Press release from Companies
Publicerat: 2023-02-23 08:00:00
Copenhagen, Denmark, 23 February 2023 - Curasight A/S ("Curasight" or "the Company" – TICKER: CURAS) hereby publishes the Annual Report for the fiscal year of 2022. The Annual Report is available as an attached file to this release and on the Company’s website. Below is a summary of the report.
Curasight’s CEO Ulrich Krasilnikoff comments: "2022 was a pivotal year characterized by intensive strategic work. Much progress has been made since our IPO just two years ago, not least with the presentation of positive results from multiple investigator-initiated studies with uTRACE®. During 2022 we updated our clinical strategy, and we are now pursuing four promising indications with uTRACE® - brain cancer, prostate cancer, head- and neck cancer and neuroendocrine tumours. The new strategy enables Curasight to pursue a theranostic strategy – combining more accurate diagnosis with effective treatment. We do this by leveraging Curasight’s accurate diagnostic technology uTRACE® which uses intelligent cancer imaging, with targeted treatment solutions from our uTREAT® technology. By pursuing this theranostic solution, we can create potentially more gentle and efficient new treatment options for various cancers. An important part of our new strategy is to establish synergistic partnerships which could build further value in our business. During discussions with potential partners, we have seen a genuine interest in Curasight’s technology and its application in several promising indications. We look forward to continuing these discussions as we work to progress uTRACE® and uTREAT® solutions through clinical development. As we continue to accelerate our development and execute our strategy, Curasight has maintained a solid financial position during the year with a cash position of approximately DKK 50 million. The current financing is expected to last well into 2023 as we explore additional future funding options including the potential partnerships given the go-to-market strategy for each indication. Last but not least Curasight is building its drug development function to meet the regulatory demands of running a late stage clinical development company. This focus involves our first discussions with the US Food and Drug Administration (FDA)about our clinical programs on uTRACE® and continuing the clinical Investigation of uTRACE® in the prostate cancer indication. In summary, all the hard work in 2022 sets the foundation for a rich news flow during 2023 that will fuel Curasights value inflection points. Thank you for sharing our mission to improve the lives of millions of people with cancer." January – December 2022 Change in accounting policy The company has changed its accounting policy in the following areas: The company wants to adapt and use the International Financial Reporting Standards (IFRS) from the fiscal year 2023. Recognition of development costs as expense in the in the income statement previously, development costs were capitalized in the balance sheet. In future, development costs will be recognised as expenses in the income statement as management believes that this will provide a fairer presentation and it will be more comparative with other companies in the Pharma industry. The comparative figures have been restated in accordance with the new accounting policy. The changes in accounting policy has a negative impact of DKK 3,537k on the net loss in 2021. The changes in accounting policy has effected the equity at 01.01.21 with a decrease by DKK 19,716k. The changes in accounting policy has a negative impact of DKK 5,559k on the net loss for 2022. As at 31.12.22, the total negative impact of the changes in accounting police on the equity is amounting to DKK 28,812k. Except for the areas mentioned above, the accounting policies have been applied consistently with the previous year and has no cash impact. Highlights from 2022 For more information regarding Curasight, please contact: Ulrich Krasilnikoff, CEO Phone: +45 22 83 01 60 E-mail: uk@curasight.com Curasight is a clinical development company based in Copenhagen, Denmark. The Company is a pioneer in the field of exploiting a novel Positron Emissions Tomography (PET) imaging platform targeting the urokinase-type plasminogen activator receptor (“uPAR”). The technology provides improved diagnosis and risk stratification in multiple cancer types.