Secured funding for continued development of linaprazan glurate
"The highlight of the second quarter of the year was the listing of the company's shares on Nasdaq Stockholm. The listing means that we have secured funding for continued development of linaprazan glurate, the next generation PCAB, to meet a major unmet medical need," said Christer Ahlberg, CEO of Cinclus Pharma.
FINANCIAL SUMMARY APRIL - JUNE 2024
- Net sales amounted to 0 (2,952) TSEK.
- Operating profit (EBIT) amounted to -37,329 (-50,077) TSEK.
- The result for the period was -40,330 (-59,842) TSEK and earnings (loss) per share before and after dilution were -1.41 (-2.28) SEK.
- Total cash flow for the period amounted to 632,323 (-19,125) TSEK.
- Cash and cash equivalents at the end of the period amounted to 684,720 (87,972) TSEK.
SIGNIFICANT EVENTS DURING THE PERIOD APRIL - JUNE 2024
- The Annual General Meeting (AGM) took place on April 8, 2024. All Board members were re-elected.
- A new qualified stock option program was approved at the AGM. A total of 51,737 qualified stock options have been granted to the CEO, other management and specialists on April 9, 2024, see note 7.
- Two of the company's Phase I studies (BA and PK/PD) were completed during the period. The PK/PD study have been submitted for a presentation at UEGW, a scientific congress within the gastroenterology area, later this year.
- Two of the company's pre-clinical studies (photo- and co-toxicological studies) were also completed during the quarter with good results.
- During the period, the company received further national approvals for the formulation patent in Hong Kong and Mexico.
- At the extraordinary general meeting on June 3, 2024, a new employee stock option program was approved, conditional upon Cinclus Pharma's ordinary shares being admitted to trading on Nasdaq Stockholm. In total, an employee stock option program for the CEO and one of Cinclus Pharma's scientific advisors of a total of 290,000 employee stock options was decided. Furthermore, a performance share program for employees of Cinclus Pharma was decided. The programs will be allocated and expensed starting in the third quarter, see note 7.
- At the extraordinary general meeting on June 3, 2024, a new Articles of Association were adopted, according to which the Company can also issue C shares, as part of the implementation of the Company's long-term incentive program. No C shares have yet been issued.
- On June 20, Cinclus Pharma Holding AB (publ)'s share, short name CINPHA, was listed on Nasdaq Stockholm. The company received 17,023,810 new ordinary shares and SEK 715 million before costs of SEK 60 million. In connection with the listing, the shareholder loan that the company took out in June 2023 was also converted into 3,286,939 new ordinary shares.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- On July 1, 11 and 19, it was announced that stabilization measures have been taken in the ordinary shares of Cinclus Pharma's in connection with the over-allotment option mandate given to Carnegie Investment Bank AB. On July 19. It was also announced that the over-allotment option had not been exercised.
- On July 29, it was announced that the Swiss company PSI CRO will serve as the clinical research organization (CRO) for the Phase III program of the company's lead drug candidate, linaprazan glurate, for the treatment of eGERD.
PRESENTATION OF THE INTERIM REPORT
A live presentation of the interim report for the second quarter 2024 will be held today, Thursday 29 August, at 13.00 CEST. The report will be presented by CEO Christer Ahlberg and CFO Maria Engström: https://ir.financialhearings.com/cinclus-pharma-q2-report-2024/register. You can ask questions verbally via the teleconference: https://conference.financialhearings.com/teleconference/?id=5008987
For additional information, please contact:
Christer Ahlberg, CEO
Phone: +46 70 675 33 30
e-mail: christer.ahlberg@cincluspharma.com
Charlotte Stjerngren, IR
Phone: +46 70 876 87 87
e-mail: charlotte.stjerngren@cincluspharma.com
This information is information that Cinclus Pharma Holding AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-29 08:00 CEST.
About Cinclus Pharma
Cinclus Pharma Holding AB (publ) is a late-stage clinical pharmaceutical company developing drugs for the treatment of acid-related diseases and disorders of the upper gastrointestinal tract. The company's leading drug candidate is linaprazan glurate, a prodrug of P-CAB linaprazan, which was originally developed by AstraZeneca. Linaprazan glurate has the potential to heal erosions in the esophageal mucosa and relieve symptoms of gastroesophageal reflux disease (GERD) more effectively than current treatments like proton pump inhibitors (PPI). The safety and efficacy of linaprazan and linaprazan glurate have been documented in over 30 phase I and two phase II studies involving more than 3,000 participants. Planning for phase III studies is currently underway, with an expected start in 2025. GERD affects approximately 133 million adults in the US and EU, and there is a significant need for new drugs to treat the most severe cases: around 10 million patients. Linaprazan glurate is developed to meet these needs. For more information, visit www.cincluspharma.com.
