Message from the CEO
The third quarter has been very eventful for IBT.
In July IBT received a capital injection of 101 MSEK from our shareholders. The funds will be used for preparations leading up to the launch of our most advanced product, IBP-9414, which is currently in the final stages of Phase III. In addition, the funds will also be used to initiate the development work of our other development projects which are in the earliest phase of pharmaceutical development. We have initiated these activities and enhanced our US team with two individuals, one within the framework of commercial readiness with a focus on our well-established KOL-network. The other person is focused on the early development projects. One of the early projects we have advanced during Q3 is our ROP (IBP-1118) which aims to prevent ROP, an eye condition affecting prematurely born infants, often leading to blindness. We have completed an expert meeting in
Regarding IBP-9414, our development program that is approaching the end of the Phase III study, we currently have 1950 patients recruited out of the planned 2158. We thus have approximately 10% left of our development program. On
I would like to also express my appreciation to those who work for IBT. For 10 years we have carried out our work together, with a conviction that the most sensitive people on earth do best from having access to medical products where the manufacturing is of the highest quality and that both the safety and efficacy of drug candidates are well documented. At the same time, since the start, IBT has followed the literature that shows the importance of a healthy intestinal flora/microbiome and how probiotics have shown positive health effects. Now the FDA has thus proved us right, by giving the directive that for our target group a medicine should be developed instead of a dietary supplement, which of course feels satisfying. Now only a fraction of the work remains to reach the long-awaited clinical results and we are perhaps more motivated than ever. IBT is on the run towards the finish line.
Staffan Strömberg, CEO
Financial overview for the period
Third quarter (Jul-Sep) 2023
- Net sales KSEK 0 (0)
- Operating income KSEK -33,718* (-7,746)
- Earnings per share before and after dilution
SEK -2.31 (0.69)
Reporting period (Jan-Sep) 2023
- Net sales KSEK 0 (0)
- Operating income KSEK -88,965* (-25,051)
- Earnings per share before and after dilution
SEK -6.86 (-2.26)
* Operational income includes exchange rate effects on foreign currency deposits to secure future outflows during the third quarter amounting to KSEK -448 (17,220) and during the reporting period amounting to KSEK 7,313 (43,451)
Significant events during the third quarter (Apr-Sep)
- On
July 3rd, 2023 , IBT announced that the product IBP-1016 for gastroschisis has been granted Orphan Drug Designation. - On
July 4, 2023 , IBT announced the outcome of the rights issue. The issue provided IBT with approximatelySEK 101 million before deduction of transaction costs. After the rights issue, the number of shares and votes in the company changed. The new number of shares now amounts to 13,471,420, of which 453,283 A-shares and 13,018,137 B-shares.
Significant events during the reporting period (Jan-Sep)
- On
January 12, 2023 , it was announced that IBT acquired a pharmaceutical platform that can prevent antibiotic-resistant hospital infections. - In
January 2023 , IBT published new results in theBritish Journal of Gastroenterology validating “Sustained Feeding Tolerance” (SFT) as a relevant primary endpoint in “The Connection Study”. - In
March 2023 , IBT announced the opening of the final cohort for recruitment, with 1400 patients enrolled in the study. This third cohort will include infants with birth weight between 1001 grams and 1500 grams. - On
May 16, 2023 , IBT decided on a rights issue and called for an Extraordinary General Meeting of shareholders. - On
June 9, 2023 , the Extraordinary General Meeting resolved to approve the Board's decision to increase the share capital by issuing new shares with pre-emptive rights for the company's shareholders. - On
June 15, 2023 IBT announced that theEuropean Patent Office has approved its patent application for Lactobacillus reuteri. The patent covers the drug candidate IBP-9414 - On
June 21, 2023 , it was announced that the Data Monitoring Committee (DMC) conducted a planned safety analysis, without objections. At the same time, a planned futility analysis was also conducted and was positive, which means that IBT is continuing the study as planned.
Selected financial data
000´s | 2023 | 2022 | 2023 | 2022 | 2022 |
Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
- | - | - | - | - | |
Other income | 64 | - | 77 | 3 | 12 |
Operating profit / loss | -33,718 | -7,746 | -88,965 | -25,051 | -65,808 |
Result after tax | -30,888 | -7,782 | -82,176 | -25,335 | -65,451 |
Total assets | 386,715 | 396,361 | 386,715 | 396,361 | 349,619 |
Cash flow for the period | 66,701 | -22,864 | 24,053 | -61,870 | -83,911 |
Cash flow per share for the period (SEK) | 4.99 | -2.04 | 2.01 | -5.51 | -7.47 |
Cash | 367,207 | 368,331 | 367,207 | 368,331 | 335,840 |
Earnings per share before and after dilution (SEK) | -2.31 | -0.69 | -6.86 | -2.26 | -5.83 |
Equity per share (SEK) | 25.69 | 33.12 | 25.69 | 33.12 | 29.55 |
Equity ratio (%) | 89% | 94% | 89% | 94% | 95% |
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