Quarter 1 (1 March – 31 March 2020) summarized
- Net sales amounted to 812 TSEK.
- Net revenue amounted to 5 TSEK.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to -3 417 TSEK.
- Cash flow from current operations in the quarter amounted -4 514 TSEK.
- Total cash flow for the period amounted to -5 342 TSEK.
- Earnings per share amounted to -0,26 SEK.
Significant events during the First Quarter
- In March, the Company announced strong results for Prostatype® in the first step of the ongoing validation study in Taiwan
- In March, the Company launched P-score Web Service (PWS), a web-based solution for the calculation of P-score
- In January, the Company announced that the Canadian Intellectual Property Office is intending to grant the Company patent rights for the genetic test Prostatype® in Canada. The patent ”Marker genes for prostate cancer classification” is valid until October 2032.
Events after the balance day
- In May, the Company published its Annual Report for the financial year 2019/20, with an unmodified audit report, and sent notice of Annual General Meeting to be held on June 16
The first quarter of 2021, which was also the first full quarter for Prostatype Genomics as a listed company, has now come to a close. The milestones to which we had committed to achieving during the quarter were all met, with one exception, according to plan. The milestone that was not achieved was the publication of preliminary data from the ongoing validation study in cooperation with Uppsala University Hospital (“Akademiska”). The milestone was not reached due to the heavy strain on the Swedish health care system as a result of the ongoing pandemic. In the beginning of April, Akademiska announced the cancellation of all research activities to allow the hospital to focus all efforts on managing Covid-19.
The Company has therefore now seen a tangible effect of the pandemic on its operations. Hopefully, we are now approaching the end of this pandemic, at least in the Western world, that has afflicted so many people and communities around the world.
The milestone will instead with high probability be reached during Q2 this year, even though we cannot say this with certainty as we as a Company, like many other companies, have to adapt to the best our abilities to the changing circumstances.
We continue to focus on the two main strategic areas that we have consistently communicated:
- Commercial launch through the establishment of distribution channels
- Continue to build the scientific base through validation studies
In our ongoing work to execute our strategy we will in the near future continue to build the organization, foremost regarding marketing and communication. We see great opportunities in terms of communication within social media, where our message can reach also all the patients and their loved ones who are eagerly looking for more information on how the diagnosis of prostate cancer will impact their lives. We have great confidence in our product Prostatype® and the value that it brings to the patient as well as to health care systems. Therefore, it is of the highest priority to us to ensure that our message is communicated in the most efficient way possible, and social media offer very good platforms for this purpose.
We are currently in several discussions with potential collaboration partners regarding distribution, focusing on the large markets in Europe. There are a lot of things that must fall into place, but we are hopeful that we soon can be able to communicate details about partnership agreements.
The validation studies in Uppsala and Taiwan are proceeding according to plan, except for the delay in Uppsala mentioned above. The most positive aspect of the preliminary results is that they are pointing in exactly the same direction as our previous studies. Perhaps most positive of all are the preliminary results from Taiwan, since they give indication that our algorithm works just as well on a population from East Asia as one from Western Europe.
On behalf of the Company, I want to thank all shareholders for your invaluable support. There are three quarters left of 2021 and I am looking forward to continuously communicate news that support our long-term plan.
CEO, Prostatype Genomics AB
Solna 27 may
This disclosure contains information that Prostatype Genomics AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 27-05-2021 08:00 CET.