ExpreS2ion Biotechnologies: High R&D activity drives negative results as expected
This morning, ExpreS2ion Biotechnologies released its Q4 2022 and full-year 2022 results. In Q4 2022, the company's operating income fell 64% to SEK 1.59m, and the loss from the period amounted to SEK -48.5m in the quarter (SEK -14.3m in Q4 2021).
The operating income is as expected, as the focus is shifted from its legacy CRO business to developing pipeline candidates. The increase in operating loss is primarily attributable to an increase of about SEK 36m in R&D, primarily related to preclinical development and chemistry, manufacturing, and controls (CMC) of the breast cancer vaccine candidate, ES2B-C001. The progress follows what has previously been communicated throughout the year.
ExpreS2ion Biotechnologies enters 2023 with SEK 111m in cash position. Regarding the capital situation, the company states: "The Company plans to obtain additional sources of funding in 2023. This could be in the form of issuance of new shares, non-dilutive financing, entering license and research and development collaboration agreements, expense management activities, renegotiating terms for current outstanding debt instruments or a combination of such."
On the regulatory side, the company aims to achieve several milestones in 2023, including the Phase III study results for the ABNCoV2 COVID-19 vaccine and the completion of the preclinical program for our ES2B-C001 breast cancer vaccine.
Read the full report here: https://investor.expres2ionbio.com/2023/02/09/year-end-report-2022-q4/
On 15 February 11:30, we will run through the results and achievements with CEO Bent Frandsen and CFO Keith Alexander, where you can ask questions live at the virtual event. Sign up here: https://www.inderes.dk/videos/expres2ion-biotechnologies-presentation-of-year-end-report-2022
HC Andersen Capital receives payment from ExpreS2ion Biotechnologies for a Digital IR/Corporate Visibility subscription agreement. / Michael Friis, 12:51, 9 February 2023.
ExpreS2ion Biotech Holding
ExpreS2ion is a Danish-based biotech company listed in Sweden. The company develops a portfolio of vaccines for diseases such as COVID-19, influenza, and breast cancer through the use of its non-viral cell-based expression system, ExpreS2, which is recognized for handling protein challenges. ExpreS2ion has developed Expres2, which is a technology platform for efficient and fast non-clinical development and production of complex proteins for new vaccines and diagnostics. The company’s current primary product is the corona vaccine candidate, ABNCoV2 in phase 2, co-developed with its partner, AdaptVac of which ExpreS2ion owns 34%. The vaccine candidate has been licensed to Bavarian Nordic has global commercialization rights and responsibility for further clinical development of the vaccine and is expected to initiate phase 3 testing for the product candidate in the first half of 2022.
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