NeuroVive: Interim Report 1 Jan. 2016 to 31 Mar. 2016

Full speed ahead

First Quarter (1 Jan. 2016 – 31 Mar. 2016)
Net revenues were SEK 0 (0) and other operating income was SEK 46,000 (49,000).
Loss before tax was SEK 10,916,000 (14,271,000).
Earnings per share* were SEK -0.34 (-0.50).
Diluted earnings per share** were SEK -0.34 (-0.50).

 * Profit/loss for the period divided by the average number of shares before dilution at the end of the period.
**Profit/loss for the period divided by the average number of shares after dilution at the end of the period.

Business highlights in the first quarter of 2016

  • The Board of Directors decided to carry out a new issue of shares and warrants (units) with preferential rights for existing shareholders. Upon full subscription of the New Issue, the Company aimed to raise approximately SEK 94.4 m before issue expenses.
  • NeuroVive made an acquisition of approximately 5% of British company Isomerase Therapeutics with the overall goal to strengthen the partnership and accelerate NeuroVive’s research and development (R&D) program.
  • NeuroVive entered into a research partnership with University of Pennsylvania to enhance NeuroVive’s traumatic brain injury (TBI) research and development program.
  • NeuroVive announced the CiPRICS study enrols 100 patients and reported a favourable safety evaluation.
  • The Board selected new CEO Erik Kinnman to lead NeuroVive.

Post balance sheet events

  • The preferential rights issue was fully subscribed. NeuroVive completed the preferential rights issue of units, comprising shares and warrants, authorized by the Extraordinary General Meeting on 31 March 2016. The preferential rights issue was 100.4 % subscribed, raising approximately SEK 94.4 million for the company before issue expenses. Upon full utilization of the warrants, the company will raise an additional SEK 32.6 million. The new issue was guaranteed to 75% through guarantee commitments. The full subscription means that underwriting guarantees will not have to be utilized.
  • The company announces the start of the first of three studies in the preclinical program in traumatic brain injury (TBI) which is being done in collaboration with the University of Pennsylvania.

Read the Interim Report attached below.

NeuroVive Pharmaceutical AB (publ) is required to publish the information in this news release under The Swedish Securities Market Act. The information was submitted for publication on the 31 May 2016, at 08.30 CET.