SynAct Pharma publishes Q1 2022 interim report

“During the first quarter, we made important decisions regarding the continued development of AP1189 and not least secured financing for the next development phase. We have prepared to be able to start important studies in RA shortly, have been active in business development and have prepared for listing of the share on Nasdaq,” said Jeppe Øvlesen, CEO.

January – March 2022

• The Group’s net sales amounted to SEK 0 (0) thousand, which is in line with expectations given the phase the company’s research portfolio is in.
• Operating expenses amounted to SEK 22,304 (14,058) thousand, an increase of 58%, driven both by increased investments in R&D and higher administrative costs for the application for listing on Nasdaq and the rights issue decided and initiated during the quarter.
• The Group’s loss after tax amounted to SEK 20,005 (11,735) thousand.
• Profit after tax is improved by the effect that arises as a result of the Danish tax credit scheme, which means an early tax refund related to part of the research and development costs incurred.
• The Group’s earnings per share before and after dilution amounted to SEK -0.77 (-0.46).
• Cash flow from operating activities amounted to SEK -16,991 (-10,377) thousand.
• Cash flow from financing activities amounted to SEK -242 (74,400) thousand.
• Cash flow for the period amounted to SEK -17,233 (64,020) thousand
• Cash and cash equivalents at the end of the period amounted to SEK 6,806 (78,883) thousand

Significant events during the period

• January 7 – Patrik Renblad is appointed Chief Financial Officer. After joining the Company in August 2021, Patrik Renblad has been responsible for the preparations for the upcoming Nasdaq listing. Henrik Stage, who has been SynAct’s CFO since the initial IPO in 2016, continues to support the Company as Special Advisor to the CEO.
• March 9 – SynAct Pharma informs that the Nomination Committee proposes that Kerstin Hasselgren be elected as a new Board member at an Extraordinary General Meeting on March 28. Kerstin Hasselgren is currently CFO of Xspray Pharma and has extensive experience from working in large public companies.
• March 28 – SynAct Pharma announces a fully guaranteed rights issue of SEK 150 million before issue costs. Kerstin Hasselgren is elected as a new member of the Board at the Extraordinary General Meeting. At the subsequent Board meeting, Kerstin Hasselgren is elected Chairman of the Audit Committee. SynAct formally initiates the review process towards the listing on Nasdaq Main Market in Stockholm.

Significant events after the end of the period

• April 1 – SynAct Pharma publishes the prospectus for the rights issue.
• April 25 – SynAct Pharma publishes the outcome of the rights issue. Through the issue, the Company will receive SEK 150 million before issue costs, which are estimated to amount to approximately SEK 24 million. After registration with the Swedish Companies Registration Office, the number of shares will increase by 2,364,208 to 28,370,503 shares and the share capital by SEK 295,526 to SEK 3,546,313.
• May 4 – SynAct Pharma reports successfully completed pharmacokinetic tests with AP1189 tablet. The data confirm that the new tablet formulation is superior to the AP1189 suspension used so far. Further development of AP1189 will be carried out with the new tablet.
• May 12 – Last day for trading in paid subscribed shares (BTA) and number of new shares in SynAct Pharma are reported.

The information was submitted, through the agency of the contact person below, for publication at 07:00 am CEST on May 30, 2022.

For further information about SynAct Pharma AB, please contact: 

Jeppe Øvlesen
CEO, SynAct Pharma AB
Phone: +45 28 44 75 67
Mail: [email protected]

Patrik Renblad
CFO, SynAct Pharma AB
Phone: +46 707 47 97 68
Mail: [email protected]