- Net sales amounted to 0.6 (0.6) MSEK
- The operating result for the period was -9.8 (-10.8) MSEK
- The net result was -9.8 (-10.8) MSEK corresponding to earnings per share of SEK -0.29 (-0.36)
- Cash flow from operating activities amounted to -6.1 (-11.7) MSEK
- Cash and cash equivalents amounted to 27.5 (23.3) MSEK
Significant events January – March
- The R&D project with J&J has moved into the next phase.
- A financing agreement of up to 40.8 MSEK signed with Nice&Green
Significant events after the reporting period
- Max Mitteregger and Johan Lund are proposed as new member of LIDDS Board of Directors. Max Mitteregger will in connection with the appointment to LIDDS’ Board of Directors acquire shares at a total value of 4.5 MSEK. It is proposed that this will be done through a directed share issue of 750,000 shares at a subscription price of 6 SEK, which corresponds to LIDDS’ share price at Nasdaq First North Growth Market at the time for a binding commitment to subscribe for the shares. The directed share issue is subject to approval by the Annual General Meeting of shareholders.
CEO comment
In the beginning of 2022, we have had several important announcements. Early January, we announced that the research collaboration with Johnson & Johnson Enterprise Innovation Inc (J&J) continued into the next stage. It is of utmost importance that the cooperation continues to develop well. The collaboration with J&J is an important part of our development goals to be able to offer drugs that make an important difference in patients’ lives. We want to be part of developing products that improves the situation for patients, caregivers and society at large through improved treatment results, increased quality of life and efficient use of resources.
We also presented the next step in the development of our project nanodotax which isNanoZolid-formulated docetaxel. We will conduct a shorter clinical study to evaluate the immunological effects observed in the clinical Phase I study NZ-DTX-001. The study showed activation of systemic inflammatory biomarkers that are believed to improve conditions for treatment with so-called checkpoint inhibitors. Preliminary results indicate that local treatment with nanodotax could stimulate patients’ immune systems in such a way that it could attack even distant metastases. Based on the positive results in the phase I study, we chose to take over the sponsorship of the previously approved investigator sponsored trial in patients with prostate cancer. We expect to be able to start recruiting patients quite soon and I look forward to the results as the study will provide important insights into the mechanism of action and how the project will be further advanced in the clinical development regarding patient group and indication.
I note that there is great interest in TLR9-targeted treatment as Regeneron Pharmaceuticals has announced its intention to acquire Checkmate Pharmaceuticals. Checkmate’s product in development is a TLR9 agonist which is basically the same as our nanoimod product but without the long-lasting effect. We are convinced that the solution for good treatment results lies in a long-acting and continuous TLR9 activation. The deal is a good indication of the interest among pharmaceutical companies for intratumoral administration in general and more specifically of TLR9-targeted treatment as a new tool in the treatment of various cancers.
In order to be able to continue the positive development of the project portfolio, secured financing is of great importance. Therefore, we announced in February that LIDDS has entered into a convertible loan agreement with Nice & Green, a Swiss specialist investor with valuable experience from the life science sector. The agreement stipulates that Nice & Green has committed to subscribe for convertibles with a nominal value of up to SEK 40.8 million. The agreement gives LIDDS the opportunity, but no obligation, to use the agreed financing for the next 18 months. This is very important for the company because it gives us flexibility.
I am happy to have been able to meet both shareholders and other stakeholders during the first months of the year. We did this both at the Fight Cancer Day organized by Redeye in January and at the much-appreciated Capital Markets Day (CMD) that we held in March. The focus at the CMD was on our research and development – the heart of the company. I appreciate your commitment and interest and look forward to meeting you again. In June, we will have reason to spread the word about LIDDS further as we attend the US BIO International Convention in San Diego. The conference is one of the most important industry congresses with internationally renowned keynote speakers and brings together a large number of market-leading players from around the world. As a further step in strengthening the knowledge about LIDDS, the website has also been updated with new design, content and better functions to make it easier for our visitors.
My focus in the future is to manage the good foundation we carefully laid out for the company in 2021 and the beginning of 2022. We will accelerate the work of developing effective solutions for local drug administration and develop projects that generate the greatest opportunities for future collaborations and agreements.
Thank you for your support.
Uppsala May 2022
Nina Herne, CEO
The interim report is available on the company’s website https://liddspharma.com/en/investors/financial-reports/