Spago Nanomedical Interim Report January-September 2023

LUND, SWEDEN / ACCESSWIRE / November 3, 2023 / Spago Nanomedical (STO:SPAGO.ST)(FRA:7UX.F) Tumorad in clinic

JULY - SEPTEMBER IN BRIEF

• Net sales for the quarter amounted to KSEK 271 (KSEK 397)
• The loss for the quarter amounted to KSEK -7,113 (KSEK -8,594)
• Operating expenses for the quarter amounted to KSEK -8,795 (KSEK -10,406)
• Earnings per share, before and after dilution, for the quarter amounted to SEK -0.08 (SEK -0.11)
• Cash and cash equivalents at the end of the quarter amounted to KSEK 25,974 (KSEK 71,234)

JANUARY - SEPTEMBER IN BRIEF

• Net sales for the year amounted to KSEK 472 (KSEK 912)
• The loss for the year amounted to KSEK -29,387 (KSEK -28,039)
• Operating expenses for the year amounted to KSEK -36,945 (KSEK -32,590)
• Earnings per share, before and after dilution, for the year amounted to SEK -0.32 (SEK -0.51)

SIGNIFICANT EVENTS AFTER THE QUARTER

• The company's application to start a clinical phase I/IIa study in Australia with the candidate drug in the radionuclide therapy program Tumorad, 177Lu-SN201, has been approved. The study is conducted in patients with advanced cancer and the first patient is expected to be included shortly.
• Four new patent applications have been filed with the European Patent Office (EPO) to expand the patent protection for Tumorad. If granted, Tumorad will receive protection in all strategically key markets, including the EU, US and Japan, until at least 2042.
• The Board decided, with the support from the AGM, to carry out a fully secured rights issue of approximately MSEK 30.6 for the continued development of Tumorad, including, among other things, the inclusion of patients and obtaining initial results in the first clinical study with Tumorad in cancer patients. The subscription period in the rights issue is November 9-23. For each unit subscribed for in the rights issue, the shareholder receives a warrant (TO12) that entitles the holder to subscribe for one new share during the period May 17-30, 2024.

CEO STATEMENT
After intensive preparations and anxious waiting, we now have received approval from the ethics review committee at St. Vincent's Hospital in Melbourne, and it has been registered with the Australian Therapeutic Goods Administration (TGA)" in Australia for starting our first clinical study within the Tumorad program, Tumorad-01. I am very happy to put this important milestone behind us and now focus on delivering results with the drug candidate 177Lu-SN201 in patients with advanced cancer. With a clinically validated and patented platform technology, together with a clearly differentiated profile in radioisotope drugs and imaging, we can enable effective treatment of larger groups of patients with severe disease.