AroCell AB (publ) Interim Report January 1st to Mars 31st, 2022
A word from the CEO
”The first quarter of 2022, despite the great unrest we are experiencing in Europe right now, has been a very good quarter. We successfully completed our rights issue and have thereby secured funds, which allows us to implement our strategy. It was also good to see continued very strong sales growth in both our main segments, oncology, and bacteriology during the quarter. Our new organization after the merger is starting to give results and the company is buzzing with activity.”
Anders Hultman, CEO
Reporting period January 1st - Mars 31st
- Net sales amounted to 7,770 (43) KSEK
- Profit after financial items amounted to -15,695 (-6,078) KSEK
- Cash flow from operating activities for the period amounted to -8,120 (-6,235) KSEK
- Earnings per share before and after dilution amounted to -0.09 (-0.08) SEK
- Cash and cash equivalents at the end of the period amounted to 90,870 (35,828) KSEK
Events during the reporting period January 1st - Mars 31st
- A prospectus has been published for the proposed and approved rights issue.
- AroCell initiated discussions with Attana AB regarding a collaboration. The collaboration aims to give AroCell access to Attana's extensive knowledge in quality and product development, while AroCell's biomarkers could eventually be used on Attana's instruments.
- During the Extraordinary General Meeting, AroCell's Board was expanded with two new members, Per-Anders Abrahamsson and Max Pihlqvist.
- The outcome of the rights issue was 100% subscribed for, of which 63% with or without the support of subscription rights. The other 37% were subscribed by the issue guarantors. The Group receives approximately SEK 86 million before deductions for issue costs.
- On March 8, the Arbitration Board announced a ruling in the compulsory acquisition process between AroCell and IDL's shareholders who did not exchange their shares for AroCell shares in connection with the takeover bid. The price of the IDL share was set at SEK 3.23 per share.
- The company's headquarters was moved from Uppsala to Stockholm.
- A directed new issue of shares was carried out to guarantors in connection with the completed rights issue. Where several guarantors chose to receive the guarantee compensation in the form of newly issued shares, a total of 1,134,800 shares comprised, and SEK 851,100.
- A new screening study with 30 years of follow-up with TK1 was published in the scientific journal The Prostate. Where it could be seen that high concentration levels of TK1 predict early death in prostate cancer.
- Two new members were proposed by the Nomination Committee prior to the 2022 Annual General Meeting through the election of Johan Häggblad and Agneta Tufvesson Alm.
- AroCell signed a new distributor agreement with Medionics Healthcare Limited, which covers Kenya and includes sales of TUBEX® TF.
Events after the reporting period
- Ellen Dittberner was appointed Chief Finance Officer (CFO) in August. Ellen replaces the current CFO, Lars Jakobsson, who will retire. Ellen has solid experience which includes driving change and development work.
Interim report January 1st - Mars 31st, 2022 (available in Swedish only) (Link)