Focus on developing existing and new markets

LUND, Sweden, Nov. 7, 2024 /PRNewswire/ -- 

Third quarter

January-September

• Net sales reached SEK 12.6 (13.3) million.
• The operating result totaled SEK -6.4 (-8.7) million.
• Earnings per share, basic and diluted, were SEK -0.04 (-0.06).
• Cash flow from operating activities totaled SEK -13.6 (-16.0) million.

• Net sales reached SEK 28.4 (35.1) million.
• The operating result totaled SEK -38.3 (-34.3) million.
• Earnings per share, basic and diluted, were SEK -0.23 (-0.22).
• Cash flow from operating activities for the period totaled SEK -40.0 (-37.7) million.

CEO Comment

"The two highest priorities on the company's agenda are accelerated sales in existing markets and partner agreements for new markets. Accordingly, we are strengthening our sales organization and planning to revamp our marketing strategy as well. The MDR certification we received last spring allows us to make new and stronger health claims. Over the past few weeks, the new MDR-labeled packages have started to appear on pharmacy shelves in Sweden, and new campaigns will soon follow.

It is thanks to our rights issue during the quarter that we can now strengthen our organization, increase our marketing activities and plan for more scientific studies. The fact that the rights issue was fully subscribed is a solid sign of strength, showing that many others share the view that there is incredible underlying potential in our enzyme technology, in ColdZyme and in Enzymatica as a company," said Claus Egstrand, CEO.

Significant events during the quarter

• In August 2024, the University of Kent published final results for the primary endpoint of the clinical trial conducted on elite athletes in the UK. The result shows that ColdZyme reduces duration of disease by 50% compared with placebo.
• In September 2024, the secondary endpoints of the study were also reported as significant. ColdZyme significantly reduces the quantity of rhinovirus, with milder symptoms and fewer training days lost compared to placebo. A manuscript is in production and the full study is expected to be published in a scientific journal within the next few months.
• On July 18, 2024, the Board of Directors resolved to carry out a rights issue, with preferential rights for existing shareholders, of SEK 131.8 million before issue expenses, which was approved by the extraordinary general meeting on August 6, 2024. The rights issue was 61.1 percent subscribed with the support of subscription rights and 16.0 percent without the support of subscription rights. The remainder of the rights issue was subscribed through guarantee commitments from several major shareholders, in accordance with previously agreed guarantee commitments. The company raised SEK 126.5 million after issue expenses.

Significant events after the quarter