EXPRES2ION BIOTECH HOLDING AB Hørsholm,
CEO Bent U. Frandsen comments:
"We are starting 2024 invigorated by our new strategy with clear objectives, the strong progress of our proprietary pipeline, and a broadly validated platform. The overall conditions for early-stage biotech funding remain challenging and selective. Against this backdrop, we have established our priorities with a focus on advancing the lead proprietary asset, the ES2B-C001 breast cancer program, towards a clinical trial application."
Summary of 2024 first quarter results (January -
Key income statement figures, SEK '000s
- Operating income: 1,558 (2,590)
- Profit/loss after financial items: -13,839 (-30,282)
- Profit/loss for the period: -12,853 (-26,308)
Key balance sheet figures, SEK '000s
- End of period cash balance: 60,203 (71,972)
- End of period total assets: 86,145 (103,125)
- End of period equity / asset ratio*: 61% (77%)
Number of shares
- Number of shares at end of the period: 51,404,958 (37,606,796)
- Average number of shares: 51,404,958 (37,606,796)
- Average number of shares (after dilution): 55,454,958 (39,656,796)
Earnings per share, SEK**
- Earnings per share for the period based on average number of shares: -0.25 (-0.70)
- Diluted earnings per share for the period: -0.23 (-0.66)
Figures in parenthesis are the numbers from the same period in 2023.
*Equity ratio: Shareholder's equity divided by total capital.
**Earnings per share defined as profit/loss for the period divided with the average number of shares for the period.
Webcast presentation of 2024 first quarter year results
On
Significant events during the first quarter
- On
8 February 2024 , ExpreS2ion announced financial results for the fourth quarter of 2023.
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On
21 February 2024 , ExpreS2ion announced thatAdaptVac ApS ("AdaptVac") had received10 million EUR as a result ofBavarian Nordic having completed the clinical Phase III study of the COVID-19 vaccine ABNCoV2. The board of AdaptVac, in line with authority granted through AdaptVac's articles of association, agreed to resolve on the pay-out of excess capital in AdaptVac to the shareholders of AdaptVac, which are ExpreS2ion (34% share ownership) andNextGen Vaccines Holding ApS ("NextGen") (66%). ExpreS2ion and NextGen agreed that AdaptVac will retain part of the dividends received to be invested in the Company's platform technology and pipeline assets.
Significant events after the first quarter
- On
16 April 2024 , ExpreS2ion announced the completion of the final report for the Good Laboratory Practice (GLP) safety study in non-human primates of the ES2B-C001 (HER2-VLP) breast cancer vaccine candidate.
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On
23 April 2024 , ExpreS2ion announced that it has been notified by the Board of Directors of its associated company,AdaptVac ApS , of the resolution to pay a dividend ofDKK 42.5 million (SEK 66.1 million ) to its owners. As a result ofExpreS2ion Biotechnologies ApS holding a 34% stake inAdaptVac ApS , ExpreS2ion received approximatelyDKK 14.5 million (SEK 22.5 million ) after the close of the first quarter.
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On
2 May 2024 , the Board of Directors ofExpreS2ion Biotech Holding AB had, subject to subsequent approval by the Annual General Meeting to be held on5 June 2024 , resolved on a rights issue of units consisting of shares and warrants of series TO 10 and warrants of series TO 11 ("Units"), with preferential rights for existing shareholders, amounting to approximatelySEK 60 million (the "Rights Issue"). The subscription price was set toSEK 1.00 per Unit, corresponding to a subscription price ofSEK 1.00 per share. The Company received subscription intentions and guarantee commitments to an approximate amount ofSEK 30 million , corresponding to approximately 50 percent of the Rights Issue. Upon full subscription in the Rights Issue, the net proceeds from the Rights Issue will be used for (i) ES2B-C001 clinical phase initiation and progression, (ii) early preclinical development of a cytomegalovirus vaccine candidate, (iii) internal costs related to grant-sponsored projects and (iv) working capital including discovery pipeline and platform development.
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On
3 May 2024 , the shareholders ofExpreS2ion Biotech Holding AB were given notice to attend the Annual General Meeting to be held on5 June 2024 at 10.30 (CEST) on Mindpark, Bredgatan 11, Helsingborg,Sweden . The entrance to the meeting and registration will commence at 10.00 (CEST).
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On
8 May 2024 , ExpreS2ion published the 2023 annual report.
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This press release constitutes inside information that
For further information about
Bent U. Frandsen, CEO
E-mail: investor@expres2ionbio.com
About ExpreS2ion
ExpreS2ion is a biotechnology company that develops innovative vaccines for a healthier world. We want to transform healthcare by developing novel vaccines, that are life-saving and improving quality of life across the world. ExpreS2ion has developed the unique human clinical Phase III-validated technology platform, ExpreS2(TM), for fast and efficient development and production of the active material in vaccines. The platform, under the brand GlycoX-S2(TM), includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, ExpreS2ion has produced more than 500 proteins and virus-like particles (VLPs) in collaboration with leading research institutions and companies. ExpreS2ion develops novel VLP based vaccines in association with
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