Interim report, 1 January – 30 June 2015
- Net sales were TSEK 0 (0)
- Loss after financial items was TSEK -4,046 (-2,546)
- Earnings per share were SEK -0.17 (-0.13)
- Cash flow from operating activities was TSEK -3,793 (-2,793)
Reporting period, 1 April – 30 June 2015
- Net sales were TSEK 0 (0)
- Loss after financial items was TSEK -1,644 (-1,428)
- Cash flow from operating activities was TSEK -530 (-1,412)
- Work to scale up production is going to plan
- Dr Carl Blomqvist elected to the Board of Directors
- Helena Wensman, PhD, appointed International Product Manager
AroCell AB (publ) in brief
AroCell AB (publ) is a Swedish company that develops standardised blood tests that help provide more reliable prognosis and follow-up of cancer patients. AroCell’s new technology is based on a patented method that measures the protein TK1, which in turn provides valuable information concerning the speed of cell turnover in the patient. A tumour has a high rate of cell turnover, and the protein TK1 can be identified in blood using a simple laboratory test, TK 210 ELISA. The test provides valuable clinical information for prognosis and treatment strategy optimisation. The test can also be used to monitor the recurrence of disease. For more information, see www.arocell.com. AroCell is listed on the AktieTorget marketplace in Sweden and has around 1,650 shareholders.
Significant events during the reporting period
- Work to scale up the production of TK 210 ELISA has proceeded according to plan.
- Dr Carl Blomqvist, consultant in the Department of Oncology, Helsinki University Central Hospital and Assistant Professor at Örebro University Hospital, was elected to the board of AroCell at the annual general meeting on 3 June 2015.
- Helena Wensman, PhD, has been appointed International Product Manager and has an important role in the preparatory work ahead of the market launch of TK 210 ELISA during the third quarter of 2015.
Significant events after the reporting period
- AroCell has completed phase 1 verification, which is an important milestone in terms of development of the production process for the TK 210 ELISA test.
- Two clinical studies have been concluded and the results are being analysed.
- AroCell has been recognised as “one of the companies with the most innovative ideas in the world” by the European Commission and the Horizon 2020 programme.
Comment by Jan Stålemark, CEO of AroCell
We have good control of the manufacturing process and are busy with preparations ahead of the CE marking in the autumn. TK 210 ELISA has been evaluated using various clinical materials with good results, and displays satisfactory stability in the tests conducted to date.
During the summer, we gained independent recognition of TK 210 ELISA in the form of the grant we received from Horizon 2020. Among other things, the grant of EUR 50,000 will be used to prepare the commercialisation of TK 210 ELISA. Competition in this round of applications was very tough, which makes it particularly encouraging to be one of the few companies awarded a grant.
During the autumn, we will be taking part in the Nordic Life Science days (7–9 September in Stockholm) and ISOBM (3-7 October 2015 in Zakopane, Poland).
We look forward to a new chapter in the company’s history when we gain access to the new CE-marked TK 210 ELISA kit during the autumn. Our collaboration with clinics is being stepped up, and we will continue to add to the clinical documentation of the product. This is a very important part of the early commercialisation phase, enabling us to demonstrate the clinical benefits of using the TK 210 test and, as a result, make a major impact on the market. We have already started collaborating with a number of leading clinics in Europe to carry out clinical studies. At the same time, we are also stepping up our contacts with distributors to start the market launch of TK 210 ELISA. It will be an interesting autumn and winter ahead!
AroCell’s business activities are based on external financing. To date, the company has been successful in obtaining financing, but there are no guarantees of this happening in the future in a way that is advantageous to the company’s shareholders. A sufficiently serious failure in future financing may affect the company’s development and market value.
Development and production risks
Development and transfer to production are always associated with risks. A product manufactured at production scale does not always display exactly the same characteristics as one manufactured at research scale. Developing future products may also prove to be more complicated and take longer than expected.
There is always a risk that the products AroCell has developed will not achieve the expected positive reception on the market and that the product will need longer to gain acceptance. Particularly in the early stages, the quantity of products sold may then be lower and the time it takes to establish the product on the market may be longer than the company allowed for in its sales estimates.
In addition, there are risks associated with patent security and how the market assesses studies, approvals and certifications. Taking risk factors into consideration in decision processes and when designing routines and drawing up documentation means that the risks are assessed and their effects can be minimised and, to some extent, avoided.
The interim report has been prepared in accordance with the same accounting principles as in the company’s most recent annual report, i.e. pursuant to the Swedish Annual Accounts Act and taking into consideration general guidelines, recommendations and statements issued by the Swedish Accounting Standards Board.
AroCell AB (publ) was listed on the AktieTorget marketplace on 25 May 2011. At 30 June 2015, there were 23,460,960 shares (quota value SEK 0.10).
|Jan Stålemark, CEO
+46 (0)706-92 62 06
|AroCell AB (publ)
Virdings Allé 32B
754 50 UPPSALA
17.11.2015 Interim report no. 3 2015
16.02.2016 Press release of unaudited annual earnings figures etc. 2015
The interim report has not been audited by the company’s auditor.
Submission of interim report
Uppsala, 25 August 2015
The Board of Directors
Summary Income Statement (TSEK)
|Depreciation And Amortisation||-2||-9||-4||-17||-33|
|Loss After Financial Items||-1,644||-1,428||-4,046||-2,546||-6,369|
|Loss For The Period||-1,644||-1,428||-4,046||-2,546||-6,369|
Summary Balance Sheet (TSEK)
|Property, Plant And Equipment||17||24||21|
|Total Fixed Assets||19,847||14,369||17,847|
|Cash And Cash Equivalents||12,624||6,935||18,513|
|Total Current Assets||14,256||8,610||20,755|
Equity And Liabilities
|Other Contributed Capital And Reserves||33,374||22,020||39,743|
|Other Non-restricted Capital||-4,046||-2,546||-6,369|
|Total Equity And Liabilities||34,103||22,979||38,602|
Summary Cash Flow Statement (TSEK)
|Cash Flow From Operating Activities||-530||-1,412||-3,793||-2,793||-5,726|
|Cash Flow From Investing Activities||-1,862||-1,611||-1,996||-3,205||-6,699|
|Cash Flow From Financing Activities||-50||-94||-100||7,938||25,943|
|Cash Flow For The Period||-2,442||-3,117||-5,889||1,940||13,518|
|Cash And Cash Equivalents At Beginning Of Period||15,066||10,052||18,513||4,995||4,995|
|Cash And Cash Equivalents At End Of Period||12,624||6,935||12,624||6,935||18,513|
|Earnings Per Share (SEK) Before Dilution||-0.17||-0.13||-0.32|
|Earnings Per Share (SEK) After Dilution||-0.17||-0.13||-0.32|
|Average Number Of Shares Before Dilution||23,460,960||18,955,648||19,786,428|
|Average Number Of Shares After Dilution||23,460,960||19,200,217||19,786,428|
|Number Of Shares On Balance Sheet Date Before Dilution||23,460,960||19,195,332||23,460,960|
|Number Of Shares On Balance Sheet Date After Dilution||23,460,960||19,195,332||23,460,960|
Change in equity (TSEK)
|Share Capital||Other Contributed Capital||Retained Earnings Incl. Loss For The Year||Total Equity|
|Amount at 01.01.2015||2,346||39,743||-6,369||35,720|
|Allocation In Accordance With Resolution At AGM||-6,369||6,369|
|Loss For The Period||-4,046||-4,046|
|Amount at 30.06.2015||2,346||33,374||-4,046||31,674|