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Nordic Nanovector AS: Third Quarter Report 2014OSLO, Norway --(Business Wire)--
Highlights for third quarter 2014 • Mr. Luigi Costa appointed new CEO in Nordic Nanovector "We are about to enter a new and more international phase in the development of Nordic Nanovector. The Board is therefore pleased that Mr. Luigi Costa has accepted to take over the helm as CEO and take the Company to its new phase," says Chairman Roy H. Larsen on behalf of the Board. "We see this as yet another professional acknowledgement of the Company and Betalutin's future potential." • Oversubscribed subsequent offering The subsequent repair offering of up to 2,000,000 new shares at a subscription price of NOK 25 per share, was oversubscribed by approximately 35%. A total of 2,000,000 new shares have been allocated. Gross proceeds from the offering was NOK 50 million (USD 7.8 million). The new shares have only been allocated to eligible shareholders (as defined in the prospectus dated 28 August 2014). Key figures
Financial review Income statement Revenues for the third quarter and nine months ended September 2014 amounted respectively to NOK 76,807 (2013: NOK 69,091) and NOK 313,411 (2013: NOK 236,970). Revenues relate to incubator services and sublease of office and laboratory. Net operating expenses increased from NOK 3,672,582 in the third quarter 2013 to NOK 11,941,724 in the third quarter of 2014. Net operating expenses for the nine months ended September 2014 amounted to NOK 39,784,588 compared to NOK 9,169,013 for the nine months ended September 2013. The cost increase was driven by a larger organization and increase in clinical trial cost. Number of employees doubled from 8 employees end of September 2013 to 16 employees end of September 2014. Nordic Nanovector's income statement shows a net loss of NOK - 10,286,547 in the third quarter of 2014 (2013: NOK - 3,251,541) and a net loss of NOK - 36,852,566 for the nine months ended September 2014 (2013: NOK - 8,484,838). Financial position and cash flow Property, plant and equipment increased from NOK 622,040 end of June 2014 to NOK 906,477 end of September 2014, reflecting investment in infrastructure and IT hardware and depreciation of NOK 93,723. As of 30 September 2014, liabilities totaled NOK 7,215,335 compared to NOK 6,986,448 at end June 2014. Net cash flow from operating activities was NOK - 36,630,126 for the nine months ended September 2014 compared to NOK - 7,711,025 for the nine months ended September 2013. Net cash flow from investing activities was NOK - 805,077 for the nine months ended September 2014 (2013: NOK -29,933). Net cash flow from financing activities was NOK 287,387,793 for the nine months ended September 2014 mainly due to a successful closing of a private placement with gross proceeds of NOK 250,000,000 in June, and a subsequent repair issue of gross proceeds of NOK 50,000,000 in September (2013: NOK 62,423,519). Cash and cash equivalents were NOK 329,521,592 at 30 September 2014 compared to NOK 61,352,496 at 30 September 2013. Shareholders' equity was NOK 330,129,680 at 30 September 2014, with an equity ratio of 98 %. At the end of 30 June 2014, shareholders' equity was NOK 52,210,215 (88 %). The total number of outstanding shares as of 30 September 2014 was 24,821,375. In addition, a further 1,666,666 shares will be issued to HealthCap VI L.P. when the second tranche is concluded in October 2014. The total number of outstanding share options as of 30 September 2014 was 1,085,239. Operational review During the nine months ended September 2014, Nordic Nanovector has built a solid capital base by closing a successful private placement and a subsequent repair issue with total gross proceeds amounting to NOK 300,000,000. The lead product candidate Betalutin™ is in phase I/II clinical trial, recruitment of patients with relapsed NHL is on-going. Patents have been granted in the US and in Europe, which cover Nordic Nanovector's proprietary radioimmunotherapy technology including the Company's lead product candidate Betalutin™. Orphan-drug designation has been achieved both in US and in Europe. The Company has continued to strengthen the organization by hiring 7 new employees during the year. Mr. Luigi Costa was appointed new CEO in Nordic Nanovector, 1 September 2014. Please find enclosed the report for the third quarter of 2014: http://mb.cision.com/Main/9819/9667125/302952.pdf About Nordic Nanovector AS Nordic Nanovector AS is a privately held company established in 2009. The company is based in Norway and has offices and laboratories in Oslo. The company is developing novel innovative anticancer radioimmunotherapeutics to treat non-Hodgkin Lymphoma (NHL) and other hematological malignancies. About Betalutin Betalutin™, is a pharmaceutical product candidate consisting of a radionuclide conjugated to a tumor seeking carrier/antibody, which can be used for irradiation of malignant metastasized tumors with minimal damage to nearby healthy normal tissue. This technology aims to prolong and improve the quality of life of people who suffer from non-Hodgkin Lymphoma (NHL). This information was brought to you by Cision http://news.cision.com |
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