Promising clinical results, successful business development and secured financing
October - December
Financial summary for the quarter
- Net turnover amounted to
SEK 1.5 (1.4) million. -
The profit before interest, tax, depreciation and amortization (EBITDA) amounted to
SEK -10.6
(-30.3) million. Basic and diluted earnings per share amounted toSEK -0.46 (-1.32) andSEK -0.46 (-1.32) respectively. -
Cash flow from operating activities amounted to
SEK -1.0 (-23.6) million. -
Liquid assets and short-term investments at the end of the period amounted to
SEK 70.0 (134.5) million.
Significant events during the quarter
- In October Dr.
Tom Morris was appointed interim Chief Medical Officer.Dr. Morris is a member ofMedivir's management team and reports to CEO Yilmaz Mahshid. -
In December,
Medivir's Board of Directors decided to propose a rights issue of class B shares with preferential rights for existing shareholders of approximatelySEK 170 million before transaction costs. Medivir renegotiated in December the agreement withTetraLogic Pharmaceuticals Corporation regarding compensation model and levels for birinapant in order to create better conditions for business development.
January - December
Financial summary
- Net turnover amounted to
SEK 13.9 (8.7) million. -
The loss before interest, tax, depreciation and amortization (EBITDA) amounted to
SEK -38.5 (-118.9) million. Basic and diluted earnings per share amounted toSEK -1.75 (-5.08) andSEK -1.75 (-5.08) respectively. -
Cash flow from operating activities amounted to
SEK -58.1 (-148.3) million. -
Liquid assets and short-term investments at the end of the period amounted to
SEK 70.0 (134.5) million.
Significant events after the end of the period
- In January the company signed an exclusive license agreement with
IGM Biosciences, Inc. for birinapant.Medivir received a payment ofUSD 1 million after signing, which is to be followed by an additionalUSD 1.5 million when IGM includes birinapant in phase I clinical trials. In addition, the agreement entitlesMedivir to milestone payments and royalties. -
A rights issue of class B shares with preferential rights for existing shareholders was completed in early February. Through the rights issue, which was oversubscribed to 93.5 percent,
Medivir received approximatelySEK 170 million before transaction costs. -
The Board of Directors decided to exercise the over-allotment option of
SEK 25 million , directed to the specialist investorHealthInvest . -
An Extraordinary General Meeting has been announced on
March 11, 2021 , to decide on a directed new share issue of approximatelySEK 28 million toLinc AB . -
In
February 2021 a licensing agreement with Ubiquigent was signed for the preclinical research program USP7.
Conference call for investors, analysts and the media
The Year-End Report January -
Time:
Phone numbers for participants from:
US + 1 844 625 1570
The conference call will also be streamed via a link on the website: www.medivir.com
The presentation will be available on
CEO's message
In the spring of 2020,
I took over as CEO of
MIV-818 is proprietary developed and wholly owned by
The data from the phase Ia study presented last year showed that patients had been exposed to acceptable levels of the drug substance, outside of the liver, which provides support for the liver-directed effect of MIV-818. Based on an independent analysis of the growth of liver tumors, five of the nine patients were judged to have stable liver cancer disease after treatment.
The first part of the phase Ib study with MIV-818 in patients with advanced liver cancer who have undergone previous treatments is a classic dose escalation study with groups of three patients, that aims to further investigate the safety and tolerability profile and to determine the starting dose for part two of the phase Ib study.
In parallel, we are preparing part two of the phase Ib study, where MIV-818 will be included as part of a combination treatment. This part of the study is planned to begin in the second half of 2021. At time of writing, this looks feasible, despite the covid-19 pandemic.
We are also working on our business development, where we are looking to find possible partners for outlicensing our projects for partnerships, MIV-711 and remetinostat.
Birinapant is a project acquired in 2016 from
The agreement with IGM provided
Another licensing agreement was signed in
In the financing we were able to carry out successfully at the beginning of 2021, the rights issue was oversubscribed to 93.5 percent. As a result, the over-allotment option was exercised, directed to the specialist investor
The results we have presented so far regarding MIV-818 have generated strong interest. 2021 will be an exciting year and we will work forward with a clear focus and a strong commitment.
I am convinced that
Yilmaz Mahshid
President & CEO
For further information, please contact
Yilmaz Mahshid, CEO, +46 (0) 8 5468 3100
E-mail: yilmaz.mahshid@medivir.com
E-mail: magnus.christensen@medivir.com
This report has not been subject to auditors' review.
The information was submitted for publication at 08.30 CET on
https://news.cision.com/medivir/r/medivir-ab---year-end-report-january---december-2020,c3296359
https://mb.cision.com/Main/652/3296359/1379332.pdf
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