Message from the CEO
This quarter, IBT completed the global Phase 3 clinical trial "The Connection Study" for the drug candidate IBP-9414. On July 8, we reported that the last patient was treated. On August 30, we reported topline data to the market. Since then, we have continued to analyze the data with our experts. Our conclusion is that our drug candidate IBP-9414 meets the requirements for a pharmaceutical product, meaning we have now documented both the potency and safety of IBP-9414. We see that IBP-9414's safety profile is generally very good, in line with, or in some areas even better, than placebo. When we look at the causes of death in infants, we see a clear reduction in the number of deaths in the cardiopulmonary and gastrointestinal areas after IBP-9414 administration when compared to the children receiving placebo. See figure 1.
Figure 1: Reported causes of death grouped by organ class in "The Connection Study"
Organ Class n (%) | IBP-9414 N=1084 | Placebo N=1033 | All N=2117 |
| Gastrointestinal | 6 (0.55) | 18 (1.74) | 24 (1.13) |
| Cardiopulmonary | 11 (1.01) | 23 (2.23) | 34 (1.60) |
| Sepsis | 20 (1.85) | 20 (1.94) | 40 (1.89) |
| Intracranial Hemorrhage | 9 (0.83) | 7 (0.68) | 16 (0.76) |
| Vascular | 4 (0.37) | 4 (0.39) | 8 (0.38) |
| Pneumonia | 3 (0.28) | 3 (0.29) | 6 (0.28) |
| Other | 13 (1.20) | 14 (1.36) | 27 (1.28) |
If we look at survival as a function of time, we see an clear effect of IBP-9414 after two weeks of treatment. See figure 2 (in attachment) on the Y-axis we see survival and on the X-axis we see the number of days after the first dose is administered.
The overall reduction in mortality of 27% in the IBP-9414 treatment group compared to the placebo group for all preterm infants in the phase 3 study is clinically relevant. In addition, when examining deaths occurring after 14 days of treatment, the relative risk of death is further reduced to 46%. These are fantastic results and as there is no treatment alternative on the market, we at IBT are highly motivated to continue our work to register our product.
After further analysis of the study data, scientifically accepted reasons have emerged as to why it has been difficult to measure our primary endpoints in the study.
There are different pathways for how a product can be registered as a medicine. We will therefore have a meeting with the FDA, which is scheduled for December 2024. Then we will update timetables for the remaining parts of IBP-9414's development work. In parallel with our communication with the authorities, we are ensuring that we can produce large volumes of IBP-9414 to a high standard of quality. We are expanding our supplier network for manufacturing and product analysis. The first commercial batches are planned to be produced in 2025.
Another ongoing activity is the publication of the full results from "The Connection study", IBT's data from the study will be presented at Hot Topics in Neonatology, December 9, by Professor Josef Neu who is also the principal investigator of the study. IBT also aims to publish the results in several scientific publications as soon as possible.
On October 25th, IBT was the only company invited to participate in a one-day meeting organized by the US authorities in Washington DC. The purpose of the meeting was to bring together academia, government and industry to discuss the Live Biotheapeutic Products class of drugs and how such products can be developed to prevent NEC. Clinical results for IBP-9414 were also presented during the meeting.
In conclusion, I would like to thank all the staff in the 95 hospitals around the world who collected data for the infants. I would also like to extend a very big thank you to the IBT staff who executed the largest randomized study ever conducted on preterm infants in a very professional manner.
We now look to the future with confidence, as IBT has no doubt that the results of our phase 3 study demonstrate that premature babies do better with IBP-9414 than without it.
Stockholm November 13, 2024
Staffan Strömberg, CEO
Financial overview for the period
| Third quarter (Jul-Sep) 2024 Net sales KSEK 0 (0) Operating income KSEK -33 821* (-33 718) Earnings per share before and after dilution SEK -2.42 (-2.31) | Reporting period (Jan-Sep) 2024 Net sales KSEK 0 (0) Operating income KSEK -107 897* (-88 965) Earnings per share before and after dilution SEK -7.66 (-6.86) |
* Operational income includes exchange rate effects on foreign currency deposits to secure future outflows during the third quarter amounting to KSEK -4 280 (-448) and during the reporting period amounting to SEK -108 (7 313)
Significant events during the third quarter (Jul-Sep)
- On July 8, 2024, IBT announced that the last patient in the global Phase 3 clinical program "The Connection Study" has been treated. This means that the clinical development program is completed.
- On August 15, 2024, IBT announced they had received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for the drug candidate IBP-9414.
- On August 30, 2024, IBT announced phase III study didn't showed significant effects on the primary endpoints but a significant reduction in the secondary endpoint, all-cause mortality.
Significant events during the reporting period (Jan-Sep)
- On April 4, 2024, IBT announced that the last patient out of a total of 2,158 premature infants had been enrolled in the global Phase 3 clinical program ("The Connection Study") for the development of IBP-9414. Results from "The Connection Study" were expected Q3 2024.
Selected financial data
| 000's | 2024 | 2023 | 2024 | 2023 | 2023 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
| Net Sales | - | - | - | - | - |
| Other income | - | 64 | 5 | 77 | 77 |
| Operating profit / loss | -33 821 | -33 718 | -107 897 | -88 965 | -134 617 |
| Result after tax | -32 650 | -30 888 | -103 140 | -82 176 | -123 068 |
| Total assets | 239 303 | 386 715 | 239 303 | 386 715 | 351 334 |
| Cash flow for the period | -50 595 | 66 701 | -102 975 | 24 053 | -4 704 |
| Cash flow per share for the period (SEK) | -3.76 | -4.99 | -7.64 | 2.01 | -0.38 |
| Cash | 226 196 | 367 207 | 226 196 | 367 207 | 329 064 |
| Earnings per share before and after dilution (SEK) | -2.42 | -2.31 | -7.66 | -6.86 | -9.95 |
| Equity per share (SEK) | 15.15 | 25.69 | 15.15 | 25.69 | 22.65 |
| Equity ratio (%) | 85% | 89% | 85% | 89% | 87% |
Contacts
Staffan Strömberg, CEO
Maria Ekdahl, CFO
info@ibtherapeutics.com
+46 76 219 37 38
About Us
Infant Bacterial Therapeutics AB ("IBT") is a public company domiciled in Stockholm. The company's Class B shares are since September 10, 2018, listed on Nasdaq Stockholm (IBTB).
IBT is a pharmaceutical company whose purpose is to develop and commercialize drugs for diseases affecting premature babies. During the 12 years of drug development IBT has gained unique expertise in the field of drugs using live bacteria as active substances. This is a key competitive factor for our development programs.
IBT's main focus is the drug candidate IBP-9414, a formulated bacterial strain naturally found in human breast milk. IBP-9414, is expected to be the first product in the new class of biologics called "Live Biotherapeutic Products" for premature infants. The drug development of IBP-9414 is currently in its final stages for this important product for premature babies.
The portfolio also includes additional drug candidates, IBP-1016, IBP-1118 and IBP-1122. IBP-1016, for the treatment of gastroschisis, a life-threatening and rare disorder in which children are born with externalized gastrointestinal organs. IBP-1118 to prevent retinopathy of prematurity (ROP), one of the leading causes of blindness in premature babies, and IBP-1122 to eliminate vancomycin-resistant enterococci (VRE), which cause antibiotic-resistant hospital infections.
Through the development of these drugs, IBT can address medical needs where no sufficient treatments are available.
Image Attachments
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