Several new commercial agreements signed and evidence that DiviTum® TKa significantly improves clinical routines in the
SEK t | Q3 23/24 | Q3 22/23 | May-Jan 23/24 | May-Jan 22/23 | Full year 22/23 |
Net sales | 1,075 | 926 | 5,391 | 2,432 | 3,383 |
Operating profit (loss) | -27,848 | -29,277 | -85,355 | -73,250 | -110,457 |
Earnings per share, after dilution | -0.44 | -0.64 | -1.66 | -2.33 | -3.17 |
Number of shares at the end of the period | 84,055,560 | 45,741,394 | 84,055,560 | 45,741,394 | 45,741,394 |
Cash and cash equivalents at the end of the period | 105,238 | 145,150 | 105,238 | 145,150 | 114,327 |
Cash flow from operating activities | -22,760 | -23,748 | -89,324 | -64,905 | -94,640 |
Average number of employees | 37 | 33 | 37 | 29 | 31 |
Significant events during the third quarter
Biovica signs commercial agreement for the DiviTum TKa assay in the NordicsBiovica receives final pricing decision on DiviTum TKa from Medicare effective1 January 2024 - Resolution on change to the Articles of Association and rights issue at EGM
Biovica obtained a license from the state ofMaryland .Biovica publishes the results from the rights issue.- DiviTum TKa featured in three posters at the world’s largest breast cancer symposium.
Biovica signs commercial agreement withPalex Group inSpain andPortugal
Significant events after the end of the period
Biovica signs master service agreement for TKa testing with leading pharma company (1st contract order value: 1,7 MSEK)Biovica signs yet another master service agreement (1st contract order value: 1,2 MSEK)- Interventional DiviTum TKa trial launched at
Washington University
Webcast:
When: 14/3 2024 kl. 15.00 CET
Where: register via lyyti: https://www.lyyti.in/Biovica_Q3_Earnings_call_2024__Live_Event_6440
Broadcast language: in English
CEO’s comments
We made progress during the quarter in all three of our priority areas, which are the
Sales of the assay have been increasing each week in the
A very important milestone was achieved when
With this decision and the fact that agreements in the private sector are at a significantly higher price, the prerequisites are good for achieving an average price that is on a par with, or slightly above,
We also obtained a license from the state
Thus far, we have signed three agreements with major hospital chains covering around 50 hospitals. As previously communicated, our goal is to have signed agreements with 10 major hospital chains by the end of the financial year. We are happy to see the continued interest and enthusiasm from oncologists in the
In
In
For the Nordics, we signed a commercial partnership agreement with Axlab, which is one of the leading companies for cancer screening and diagnostics in these countries. Axlab has an excellent network in the field of oncology, as well as extensive experience in
oncology healthcare processes. They currently have 22 individuals in their oncology sales force but will be recruiting two more in conjunction with signing the agreement with
The clinical use of the test is being bolstered by positive studies. Two important studies that are investigating the clinical utility of DiviTum TKa are TK IMPACT (currently underway at
Abstracts based on these studies were presented as posters at San Antonio Breast Cancer Symposium (SABCS) in December. It is the world’s largest and most important breast cancer symposium. In a third poster, we also presented data from a study showing that DiviTum TKa was a stronger indicator for progression-free survival (PFS) than the presence of certain gene mutations. This is the eighth year in a row that data on DiviTum TKa was accepted for presentation at SABCS. All three abstracts are very interesting but seeing DiviTum TKa performing as well or better than other standard monitoring tools in several patient case studies from the TK IMPACT trial of course makes me extra happy and proud. If the study continues in this direction and there is a successful outcome, it will significantly strengthen Biovica’s argument for inclusion of the assay in guidelines and payment systems.
We have been very successful during the period with our collaborations and sales to pharmaceutical companies that are developing new cancer drugs. At the end of the second quarter, our order book was
It is evidence that we have established ourselves as an important partner to pharmaceutical companies that are developing new, targeted treatments for cancer. This is an outstanding achievement by our team. We anticipate that revenue will continue to rise during the current financial year and our goal of signing our first agreement for a Companion Diagnostic (CDx) development project is within reach.
A rights issue was carried out during the quarter, generating approximately
After an analysis of the effects of replacing the cash bonus with an extra share-based incentive program in line with the communication in the prospectus, we have concluded that it is better from a shareholder perspective to keep the cash bonus as this fits within the current budget. The cash flow impact of this is estimated to be
The capital raised from the rights issue enables us to continue building on the successful launch of DiviTum TKa in the
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