Lipidor AB (publ) publishes interim report for first quarter 2022
Summary of year-end report
During the first quarter, the first patients were enrolled in a Phase III clinical trial with AKP02 cutaneous spray for mild to moderate psoriasis. The study will be carried out during the first half of 2022. The subsidiary Emollivet AB has launched COMBI – an antiseptic emollient spray for horses with pastern dermatitis. Emollivet AB has also conducted a financing round. The new share issue, which was a rights issue to existing owners, amounted to SEK 5 million. Lipidor has subscribed for part of the issue volume, an investment of SEK 2.92 million.
| Q1 (Jan-Mar) 2022 |
| Net sales 0 KSEK (103) Operating income -11 121 KSEK (-4 408) Result per share prior to and after dilution SEK -0.38 (-0.16) |
| Selected financial data | 2022 Jan-Mar | 2021 Jan-Mar | 2021 Jan-Dec |
| Net sales, KSEK (thousand kronor) | – | 103 | 15 376 |
| Operating income, KSEK | -11 121 | -4 408 | -21 384 |
| Income after tax, KSEK | -11 100 | -4 408 | -21 291 |
| Total assets, KSEK | 41 228 | 60 833 | 55 020 |
| Cash flow for the period, KSEK | -17 660 | -4 990 | -12 996 |
| Cash flow per share (SEK) | -0.61 | -0.18 | -0.46 |
| Cash, KSEK | 33 647 | 59 313 | 51 307 |
| Result per share prior to and after dilution (SEK) | -0.38 | -0.16 | -0.75 |
| Shareholder’s equity per share (SEK) | 1.12 | 2.09 | 1.50 |
| Equity ratio, % | 78.65% | 97.39% | 79.11% |
Lipidor in Brief
Lipidor AB (publ), Org. Nr. 556779-7500 is a Swedish limited company based in Stockholm. The company address is: Lipidor AB, Svärdvägen 13, 182 33 Danderyd.
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, acne vulgaris, bacterial skin infections and atopic dermatitis by reformulation of proven pharmaceutical substances.
In 2019, the subsidiary Emollivet AB was formed, with a focus on veterinary care products based on Lipidor’s formulation platform AKVANO®.
Significant events during the first quarter (Jan-Mar)
- On 26th January 2022, it was announced that the first patients have been enrolled in a Phase III clinical trial with AKP02 cutaneous spray (calcipotriol + betamethasone dipropionate 0.005% / 0.05%) for mild to moderate psoriasis. The study will be conducted during the first half of 2022.
- On 3rd March 2022, it was announced that the subsidiary Emollivet AB will launch COMBI – an antiseptic emollient spray for horses with pastern dermatitis. The product is released on the Swedish market and is available for purchase since 3rd March via Emollivet's e-commerce www.emollivet.se
- On 15th March 2022, it was announced that the subsidiary Emollivet AB is conducting a financing round and recruiting key people. The new share issue, which is a rights issue to existing owners, amounts to SEK 5 million. Lipidor has subscribed for its share of the issue volume, an investment of SEK 2.92 million.
Significant events after the reporting period
- No significant events have occurred after the reporting period.
Statement from Lipidor’s CEO
The first quarter of the year began at a high tempo with a good deal of positive news. In January, we announced that the first two patients had been enrolled in the Phase III study with AKP02 for the treatment of psoriasis. The study is ongoing during the first half of 2022 and includes a total of 294 patients in 15 participating clinics in India. The main purpose of the study is to compare the therapeutic effect of the sprayable drug candidate AKP02 against mild to moderate psoriasis with Enstilar, a commonly prescribed preparation in foam form, which contains the same combination of active substances as AKP02. Our assessment is that the prospects for a positive outcome in the study are good.
The Phase III study with AKP02 is the next major milestone in the collaboration with our partner RELIFE S.r.l., a company with a focus on dermatological indications and products, and which is part of the leading international pharmaceutical concern, Menarini Group. Under the collaboration with RELIFE, we will be able to generate license revenues from product sales of both AKP01 and AKP02.
Commercialization in sight
We are well on our way to taking the big step from being a development company to becoming a growth company that generates revenue. This is one reason why we have strengthened the Lipidor team and recruited for a newly created position – Supply Chain & Operations Manager. This will be an important role now that we are approaching commercialization.
AKVANO® – validated technology platform
Our activities and achieved milestones have validated Lipidor's patented AKVANO® technology, which today has both medical proof-of-concept (Phase III study of AKP01) and commercial proof-of-concept. Overall, this has strongly contributed to a significant reduction of risks in the product portfolio. The goal is to enter into more commercial agreements in the coming years and build a portfolio that generates revenue from several products.
During the first quarter, Lipidor subscribed for its share in the rights issue by the subsidiary Emollivet, an investment of SEK 2.9 million. I have a positive view of Emollivet's expansion and market launch of user-friendly skin care products for animals based on AKVANO®.
Exciting growth journey
We will continue to do our utmost, together with our partners, to develop and commercialize dermatologicals that promote patient health and well-being, and strengthen the company's position. My team and I look forward to a continued exciting and successful financial year.
Stockholm, 5th May 2022
Ola Holmlund
CEO
Lipidor AB
Financial Calendar
Interim report H1 (Jan-Jun) 2022 24th August 2022
Interim report Q3 (Jan-Sep) 2022 23rd November 2022
The Annual Report 2021 is available on the company's website (here).
The Annual General Meeting will be held on 2nd June 2022 in Stockholm. The AGM will be conducted by advance vote (postal vote) with the support of temporary statutory rules. No meeting with the opportunity to attend in person or by proxy will take place.
See the interim report
Interim report Q1 2022 (Swedish)
Publication
The information was provided for publication by Lipidor’s CEO on 5th May 2022 at 8.30 am (CEST).
