"We are expanding our product capabilities as well as advancing solutions that are directly aligned with our professional market focus in oral health." Marco Witteveen, CEO of Magnasense AB
July - October 2024*
• Total income amounted to SEK 0M (0,2M)
• Loss before tax amounted to SEK -14,0M (-18,3M)
• Cash and cash equivalents at the end of the quarter was SEK 1,8M (23,4M)
• Earnings per share** SEK -0,32 (-0,61)
• Equity ratio*** at 30 September 2024 was -37 (12) %.
Significant events during the period
• Melissa Grant, Associate Professor at the University of Birmingham's School of Dentistry, joined Magnasense's Scientific Advisory Board.
• Aegirbio AB changed its name to Magnasense AB, to better reflect core assets and focus.
• Directed issues of 13,196,289 shares to Atlas Special Opportunities, including 12,249,215 shares following conversions of SEK 5,0M of loan notes, and a further issue of 947,074 transaction fee shares.
• Calls for payments of SEK 5,0M from Atlas Special Opportunities under Tranche 3 of the loan facility.
• Vicki Johnson joined Magnasense AB as Interim CFO, succeeding Christel Dahlberg.
• Payment period for business-critical supplier invoices totalling USD 970,000 extended (SEK 9,8M), with an agreement to issue 9.5 million warrants subject to approval at an EGM.
• A feasibility study to explore potential technology development opportunities with Salignostics Ltd was initiated.
• Filed a patent application for an advanced detection system designed to improve sensitivity and accuracy of magnetic test strips using superparamagnetic nanoparticles.
• Magnasense AB arranged short term loans totalling SEK 3,0M from board members.
Significant events after the period
• Directed issue to Atlas Special Opportunities of 13,090,908 shares being conversion of debt SEK 1,5M, and SEK 1,5M allotment of transaction fee shares.
* Compared to the same period in 2023
** Earnings per share: Profit for the period divided by the weighted average number of shares, which as of 2024-09-30 amounted to 35,388,621 shares before dilution. The corresponding number for the same period in the previous year was 24,575,099 shares.
** Equity ratio: Equity divided by total capital.
For additional information, please contact:
Marco Witteveen, CEO, Magnasense AB
Email: ir@magnasense.com
The Company's Certified Adviser is Eminova Fondkommission AB | adviser@eminova.se
IMPORTANT INFORMATION
The release, publication or distribution of this press release may, in certain jurisdictions, be restricted by law and persons in the jurisdictions where this press release has been published or distributed should inform themselves about and observe any such legal restrictions. The recipient of this press release is responsible for using this press release and the information contained herein in accordance with the applicable rules in each jurisdiction. This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities issued by the Company in any jurisdiction in which such offer or solicitation would be unlawful.
This press release is not a prospectus within the meaning of Regulation (EU) No 2017/1129 (the "Prospectus Regulation") and has not been approved or reviewed by any regulatory authority in any jurisdiction. A prospectus will not be prepared in connection with the Directed Issue.
This press release does not identify or purport to identify any risks (direct or indirect) that may be associated with an investment in new shares. The information contained in this press release is for the sole purpose of describing the background to the Directed Issue and does not purport to be complete or exhaustive.
This press release does not constitute an offer or invitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an applicable exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of such securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia, Hong Kong, New Zealand, South Africa, South Korea, Switzerland, Singapore, Japan, Russia, Belarus or any other jurisdiction where such announcement, publication or distribution of this information would be unlawful or where such action is subject to legal restrictions or would require additional registration or other measures than those required by Swedish law. Actions contrary to this instruction may constitute a violation of applicable securities legislation.
Forward-looking statements
This press release contains forward-looking statements that reflect the Company's intentions, beliefs or expectations regarding the Company's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and can be identified by the use of words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "anticipates", "should", "could" and, in each case, the negatives thereof, or similar expressions. The forward-looking statements in this press release are based on various assumptions, many of which are based on additional assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there can be no assurance that they will materialise or that they are accurate. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, actual results or outcomes could differ materially from those in the forward-looking statements for a variety of reasons. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this press release by the forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements contained in this press release are accurate and any reader of this press release should not place undue reliance on the forward-looking statements contained in this press release. The information, opinions and forward-looking statements expressed or implied herein are made only as of the date of this press release and are subject to change. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, except as required by law or the rules of Nasdaq First North Growth Market.
About Magnasense AB
Magnasense is a Swedish diagnostics company founded in 2019 to offer tests to monitor and optimize the dosage of biological drugs via its unique patented technology platform. In June 2020, Magnasense was listed on the Nasdaq First North Growth Market. The company's ambition is, in addition to bringing innovative diagnostic technology to the market, to make diagnostics more accessible, easier to use and to provide accurate and easily transferable results. For more information, see Magnasense's website www.magnasense.com.
This information is information that Magnasense is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-15 08:00 CET.
