Lipidor publishes interim report for H1 2020
Summary of the interim report – second quarter 2020
Lipidor has continuous positive ongoing out-licensing discussions with potential licensees.
Preperations for initiation of the phase lll-study in AKP02 continues according to plan. The planned study is fully financed from existing funds.
The subsidiary Emollivet AB, operational within Animal-care, is preparing for a new share issue and has recruited a CEO.
Commercialization of disinfectant spray by Aurena Laboratories in cooperation with Lipidor generates cash flow.
Net sales 461 KSEK (0)
Net sales 461 KSEK (0)
Significant events during the second quarter (Apr-Jun)
On 7 May, Lipidor presented an updated project plan and announced, amongst other things, the intention to initiate a phase lll-study of AKP02.
- Considering the outbreak of the coronavirus and COVID-19, Lipidor is closely monitoring developments and initiating activities to mitigate effects on the Company's operations. Lipidor is adhering to guidelines from Folkhälsomyndigheten, WHO and the ECDC (European Centre for Disease Prevention and Control). To date, COVID-19 has had limited effect on Lipidor's operations, however, the company may need to revise its timeplans if the pandemic persists for a longer period.
Significant events during the reporting period (Jan-Jun)
On 24 January 2020, we announced positive results from the Company's clinical phase-lll study of kalcipotriolspray (AKP01) for psoriasis.
- We announced in January that the KK-Foundation has financed cooperation projects for studies of how pharmaceutical formulations affect the skin barrier. Lipidor has, in collaboration with the University of Malmö, MediGelium AB, Larodan AB and ERCO Pharma AB, been approved for funding for research by the KK-Foundation for a mutual project. The project runs for two years and its goal is to develop models and investigate how endogenous ceramides and other lipids may be used to generate more effective formulations of skin pharmaceuticals and improve repair of damaged skin. The project comprises a total budget in the amount of SEK 4.6m of which Lipidor will finance SEK 0.7m through research activities.
- On 16 March, we informed that Aurena Laboratories developed and commercialized a disinfectant spray in cooperation with Lipidor, based on Lipidor's AKVANO-technology. Sales commenced in March and started generating commission income from April 2020.
- Lipidor and its subsidiary Emollivet AB have formalized relations by entering into a licence agreement which defines the rights of Emollivet to Lipidor's patented AKVANO®-technology in the field of veterinary medicine
Significant events after the reporting period
On July 7, 2020, we informed that an agreement has been met with Cadila Pharmaceuticals, a leading Indian pharmaceutical company with extensive CRO-capacity, to conduct a fully funded phase lll-study in Lipidor's pharmaceutical candidate AKP02. The study is expected to be initiated in Q1 2021 for final reporting in Q1 2022.
- On July 7, 2020, we reported that the subsidiary, Emoliivet AB, had recruited Stina Linge as CEO.
Selected financial data
|Net sales, KSEK (thousand kronor)||461||–||461||–||72|
|Operating income, KSEK||-2 876||-2 863||-5 800||-5 539||-13 808|
|Income after tax, KSEK||-2 876||-2 863||-5 800||-5 540||-13 807|
|Total assets, KSEK||22 545||14 318||22 545||14 318||28 298|
|Cashflow for the period, KSEK||-3 223||-2 658||-2 970||11 739||25 939|
|Cash flow per share (SEK)||-0.14||-0.14||-0.13||0,63||1.28|
|Cash, KSEK||20 920||12 913||20 920||12 913||27 113|
|Result per share prior to dilution (SEK)||-0.12||-0.15||-0.25||-0.30||-0.68|
|Result per share after dilution (SEK)||-0.12||-0.15||-0.25||-0.30||-0.68|
|Shareholder’s equity per share (SEK)||0.89||0.63||0.89||0.63||1.14|
|Equity ratio, %||93.26%||85.95%||93.26%||85.95%||94.80%|
Lipidor in Brief
Lipidor AB, Org. Nr. 556779-7500 is a Swedish limited company based in Stockholm. The company address is: Lipidor AB, Fogdevreten 2, 175 21 Solna.
Lipidor is a drug development company with a pipeline of drug development projects in the preclinical and clinical phase. The company develops drugs for the treatment of skin diseases such as psoriasis, bacterial skin infections and atopic dermatitis.
In 2019, the subsidiary Emollivet AB was formed, with a focus on veterinary care products based on AKVANO.
Statement from Lipidor’s CEO
The second quarter was eventful and we were able to present several significant events, confirming that we’re meeting planned timelines and suggesting that we have an exciting fall to look forward to.
Continuing, positive licensing discussions:
Positive results from the phase lll-study which was concluded at year-end enabled us to progressively strengthen discussions with potential licensees. In spite of COVID-19 we have been able to conduct many meetings and our impressions are that prerequisites for conducting business development are favourable. We reiterate our goal that during the following three quarters we may conclude commercial agreements for a combination licence to AKP01 and AKP02.
Important preparations for initiation of phase lll-study of AKP02:
In May, we presented an update regarding our priorities and goals for conducting a fully funded phase lll-study in AKP02 as one of the corner stones.
The goal for the project is equivalent clinical effect with apparent patient preference for AKP02 compared to the market leading product for treatment of mild to moderate
psoriasis, Daivobet®. Daivobet® is a combination product comprised of the active
ingredients kalcipotriol and betametason which is a leading product on a market which in 2017 amounted to USD 580m.
During the second quarter we signed agreements with the companies (CRO and CMO) who shall conduct the study and produce clinical trial material. We currently plan in detail for conducting the study and reiterate our goal to initiate the study at year-end 2020/2021. COVID-19 generates uncertainy which we cannot fully control, however, we are in close dialogue with our cooperating partners and we conduct mitigating activites to minimize risks of delays.
Progress within Animal Care:
We have for some time conducted activites regarding development and commercialization of products for animal treatment by our subsidiary Emollivet AB. These initiatives were formalized by entering into a license agreement for our future cooperation. We also presented the recruitment of Stina Linge as CEO of Emollivet.
Commercialization of disinfectant spray in cooperation with Aurena Laboratories:
The initiative with Aurena Laboratories to launch a disinfectant spray has, during the second quarter, generated income amounting to SEK 461k. In excess of 130,000 products were sold, largely driven by the ongoing pandemic. Our cooperation with Aurena has, in addition to income, generated several positive events. We have exposed our technology to a large population, and have received positive response from end-users of our spray concept. We also generated a firm platform for additional commercial cooperation with Aurena.
In spite of COVID-19 we expect to maintain a high level of activity, and are optimistic for the coming half year.
Considering the outbreak of the coronavirus and COVID-19, Lipidor is closely monitoring developments and initiating activities to mitigate effects on the Company's operations. Lipidor adheres to guidelines from Folkhälsomyndigheten, WHO and the ECDC (European Centre for Disease Prevention and Control). To date, COVID-19 has had limited effect on Lipidor's operations, however, the company may need to revise its timeplans if the pandemic persists for a longer period.
Stockholm, 18 August 2020
At the Annual General Meeting on 11 June 2019, board members Fredrik Sjövall, Ola Flink and Gunilla Lundmark were re-elected. Denis Angioletti and Otto Skolling were newly elected to the Board of Directors. Fredrik Sjövall was appointed Chairman.
Gabriel Haering and Per Nilsson resigned from the board.
At the Annual General Meeting, PwC was re-elected with Magnus Lagerberg as the Company's auditor.
Interim report Q3 2020 19 November 2020
Interim report Q4 2020 9 February 2021
This information above was provided by Lipidor according to EU Market Abuse Regulations. The information was provided for publication by Lipidor’s CEO on 18 August 2020 at 8.00am.