New business model generates opportunities
Business operations
Important events July-September 2016
- NeuroVive completed a 10 percent partial acquisition of its business partner, Isomerase Therapeutics
- NeuroVive received a request to terminate the Company’s license agreement with Arbutus Biopharma
- NeuroVive’s strategy for the treatment of mitochondrial disease was published in Nature Communications
Important events after the end of the period
- The development of CicloMulsion for acute kidney injury was discontinued and as a consequence the value of the subsidiary NeuroVive Asia has been written-down by 50 percent and all previously capitalized expenditure in connection with CicloMulsion has been recognized as an impaired value in the interim report for the third quarter
- New business model encompassing out-licensing of projects for common indications, as well as proprietary development of orphan indication projects, was communicated
- Positive preclinical results obtained in an experimental model for non-alcoholic steatohepatitis (NASH), a very serious and common disease for which no medication is currently available
- In a termination agreement, all rights for NVP018 were returned to NeuroVive from Arbutus Biopharma. NeuroVive also received material manufactured by Arbutus valued at USD 1.5 million
Financial information
Third quarter (July – September 2016)
- Net revenues were SEK 0 (0) and other operating income was SEK 16,000 (74,000)
- Loss before tax was SEK 34,290,000 (53,948,000), for further information see page 6
- Loss per share* was SEK 0.86 (1.75)
- Diluted loss per share** was SEK 0.86 (1.75)
First nine months of the year (January-September 2016)
- Net revenues were SEK 0 (2,502,000) and other operating income was SEK 90,000 (499,000)
- Loss before tax was SEK 57,265,000 (83,435,000), for further information see page 6
- Loss per share* was SEK 1.42 (2.78)
- Diluted loss per share** was SEK 1.42 (2.78)
* 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.
For more information concerning this report, please contact:
CEO Erik Kinnman, telephone: +46 (0)46-275 62 20
NeuroVive Pharmaceutical AB (publ)
Medicon Village, SE-223 81 Lund
Tel: +46 (0)46 275 62 20 (switchboard)
ir@neurovive.com
www.neurovive.com