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Nuevolution AB (publ) Announces its Results for the Fourth Quarter and Full Year 2016/17

23:56 EDT 5 Sep 2017 | PR Newswire

STOCKHOLM, Sept. 06, 2017 /PRNewswire/ --

8.30 AM CEST / 6-Sep-2017 / Nuevolution (SEMM: NUE)

Nuevolution AB (publ) announces its report for the fourth quarter and full year 2016/17. The report is available on the company's home page (www.nuevolution.com). The following is taken from the quarterly report.

Fourth quarter and full year 2016/17 summary

  • Fourth quarter: Revenue amounted to SEK 5.9 million (3.1). Full year: SEK 120.3 million (21.3)
  • Fourth quarter: Operating expenses were SEK 34.8 million (79.8). Full year: SEK 130.8 million (173.2)
  • Fourth quarter: Operating result was SEK -28.8 million (-76.3). Full year: SEK -10.5 million (-151.9)
  • Fourth quarter: Net result was SEK -27.3 (-74.7) million. Full year: SEK -25.5 million (-145.0)
  • Fourth quarter: Diluted earnings per share (EPS-D) was SEK -0.63 (-1.74). Full year: SEK -0.59 (-3.98)
  • Cash and cash equivalents amounted to SEK 179.6 million as per June 30, 2017 (206.0). Net cash amounted to SEK 175.2 million as per June 30, 2017 (SEK 201.3)
  • Our partnership with Almirall on the development of RORγt inhibitors for Dermatology and Psoriatic Arthritis has progressed very well during Q4 and in accordance with the work plan
  • In the fourth quarter, an additional study on Nuevolution's RORγt inhibitor in animal models of Inflammatory Bowel Disease (IBD) was initiated to support the mechanism-of-action of our RORγt inhibitors in IBD. This data is expected to be reported in the second half of 2017
  • In the selective BET BD1 bromodomain inhibitor (Inflammation) program, we have tested the NUE7770 lead compound in the genetic model of Lupus (MRL/lpr), and demonstrated a dose-dependent reduction in antibodies raised against dsDNA, a recognized and applied biomarker of human Lupus as well as positive effect on lymph node parameters. Further tests of the mechanism-of-action of NUE7770 in Lupus, fibrosis and other Th17-related diseases, and additional in vitro and in vivo safety studies are on-going. Results from these tests will be reported later in 2017
  • The Amgen collaboration is progressing according to plan with our main focus now on reaching proof-of-concept in animal disease models for the first programs

Events occurred after June 30, 2017:

None

Message of the CEO

"It has been a very successful and productive year for the company with major achievements on multiple fronts including execution of major agreements and realization of significant revenues, pipeline program progress and technology achievements. We have a strong foundation to be optimistic also for the results of the coming fiscal year 2017/18", CEO Alex Haahr Gouliaev stated.

On Wednesday 6 September at 14:00 CEST, the company's executive management will host a conference call and webcast discussion of the results and provide an update on the pipeline programs and partnering activities. Access to the event can be obtained as follows:

LIVE access on Wednesday 6 September at 14:00 CEST

Telephone numbers:

SE: +46-85-664-2692

DK: +45-3544-5579

UK: +44-20-3008-9804

US: +1-855-7532-235

Webcast will be available at www.nuevolution.com in the Investors section and at www.financialhearings.com

REPLAY access

Webcast replay will be available at www.nuevolution.com in the Investors section and at www.financialhearings.com

Information about Nuevolution AB (publ)

Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, and headquartered in Copenhagen, Denmark. Nuevolution partners its discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment option. Nuevolution's internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.

This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication, through the agency of the contact persons set out above, on Wednesday 6 September 2017 at 08:30 CEST.

Nuevolution AB (publ) is listed at Nasdaq First North in Stockholm, Sweden (ticker: NUE). Redeye AB acts as Certified Advisor to Nuevolution AB (publ). More information about Nuevolution can be found on: www.nuevolution.com

For more information, please contact:

Alex Haahr Gouliaev, CEO
Phone: +45-3913-0902
Email: ahg@nuevolution.com

Henrik Damkjær Simonsen, CFO
Phone: +45-3913-0947
Email: hs@nuevolution.com

This information was brought to you by Cision http://news.cision.com

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SOURCE Nuevolution

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