This company press release is a summary of the bulletin of the financial statements of FIT Biotech from January to December 2017, which is available in its entirety in the pdf file attached to this company press release.
US patent for treatment of HIV with HIV vaccine from FIT Biotech granted
Gene therapy research collaboration initiated with Avacta Group Plc
EHVA funding of 645 thousand euros received as part of a contractual agreement to produce FIT-06 clinical trial material
Signature of a financing agreement of 10 million euros with Alpha Blue Ocean and drawdown of the first tranche of 500 thousand euros
Publication of FIT-06 Phase 1 Clinical Trial Demonstrates Safety and Tolerability and Produces Desired Immune Response
A major research milestone has been taken using the gtGTU gene therapy vector
Preparations for the manufacture of the HIV vaccine FIT-06 for the EU’s Horizon 2020 EHVA project have been completed and the manufacture of GMP grade clinical trial materials has been started
The possibilities of applying for a secondary listing on the First North Sweden market have been explored.
Operating cash flow amounted to -2,505 (-2,487) thousand euros
Equity including additions in accordance with company law amounted to 239 (-630) thousand euros at the end of the review period
The Board of Directors proposes to the General Meeting that no dividend be paid
Earnings per share amounted to -0.05 (-0.06) euros
Board of Directors appointed Erkki Pekkarinen as new CEO in January
The Extraordinary General Meeting approved the Alpha Blue Ocean financing agreement
Bracknor’s funding halted under new funding agreement
Negative equity at the end of January corrected for the drawdown of the second tranche of 500 thousand euros of the Alpha Blue Ocean financing on February 14, 2018
Outlook for 2018
FIT Biotech is actively seeking partners and licensees to further develop and commercialize its GTU and gtGTU technologies. The Company also continues to work on the development of new therapeutic applications using its proprietary technology and plans to launch new projects. The company’s HIV vaccine, FIT-06, will be tested as a functional remedy for HIV by the European Horizon 2020 EHVA consortium. This phase 2 clinical trial should start in 2018.
The Board of Directors and the Management of the Company believe that the financing of the Company is secured for the next twelve months.
Key financial figures
|1000 euros||1-12 / 2017||1-12 / 2016||7-12 / 2017||7-12 / 2016|
|Depreciation, amortization and depreciation||292||159||211||52|
|Other operating expenses||1,514||1,704||855||1004|
|Operating result||-2 838||-3,030||-1 517||-1 572|
|Profit / loss for the period||-3 301||-3 651||-1 921||-2 193|
|Operating cash flow||-2,505||-2 487||-1 105||-1 187|
|Cash in hand and in bank||429||486||429||486|
|Equity including additions in accordance with company law||239||
|Return on investment (ROI),%||negative.||negative.||negative.||negative.|
|Earnings per share||-0.05||-0.06||-0.03||-0.04|
|Number of actions at the end of the period (pcs)||224 956 112||43 022 718||224 956 112||43 022 718|
|Number of treasury shares (pcs)||131 045 831||10,000,000||131 045 831||10,000,000|
|Number of voting rights (pcs)||93 910 281||33 022 718||93 910 281||33 022 718|
|Average number of shares during the period (pcs) *)||61 416 522||28 107 614||78 774 808||28 540 193|
CEO Erkki Pekkarinen comments:
“FIT Biotech is a research and commercialization-driven biotechnology company aimed at revolutionizing healthcare by developing safer, more cost-effective and more functional treatments.
In November, we obtained a patent which grants us exclusive intellectual property rights in the United States to commercialize our GTU®-based DNA vaccines, including FIT-06, for the treatment of patients with HIV infection. This is of great economic consequence as it gives us the possibility of exclusive rights to market our vaccine candidate at a higher price. The patent is a prerequisite for the licensing of marketing rights to a large pharmaceutical company. The next step will be the launch of a phase 2 clinical trial with the European Alliance for HIV and Vaccines (EHVA). The aim of the clinical trial is to provide a safer and more cost-effective functional cure for patients with HIV.