remains a priority to ensure customer
acceptance and long-term growth. Recent results in studies which
give additional and new evidence that TK 210 ELISA provides vital
information about how our test can be used in drug development and
monitoring treatment response of cancer. The three most recent
studies:
-
Breast cancer, PROMIX - "Quantification of cell
loss in breast cancer during neoadjuvant treatment (NACT) assessed
by serum thymidine kinase protein concentrations (sTK1)" at ESMO
Asia Singapore, November 2017
-
Research study - Novel method for studying the
in-vitro effects of anti-cancer agents: the assay of thymidine
kinase 1 (TK1) in cell culture utilising AroCell TK 210 ELISA
presented at NCRI UK, Liverpool, November 2017
-
Prostate cancer -" AroCell TK 210 ELISA may
complement pro PSA and the prostate health index in differentiating
non-cancerous from cancerous conditions in prostate disease"
presented at NCRI UK, Liverpool, November 2017
These studies provide valuable evidence on how our
TK 210 ELISA test can be used in different types of applications,
experimental models in the research area for drug development and
clinical studies we are now able to better attract the interest
from both pharmaceutical and IVD companies with automated
systems.
Our second priority is the licensing and tech
transfer of our TK 210 ELISA technology and know-how. Our goal here
is to offer our intellectual property, know-how and material to
other companies to implement on their automated systems. This could
enable our TK 210 ELISA test to become one of the most used
biomarkers in the market. We need to show clinical and research
applicability in several areas to motivate companies to negotiate
with us to get access to TK 210 ELISA through a licensing
agreement. We can, with clinical and experimental results, increase
the interest for our technology and know-how.
Our third focus area is the commercialization of
TK 210 ELISA product to drive demand and revenue. Our clinical
development and validation strategy supports this and will provide
the evidence we need to show how our product can be used in
multiple applications, research areas and clinical practice by
healthcare professionals.
We will continue to validate and promote the use
of the TK 210 ELISA test and with the goal to make it one of the
most used biomarkers in the treatment of cancer.
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 50 UPPSALA
www.arocell.com
SVERIGE
Financial
Calendar
02/22/2018 Interim report 4 - 2017
04/27/2018 Interim report 1 - 2018
15/06/2018 Annual General Meeting
08/31/2018 Interim report 2 - 2018
11/09/2018 Interim report 3 - 2018
Submission of
interim report
Uppsala November 22, 2017
The board of directors
Summary Income statement |
|
|
|
|
|
(TSEK) |
2017 |
2016 |
2017 |
2016 |
2016 |
|
July-Sept |
July-Sept |
Jan-Sept |
Jan-Sept |
Jan-Dec |
|
3 months |
3 months |
9 months |
9 months |
full year |
Net
sales |
- |
46 |
293 |
46 |
59 |
Cost
of goods sold |
- |
- |
-72 |
- |
- |
Selling expenses |
-974 |
-1,309 |
-4,656 |
-3,703 |
-5,020 |
Administrative expenses |
-646 |
-563 |
-2,335 |
-1,906 |
-2,193 |
Research and development expenses |
-2,058 |
-764 |
-4,740 |
-1,831 |
-2,075 |
Operating loss |
-3,678 |
-2,590 |
-11,510 |
-7,394 |
-9,229 |
Net
financial items |
|
-1 |
|
-1 |
-6 |
Loss after financial items |
-3,678 |
-2,591 |
-11,510 |
-7,395 |
-9,235 |
Loss for the period |
-3,678 |
-2,591 |
-11,510 |
-7,395 |
-9,235 |
|
|
|
|
|
|
|
|
|
|
|
|
Summary balance sheet |
|
|
|
|
|
(TSEK) |
|
|
2017 |
2016 |
2016 |
|
|
|
30 Sept |
30 Sept |
31 Dec |
ASSETS |
|
|
|
|
|
Fixed
assets |
|
|
|
|
|
Intangible assets |
|
|
30,209 |
29,206 |
31,328 |
Tangible assets |
|
|
468 |
9 |
170 |
Financial assets |
|
|
50 |
- |
- |
Total fixed assets |
|
|
30,727 |
29,215 |
31,498 |
Current assets |
|
|
|
|
|
Inventory |
|
|
2,243 |
1,419 |
1,419 |
Other
receivables |
|
|
654 |
312 |
652 |
Cash
and cash equivalents |
|
|
20,196 |
39,021 |
32,852 |
Total current assets |
|
|
23,093 |
40,752 |
34,923 |
Total assets |
|
|
53,820 |
69,967 |
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 |
102,615 |
102,615 |
Non-restricted equity |
|
|
-63,054 |
-39,428 |
-51,544 |
Total equity |
|
|
51,946 |
66,054 |
63,456 |
Current liabilities |
|
|
1,874 |
3,913 |
2,965 |
Total equity and liabilities |
|
|
53,820 |
69,967 |
66,421 |
Summary cash flow statement |
|
|
|
|
|
(TSEK) |
2017 |
2016 |
2017 |
2016 |
2016 |
|
July-Sept |
July-Sept |
Jan-Sept |
Jan-Sept |
Jan-Dec |
|
3 mths |
3 mths |
9 mths |
9 mths |
full year |
Cash
flow from operating activities |
-4,227 |
-784 |
-12,288 |
-3,285 |
-7,168 |
Cash
flow from investing activities |
- |
-2,376 |
-318 |
-7,396 |
-9,682 |
Cash
flow from financing activities |
- |
- |
-50 |
- |
0 |
Cash flow from the period |
-4,227 |
-3,160 |
-12,656 |
-10,681 |
-16,850 |
Cash
and cash equivalents at beginning of period |
24,423 |
42,181 |
32,852 |
49,702 |
49,702 |
Cash and cash equivalents at end of
period |
20,196 |
39,021 |
20,196 |
39,021 |
32,852 |
|
|
|
|
|
|
|
|
|
|
|
|
Share data |
|
|
2017 |
2016 |
2016 |
|
|
|
Jan-Sept |
Jan-Sept |
Jan-Dec |
|
|
|
|
|
|
Earnings per share (SEK) |
|
|
-0.40 |
-0.26 |
-0.32 |
|
|
|
|
|
|
Number of shares on balance sheet date |
|
28,674,506 |
28,674,506 |
28,674,506 |
Interim report, Q3 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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