NeuroVive Pharmaceutical AB Year End Report January - December 2016

STOCKHOLM, Feb 21, 2017 /PRNewswire/ --

Important steps forward and new research collaborations

Business operations

Important events October – December 2016

•   The development of CicloMulsion for acute kidney injury was discontinued and as a consequence, the value of the subsidiary NeuroVive Asia was written-down by 50 percent and all previously capitalized expenditure in connection with CicloMulsion was recognized as an impaired value

•   New business model implemented which encompass out-licensing of projects for common indications, as well as proprietary development of orphan indication projects

•   Positive preclinical results obtained in an experimental model for non-alcoholic steatohepatitis (NASH), a very serious and common disease for which no medication is currently available

•   In a termination agreement, all rights for NV556 were returned to NeuroVive from Arbutus Biopharma. NeuroVive also received material manufactured by Arbutus valued at USD 1.5 million

Important events after the end of the period

• The company's new generation of sanglifehrin-based compounds demonstrate potent inhibitory effects on human hepatocellular cancer cells and the results were presented at a scientific conference

• The company decided to redirect research resources from Asian subsidiary to parent. The operations in Taiwan have been sold to the current Taiwanese shareholder

• A mitochondrial medicine research agreement regarding the NVP015 project was signed with US key opinion leader

• A collaboration agreement was signed with Karolinska Institutet, Stockholm, Sweden, and the indication mitochondrial myopathy was added to the project portfolio

Financial information

Fourth quarter (October – December 2016)

•   Net revenues were SEK 14,000 (0) and other operating income was SEK 14,000 (23,000)

•   Loss before tax was SEK 14,580,000 (7,366,000)

•   Loss per share* was SEK 0.34 (1.75)

•   Diluted loss per share** was SEK 0.34 (1.75)

Twelve months (January-December 2016)

•   Net revenues were SEK 14,000 (2,502,000) and other operating income was SEK 104,000 (522,000)

•   Loss before tax was SEK 71,845,000 (90,801,000)

•   Loss per share* was SEK 1.67 (3.01)

•   Diluted loss per share** was SEK 1.67 (3.01)

*    Profit/loss for the period divided by the average number of shares before dilution at the end of the period.
**  Profit/loss for the period divided by the average number of shares after dilution at the end of the period.