Stockholm, 2016-04-29 08:30 CEST (GLOBE NEWSWIRE) --
Quarter summary
· Net result for the quarter amounted to SEK -6 846 (-12 163) k
· Cash equivalents at the end of the quarter amounted to SEK 43 684 (86 318) k
· Cash flow from operating activities amounted to SEK -6 676 (-13 985) k
· Result per share amounted to SEK -0.2 (-0.4)
Significant events during the quarter
· No significant events to report for the period
Significant events after the end of the period
· During the AGM the CEO reported that active discussions are being held with a number of potential partners in the ongoing process of finding one or more appropriate commercial partners for the continued development of PledOx®.
· The Annual General Meeting was held on April 14, 2016 where the General Meeting resolved in accordance with the submitted proposals. As members of the Board, Håkan Åström (Chairman), Andreas Bunge, Martin Nicklasson, Sten Nilsson and Eva Redhe were elected.
CEO comment
During the first quarter, our work has mainly focused on next step in the PledOx project and we now have active discussions with a number of pharmaceutical companies.
The PledOx project, where we reported positive top-line results from the Phase II study PLIANT in the spring of 2015, focuses on the development of a drug to reduce the incidence of nerve damage associated with chemotherapy treatment of colorectal cancer.
The National Cancer Institute has published advice, for affected patients how they can handle this type of very severe side-effects of chemotherapy. For example, to ask for help when they will do so simple everyday tasks such as buttoning buttons, use a computer or a pen. PledOx aims to solve these and other significant problems for a large number of individuals. It is therefore positive that the results we have obtained so far, shows a significant reduction of this type of side effects. I look forward to additional follow-up data, the so-called progression-free survival i.e., survival without tumor growth, which we expect to report in the second quarter.
During the quarter, we have also been working on our second project Aladote and preparations for the start of a clinical trial. The drug candidate Aladote is being developed with the aim to prevent acute liver damage associated with acetaminophen overdose. The study is expected to start in late 2016.
With robust clinical data, an approved composition of matter patent, valuable information from this autumn's constructive meeting with the FDA, a strong team and a significant commercial potential, we have a good basis for the remaining development, partnership and commercialization of PledOx.
PledPharma in brief
PledPharma develops new drugs that protect the body against oxidative stress – a potentially disabling and sometimes life-threatening condition that can be caused by chemotherapy treatment and acetaminophen (paracetamol) poisoning. The company's most advanced project PledOx® reduces nerve damage associated with chemotherapy and positive
results from the Phase IIb study PLIANT were presented during the spring of 2015. The drug candidate Aladote® is being developed to reduce the risk of acute liver failure associated with acetaminophen poisoning. The project PP-099 seeks to limit the damage that occurs to the heart muscle during myocardial infarction.
PledPharma (STO: PLED) is listed on Nasdaq First North. Erik Penser Bank is the company’s Certified Adviser (tel +46 8 463 80 00). For more information, see www.pledpharma.se
