First patient cohort treated with PulmoStem™
October - December in brief
- Total revenues:
SEK 0 (0). - Operating profit (EBITDA):
SEK -9.8 (-13.2) million. - Result for the period:
SEK -10.9 (-13.2) million. - Earnings per share:
SEK -0.68 (-0.82). - Cash flow for the quarter:
SEK -14.5 (-10.2) million. - Cash and cash equivalents at the end of the reporting period:
SEK 9.1 (44) million. - Equity/assets ratio as per the end of the reporting period: 5 (85) %.
- The company announced that it will change the strategic direction and scope of operations to reduce costs in both the short and long term.
- The company has terminated the liquidity providing agreement with Lago Kapital regarding liquidity providing for the company's shares.
Amniotics was invited to sign a 3.8 MEUR grant agreement with theEuropean Innovation Council (EIC) from the Pathfinder program, as part of a consortium. The project aims to develop and improve Natural Killer (NK) cells for cancer treatments.- The company decided to advance the publication of quarter 4 2022 report to
January 19, 2023 .
Other events during the quarter
Amniotics was granted US patent for its oncology program AMNI-NK003.- In October the first patient was dosed in the company's phase Ib study with PulmoStem™.
Significant events after the end of the quarter
- The company called an extraordinary general meeting on
Friday, February 17, 2023 . - The board of
Amniotics AB , subject to subsequent approval at an extraordinary general meeting onFebruary 17, 2023 , decided to carry out a rights issue of 144,596,970 units, consisting of shares and warrants, with preferential rights for the company's existing shareholders of a maximum of approximatelySEK 36.1 million , corresponding to approximatelySEK 31 million after customary issue costs. The right issue is guaranteed to 70 percent. In the event of full utilization of the warrants, at the maximum subscription price,Amniotics may receive a maximum of approximatelySEK 70 million after transaction costs. - In connection with the rights issue,
Amniotics has renegotiated the outstanding loans taken out fromModelio Equity AB and FåröCapital AB inMay 2022 . After the rights issue, the remaining amount of loans will amount to a maximum ofSEK 4.0 million fromModelio Equity AB , while Fårö Capital AB's loans will to be regulated in its entirety. The loan is extended until30 September 2023 and continues to run with a monthly interest rate of 1.5 percent.
January - December in brief
- Total revenues:
SEK 0 (0). - Operating profit (EBITDA):
SEK -46.7 (-51.5) million. - Result for the period:
SEK -48 (-53.6) million. - Earnings per share:
SEK -2.99 (-3.34). - Cash flow for the period:
SEK -34.9 (43.5) million.
CEO Statement
Result from the first patient cohort supports safety
Through the work with PulmoStem,
Another pleasing development during the quarter was that
A strategic review of the Company's operations has also been carried out during the quarter and led to a further focusing of Amniotic's operations on activities that are clearly creates value in the relatively near term. This means significant savings and unfortunately also staff reductions. The savings program is expected in the long term to lead to the Company's running costs being reduced by approx. 75%. The uncertain climate in the capital market for early-stage development companies in biotechnology is an important reason why we needed to adapt our operational activities. Furthermore, on
In 2023, we will continue with the ongoing clinical study, which looks very promising, as well as an exciting NK-cell project that is funded by the EU, and a clearly focused strategy with a lower cost mass. I now, together with my team, look forward with confidence to an exciting 2023 when we will reach several milestones.
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