Stockholm, 2012-02-17 08:30 CET (GLOBE NEWSWIRE) --
Activities ahead of clinical phase IIb study are progressing according to plan
The period January - December
- Cash flow from operating activities for 2011 amounted to SEK – 14.396k (-2.717k)
- Cash and cash equivalents at December 31 was SEK 90.548k (568k)
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Net profit, including impairment of capitalized costs, amounted to SEK
-33.246k* (-3.801k) - Two 1-month pre clinical toxicity studies with PledOx® showed positive results
- Two 3-month pre clinical toxicity studies with PledOx® initiated
- Clinical trial substance (mangafodipir) for the acute myocardial infarction study manufactured
- The PledPharma share listed on NASDAQ OMX First North
- A new share rights issue done resulting in SEK 109 million
- Håkan Åström (chairman), Peter Buhl Jensen, Rolf Andersson and Eva Redhe Ridderstad elected PledPharma board members
- Marie Bengtson was hired as Clinical Project Director, and Erik Kinnman, as medical expert and VP Investor Relations
The period October - December
- Cash flow from operating activities amounted to SEK -7.112k (-613k)
-
Net profit including impairment of capitalized costs amounted to SEK
-25.426k*(-1.609k) - The results in a preclinical model shows that PledOx® protects against white blood cell drop caused by the anticancer drug oxaliplatin.
- Results from the clinical phase IIa study in colorectal cancer patients treated with chemotherapy published. The study showed a reduced number of serious adverse events in the group that received PLED-derivative pre- treatment.
- The prospective clinical phase IIa acute myocardial infarction study ready to be restarted
* SEK17 092 k of the costs are related to impairment. The Board decided in December that the capitalized costs for patents and work on own development will be impaired. The decision to discontinue capitalization of costs in this stage of development was in order to make an adjustment to how other companies in the pharmaceutical industry has chosen to activate the cost of patents and for its own development.
CEO comments
Jacques Näsström says: We have during 2011 taken major and exciting steps in our development towards becoming an important pharmaceutical company. The Board has been strengthened and we have also been able to make complementary additions to our organization. We are now listed on NASDAQ OMX First North, and have after the listing completed a 109 million SEK new share issue, which we expect to cover costs until the results of the important clinical cancer study. This study will start mid 2012 and results are expected by the end of 2013. The first clinical study in acute myocardial infarction is ready to restart and will be completed in mid 2012.
PledPharma is a Swedish specialty pharma company, which develops new treatments of life threatening diseases. We are focused on developing a medicine that reduces the serious side effects, which develop in connection with chemotherapy treatment, and on developing a medicine that limits the damages on the heart that occurs when acute myocardial infarction is treated with coronary angioplasty. Our projects meets significant medical needs and we have the opportunity to offer patients valuable supportive treatments at serious and common life-threatening diseases. This means that we also have the potential of offering our shareholders strong return on investment.
For further information contact:
Erik Kinnman, VP Investor Relations, cell + 46 73 422 15 40
Michaela Johansson, CFO, cell +46 709 26 17 75
Jacques Näsström, CEO cell +46 73 713 09 79
