Reports
Publicerat: 2019-05-15 08:30:00
2019 FIRST QUARTER (Jan-Mar)
IMPORTANT EVENTS DURING THE PERIOD IMPORTANT EVENTS AFTER THE END OF THE PERIOD From the CEO Continued focus on the launch and marketing of VagiVitalâ summarizes the first quarter of the year in Peptonic. In addition to expanding the distribution to more pharmacies and e-commerce platforms, significant investments were made in bringing the VagiVitalâ message to the customers and users. The production of an appealing and captivating TV commercial was a major investment. Judging by the monthly sales development, the marketing efforts seem to have been effective. The feedback from VagiVitalâ users has been very positive. A customer survey in January concluded that 89 percent of the respondents that had used VagiVitalâ for two months or longer had experienced significant symptom relief. 85 percent of the respondents said that they would recommend the product to a friend. These positive responses by VagiVitalâ users give great confidence and guidance in view of future marketing activities. Among pharmacy chains and e-commerce platforms the interest in VagiVitalâ has grown with time. At the end of the period VagiVitalâ could be purchased at these outlets; the 30 largest retail pharmacies of Apoteket AB and on Apoteket AB’s webshop, Apoteket Hjärtat’s webshop, Apoteksgruppen’s 40 franchise pharmacies (on order), and on the following on-line pharmacies; Apotea.se, apohem.se, apotek365, meds.se, and netoteket.se. Since then, the distribution has expanded further. Webshops for the Danish and Norwegian markets will open soon. This to facilitate entry of these markets in a similar manner as in Sweden, that is, through the pharmacy chains. Activities to create traffic to these webshops will be performed based on market size and discussions with potential local distributors. The preparations for a clinical study with women that have undergone treatment for a hormone dependent cancer are under way. A large portion of these women are suffering from vaginal dryness, but they cannot use hormone based treatments. Hence, the objective of this study is to demonstrate that VagiVitalâ is a safe and effective alternative treatment to hormones. An application to the concerned ethics committee has been submitted. We also plan to submit a 510k registration application to the US FDA before year end. A gap analysis has been completed to find out what additional documentation needs to be developed on VagiVitalâ before such submission. The ’on-tap’ financing facility according to the Recall Capital agreement generated 2.7 MSEK during the period. According to this arrangement, Recall Capital sells shares, borrowed from Peptonic shareholders, on the market and the proceeds are transferred to the Company. Recall will then be compensated by shares issued directly to Recall. Operating loss for the period was -3.185 MSEK. Sales generated 1.47 MSEK (including the order by Orion Pharma OY, Finland). Marketing costs, and cost of manufacturing, transportation and distribution amounted to approx. 2.8 MSEK. Peptonic is in an exciting development phase and we have great expectations for the coming quarter – not least regarding the sales development of VagiVitalâ. Stockholm, May 15th, 2019 Johan Inborr CEO FINANCIAL INFORMATION Costs – Costs for the first quarter were KSEK -4,673 (-2,822). The costs that have significantly increased during the quarter are costs for sold goods and the launch costs. Result – Loss before tax for the first quarter was KSEK -3,500 (-2,758). According to plan, costs for launch have been charged to the quarter, and the negative result has increased. Equity – PEPTONIC medical AB´s equity amounted to KSEK 54,451 (56,936) as of March 31, 2019, resulting in a solidity of 78 (92) percent. During January and February 2019, two targeted new issues were made to ReCall Capital, which provided the company with SEK 2.7 million after expenses. Organization – The average number of employees during the period was 2 (2). In addition to this, from 2018 there is a marketing manager and a quality manager hired as consultants. Furthermore, the accounts are posted at an accounting firm. Share – Total numbers of shares in the company amounted to 90,595,990 (43,014,300) as of March 31, 2019. This interim report has not been reviewed by the Company’s auditors. The Board of Directors and the CEO certifies that the interim report gives a fair overview of the business, position and profit or loss of the Company. FINANCIAL CALENDER Quarterly report, 2 August 16th 2019 Quarterly report, 3 November 8th 2019 Year end report, 2018 February 27th 2020 Stockholm, May 15th, 2019 Hans von Celsing, Chairmen of the Board Arne Ferstad, Board member Marianne Östlund, Board member Leni Ekendahl, Board member Johan Inborr, CEO Note: This document has been prepared in both Swedish and English. The Swedish version shall govern in case of differences between the two documents. The document contains certain statements about the Company’s operating environment and future performance. These statements should only be regarded as reflective of prevailing interpretations. No guarantees can be made that these statements are free from errors. For more information, please contact; Johan Inborr, CEO Mobile: +46 708 853 893 E-mail: johan.inborr@peptonicmedical.se This information is information that Peptonic Medical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15th May 2019. About VagiVital® VagiVital®is a patent pending hormone free self-care product for the treatment of vaginal atrophy and vaginal dryness. The product has been tested in randomised clinical studies (vaginal atrophy) with very positive results both for objective (vaginal pH and proportion of superficial cells in the vaginal mucosa) and subjective (most bothersome symptoms, such as vaginal dryness, vaginal irritation/itching, dyspareunia and dysuria) parameters. The magnitude of symptom relief is on par with that demonstrated with e.g. prescription estrogen based products on the market today. It was very well tolerated and caused no serious adverse effects. VagiVital®was launched in Sweden as a non-prescription self-care product in July 2018 (see www.vagivital.com). About Peptonic Medical Peptonic Medical is an innovative Swedish medical development company. Its vision is to offer safe and effective treatments and relief for women specific diseases and medical conditions. VagiVital®is a registered trademark of Peptonic Medical. The product is hormone free and is being commercialised for the non-prescription use for the treatment of vaginal atrophy (VA) and vaginal dryness. The pipeline of Peptonic Medical also includes Vagitocin®, which is an oxytocin-based vaginal gel for the treatment of VA. This product candidate is in clinical development phase 2. The development of Vagitocin® is on hold pending additional data on i.a. the mechanism of action. Since July 2014, the Peptonic Medical share has been traded on the Spotlight Stock Exchange (www.spotlightstockmarket.com, ticker: PMED) in Stockholm, Sweden. For more information:www.peptonicmedical.com
Net sales – Net Sales of products for the first quarter were KSEK 1,470 (0). Other income for the first quarter were KSEK 18 (66).
Financial position and liquidity – Liquid assets were KSEK 10,231 (3,369) as of March 31, 2019. During the quarter, the company received net SEK 2,700 (0) in newly issued capital. This through the agreement with ReCall Capital on lending of shares and issuing new shares, so called “on tap funding”. The cost of this has been about 6% of issued capital
Liabilities - The company"s liabilities amounted to SEK 14,923 thousand (4,992) as of March 31, 2019. The change is attributable to the fact that a bridge loan of SEK 10,500,000 was raised in 2018, that the accounts payable increased and that accrued expenses decreased during the year.
INCOME STATMENT
3 months
3 months
12 months
Jan-Mar
Jan-Mar
Jan-Dec
KSEK
Note
2019
2018
2018
Operating income
Sales of products
1,470
0
383
Other operating income
18
66
86
Total operating income
1,488
66
469
Operating expenses
Cost of goods
-668
0
-150
Other external expenses
1
-2,852
-1,610
-9,544
Personnel costs
-1,153
-1,193
-4,471
DepreciationOther operating costs
00
-190
-76-609
Total operating expensses
-4,673
-2,822
-14,850
Operating loss
-3,185
-2,756
-14,381
Net financial income/expense
-315
-2
-560
Loss before taxes
-3,500
-2,758
-14,941
Taxes
-
-
-
Net loss for the period
-3,500
-2,758
-14,941
BALANCE SHEET
Mar 31
Mar 31
Dec 31
KSEK
Note
2019
2018
2018
Assets
Non-Current assets
Intangeble assets
2
56,585
58,011
56,396
Tangeble assets
0
0
0
Financial assets
-
-
-
Total non-current assets
56,585
58,011
56,396
Current assets
Stock
468
0
609
Other receivbles
1,889
385
587
Tax receivable
-
-
-
Prepaid expenses and accrued income
201
163
204
Liquid assets
10,231
3,369
11,365
Total current assets
12,789
3,917
12,765
Total assets
69,374
61,928
69,161
Equity and liabilites
Equity
Ristricted equity
Share capital
9,060
4,301
8,603
Ongoing right issues
-
-
-
Development Cost Fund
14,538
14,368
14,538
Non- restrictes equity
Share premiun reserv non-restricted
134,487
126,048
132,244
Profit or loss brought forward
-100,134
-85,023
-85,193
Net loss for the period
-3,500
-2,758
-14,941
Total equity
3
54,451
56,936
55,251
Current liabilites
Liabilities interest bearing
10,500
0
10,500
Trade payables
1,948
1,068
1,607
Other payables
444
182
319
Prepaid income and accrued expenses
2,031
3,742
1,484
Total current liabilites
14,923
4,992
13,910
Total equity and liabilities
69,374
61,928
69,161
KEY FIGURES
3 months
3 months
12 months
Jan-Mar2019
Jan-Mar2018
Jan-Dec2018
Sales goods, KSEK
1,470
0
383
Gross profit sales goods, KSEK
802
0
233
Gross margin, %
55
0
61
Operating profit, KSEK
-3,185
-2,756
-14,381
Return on equity,%
-26
-19
-26
Equity ratio,%
78
92
80
Earnings per share, SEK
-0.04
-0.06
-0.17
Liquidity per share, SEK
0.1
0.1
0.1
Equity per share, SEK
0.6
1.3
0.6
Share price per closing, SEK
0.649
0.695
0.500
Share price/Shareholders’ equity per share, SEK
1.08
0.53
0.78
Equity per share, SEK
90,595,990
43,014,300
86,028,600