Lipidor publishes interim report for Q1 2020
Summary of the interim report – first quarter 2020
Positive results from the Phase III study of AKP01 validate AKVANO®, the company's patented lipid-based technology.
Lipidor has prepared the Phase III study of AKP02. The planned study is fully self-financed from the company’s existing funds.
The launch of Skin Disinfection Spray in collaboration with Aurena Laboratories creates cash flow.
Selected financial data
| 2020 jan-mar |
2019 jan-mar |
2019 jan-dec |
|
| Net sales, tkr (thousand kronor) | – | – | 72 |
| Operating income, tkr | -2 924 | -2 679 | -13 808 |
| Income after tax, tkr | –2 924 | –2 680 | -13 807 |
| Total assets, tkr | 25 238 | 16 545 | 28 298 |
| Cash flow for the period, tkr | –2 970 | 14 397 | 25 939 |
| Cash flow per share (SEK) | -0,13 | 0,80 | 1,28 |
| Cash, tkr | 24 143 | 15 571 | 27 113 |
| Result per share prior to dilution (SEK) | -0,12 | -0,15 | -0,68 |
| Result per share after dilution (SEK) | -0,12 | -0,15 | -0,68 |
| Shareholders equity per share (SEK) | 1,01 | 0,78 | 1,14 |
| Equity ratio, % | 94,71% | 91,67% | 94,80% |
Statement from Lipidor’s CEO
The first quarter saw several important advances for Lipidor. In January, we presented positive results from the Phase III clinical trial of calcipotriol spray (AKP01). The study achieved its primary treatment goal and showed therapeutic equivalence with the comparitor product. AKP01 was well–tolerated during the eight-week treatment with low frequency of adverse reactions and with no serious adverse reactions reported.
Validation of AKVANO:
The results validate our formulation platform AKVANO. This strengthens our other projects, all of which are based on the company's patented lipid-based technology. For example, the Swedish Medical Products Agency has opened up the possibility, due to the positive results of the now–completed AKP01 study, of taking the combination product AKP02 (calcipotriol and betamethasone for the treatment of psoriasis) directly to a Phase III study.
AKP02 prepared for in-house clinical Phase III study:
The results of the Phase III clinical trial have also helped to open doors to partnership discussions regarding the registration, marketing and sale of AKP01. During these discussions, we have also been given the opportunity to get to know our potential partners and understand their commercial strategies. Among other things, there has been a great deal of interest in AKP02, as well as an interest in licensing both projects to optimize market penetration after the launch of each product. Based on these regulatory and commercial advantages, we have therefore announced that we intend to entirely self-finance the Phase III study of AKP02, with the aim of maximizing future revenues and strengthening our position in negotiations with licensees.
Launch of Skin Disinfection Spray:
During the quarter, together with Aurena Laboratories, we developed an AKVANO-based disinfection spray that was launched with great success both in Sweden and internationally. In the Swedish market, the product is sold through, Apoteket and Apotea, among others, and test launches are underway internationally in several markets. Lipidor receives a double-digit royalty rate based on Aurena's sales price to distributors and marketing companies. After the end of the first quarter, we also received the first revenues from this investment. Our ambition is to evaluate and launch more products together with Aurena, and thus create a revenue stream that can partly finance our operations. Collaboration with Aurena also creates a good opportunity for us to strengthen the AKVANO brand and to obtain feedback from users of our products.
The level of activity in other areas is also high and we receive regular confirmation of the strength of the AKVANO platform. A good example of this is the evaluation and licensing option agreement that we signed in December with the Israeli company Cannassure for the field of cannabis products, which is proceeding according to plan and for which we intend to provide an update during the summer.
In light of the outbreak of the coronavirus and Covid-19, Lipidor is closely following developments and is taking steps to minimize their impact on the company's operations. Lipidor follows guidelines from the Public Health Authority, WHO and ECDC (European Center for Disease Prevention and Control). To date, Covid-19 has had a limited effect on Lipidor's operations, but the company may need to revise its schedules if the pandemic becomes long-lasting.
Stockholm, 19 May 2020
Ola Holmlund
CEO
Significant events during Q1 (Jan-Mar)
- On January 24, 2020, we announced positive results from the Company's Phase III clinical trial of calcipotriol spray (AKP01) against psoriasis
- In January 2020, we announced that the Knowledge Foundation is funding a collaborative project to study how drug formulations affect the skin barrier. Lipidor, in collaboration with Malmö University, MediGelium AB, Larodan AB and ERCO Pharma AB, has been awarded research grants from the KK Foundation for a joint project. The project spans two years with the aim to develop models and investigate how the body's own ceramides and other lipids can be used to create more effective formulations of skin medicines and facilitate repair of damaged skin. The project includes a total budget of SEK 4.6 million, of which SEK 0.7 million is co-financed by Lipidor through research efforts
- On March 16, we announced that Lipidor, in collaboration with Aurena Laboratories AB, has developed a disinfection spray based on Lipidor's AKVANO technology, sales of which were registered during March and which will generate commission income from April 2020
Significant events after the reporting period
- On 7 May, Lipidor released an updated project plan and announced, among other things, the intention to initiate a Phase III study for AKP02, fully self-financed
- Otherwise, no significant events have occurred since the reporting period
