Hørsholm,
CEO Bent U. Frandsen comments:
"In Q3 2023 we laid the foundation for a new strategic direction that will leverage our platform to advance assets with shorter development timelines and less costly paths to value creation. The strategic review included a change of strategy for the ES2B-C001 breast cancer program to take advantage of the remarkable preclinical proof-of-concept data. We're actively exploring how to advance the ES2B-C001 breast cancer vaccine project for the benefit of patients and caregivers. This includes considering options such as initiating an exploratory investigator-driven ES2B-C001 study, an asset sale, partnership, out-licensing, or non-dilutive funding. Furthermore, we've decided to concentrate more efforts on how to best leverage our unique ExpreS2 platform, expertise, and exploratory pipeline projects.
By implementing the changes mentioned above, we are progressing in creating a company that prioritizes assets with shorter development timelines and a higher likelihood of successful outcomes in clinical trials. This transformation has formed a more streamlined and focused team equipped with the necessary competencies to push our new strategy forward."
Third quarter (July -
- Operating income amounted to 1,856 (909) KSEK.
- Profit/loss after financial items amounted to -23,394 (-31,810) KSEK.
- Profit/loss for the period amounted to -21,826 (-30,701) KSEK.
-
Net income per share* amounted to -0.44
(-0.82) SEK . - End of period cash balance amounted to 77,182 (149,561) KSEK.
- End of period total assets amounted to 101,920 (170,498) KSEK
- End of period equity / asset ratio amounted to 79% (87%)**
Year-to-date (January -
- Operating income amounted to 6,515 (4,567) KSEK.
- Profit/loss after financial items amounted to -85,241 (-73,294) KSEK.
- Profit/loss for the period amounted to -78,172 (-70,072) KSEK.
-
Net income per share* amounted to -1.76
(-2.05) SEK . - End of period cash balance amounted to 77,182 (149,561) KSEK.
- End of period total assets amounted to 101,920 (170,498) KSEK
- End of period equity / asset ratio amounted to 79% (87%)**
Figures in parenthesis are the numbers from the same period in 2022.
*The Group's net income per share: The net income for the period divided with the average number of shares for the period. For the period July to
**Equity ratio: Shareholder's equity divided by total capital.
Webcast presentation of 2023 third quarter and nine-months results
On
Significant events during the third quarter
- On
17 August 2023 , ExpreS2ion announced that the Board had decided to assess strategic options for the ES2B-C001 breast cancer project, aimed at conserving capital resources to further advance the company's exploratory vaccine pipeline and technology platforms.
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On
17 August 2023 , ExpreS2ion announced its financial results for the first half of 2023.
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On
31 August 2023 , ExpreS2ion provided an update onBavarian Nordic's Phase III clinical trial for ABNCoV2, a capsid virus-like particle (cVLP) based non-adjuvanted COVID-19 booster vaccine.Bavarian Nordic reported that the booster study did not successfully meet its secondary endpoint, in which the goal was to demonstrate protection against the XBB.1.5 variant.Bavarian Nordic stated that it saw no commercial opportunity for ABNCoV2 in its current version.
-
On
25 September 2023 , ExpreS2ion announced the outcome of the exercise of warrants of series TO 8 (the "Warrants"), which were issued in connection with the Company's rights issue of units in 2023. In total, 2,155,191 Warrants were exercised, corresponding to approximately 18.5 percent of the total number of outstanding Warrants, for subscription of 2,155,191 shares at an exercise price ofSEK 1.57 per share. ExpreS2ion will receive approximatelySEK 3.4 million before issuing costs through the exercise of the Warrants.
-
On 27 September, ExpreS2ion announced that Dr. Mattis Ranthe, Chief Medical Officer, and Dr.
Mette Thorn , Senior Vice President of Preclinical Development, were stepping down from their positions in the Company following the future strategic focus on ExpreS2ion's exploratory vaccine pipeline and technology platforms, as announced in the press release on17 August 2023 . Dr. Ranthe will continue supporting the Company through the end of 2023 to ensure the transition of his responsibilities.Dr. Thorn's last day was29 September 2023 , and her responsibilities will be covered by internal resources.
Significant events after the end of the period
- On 23 October, the Board of Directors of
ExpreS2ion Biotech Holding AB posted a notice that shareholders were thereby convened to the Extraordinary General Meeting to be held on9 November 2023 at10:00 CET at Mindpark, Bredgatan 11, Helsingborg,Sweden .
-
On
9 November 2023 , ExpreS2ion held an Extraordinary General Meeting (EGM) during which a resolution was passed related to the implementation of an incentive program.
Certified Adviser
This press release constitutes inside information that
For further information about ExpreS2ion
Bent U. Frandsen, CEO
E-mail: investor@expres2ionbio.com
About ExpreS2ion
ExpreS2ion
https://news.cision.com/expres2ion-biotechnologies/r/expres2ion-announces-financial-results-for-the-third-quarter-2023,c3876810
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