Immunovia Publishes Interim Report for January-June 2024

LUND, Sweden, Aug. 5, 2024 /PRNewswire/ --

April-June 2024

• Net sales, consisting of royalties, amounted to 85 KSEK (412)
• Net earnings amounted to -25.6 MSEK (-185.1), where one-off costs second quarter 2023 of 141 MSEK impact comparability between the years.
• Earnings per share before and after dilution were -0.57 SEK (-4.00).
• Cash Flow from operating activities amounted to -28.2 MSEK (-43.3).
• Cash and equivalents at the end of the period amounted to 36.8 MSEK (143.9).
• The successful development of accurate and precise assays to measure targeted proteins for the next-generation test was announced on April 9.
• Positive results from the model-development study for the next-generation pancreatic cancer detection test was announced on April 22.
• The move to Research Triangle Park, North Carolina to streamline lab operations was published on April 29.
• Appointment of Dr. Lisa Ford as Clinical Laboratory Director was announced on April 29.
• On May 20, the Company informed on the board resolution, subject to approval by the AGM, to carry out a rights issue of units of approximately SEK 70 million and to raise bridge loans.
• On May 20, the Company gave notice to the AGM to be held June 19, 2024.

 Significant events after the period

• New lab staffed and fully operational after rapid implementation was announced on July 2.
• Detailed discovery study results for the company's next-generation early detection test for pancreatic cancer was presented at the PancreasFest 2024 Annual Meeting on July 25.
• Completion of the development of the pancreatic cancer detection test after substantially increasing test accuracy was announced on August 1.
• Filing of a US provisional patent application to protect its next-generation test was announced on August 2.
• Immunovia's next generation test to be included in large study of pancreatic cysts funded by the US National Institutes of Health, was announced August 5.

CEO's comments

The second quarter of 2024 was highly productive, as we moved quickly to deliver key results, which include:

1. Finalized development of our high-performance test to detect early-stage pancreatic cancer

2. Established our new lab, which is now fully operational, in record time

3. Secured shareholder approval for a rights issue to fund the company through completion of the upcoming analytical and clinical validation studies in the second half of 2024.