Events in first quarter
- Oasmia presented results from two clinical studies of Docecal in patients with metastatic breast cancer
- The Board of Directors appointed a special examiner to give all shareholders basis for decision regarding discharge from liability before the AGM
- Oasmia has found questionable transactions between Oasmia and companies controlled by former chairman Julian Aleksov that have not been reported. The Board of Directors decided to report these transactions to the Swedish Economic Crime Authority. Oasmia discontinued the engagement and cooperation with Julian Aleksov without any additional compensation to be paid.
- Sven Rohmann was appointed as acting CEO
- Oasmia announced the formation of its Scientific Advisory Board
- Nina Heldring was appointed acting CMO
- Oasmia appointed its Business Advisory Board with the aim of mainly supporting the commercialization of Apealea and evaluating development and market opportunities for the other product candidates.
- An agreement was reached between Oasmia and its largest owner Arwidsro. It was partly about solving earlier unclear balances and partly about supporting the planned commercialization of Oasmia with more capital
Events after the quarter
- Oasmia ADSs were delisted from NASDAQ in the US to reduce complexity and costs
- Oasmia recruited two General Managers to its management team
- Oasmia published its annual report for 2018/2019 and adjusted accounts due to write-downs. The company’s auditors did not recommend former Board to be granted discharge from liability
- The special examiner appointed by Oasmia’s Board, Svante Forsberg (Deloitte), submitted his report on investigation of liability issues ahead of the upcoming Annual General Meeting
First quarter May 1, 2019 – July 31, 2019
- Consolidated net sales amounted to TSEK 182 compared to TSEK 128 in the corresponding quarter the previous year
- Operating loss was TSEK (35,909) compared to TSEK (26,572) in the corresponding quarter the previous year
- Net loss after tax amounted to TSEK (39,928) compared to TSEK (31,102) in the corresponding quarter the previous year
- Loss per share was SEK (0.17) compared to SEK (0.18) in the corresponding quarter the previous year
Substantial steps forward in preparing the Apealea launch
The restructuring of Oasmia in order to match the requirements of a fully integrated commercial Pharmaceutical company is nearing completion.
In just a few months, a new leadership team has been formed in Oasmia with the experience to implement the upcoming steps towards commercialization of Oasmia’s key assets. We have now a well-balanced team with a CBO, a CMO, a CTO, a CFO and GMs for Europe and the USA, who have the experience and standing to make a difference in this exciting period going forward. Moreover, we have new suggested Board members with industry expertise and excellent international reputation.
Oasmia has a very exciting core technology that could really move the needle in the pharmaceutical industry. Our XR-17 platform is the core and heart of Oasmia. It is a thrilling technology that addresses a significant need of the pharma industry.
The XR-17 formulation is unique in many ways; it is vitamin A-based, organic, vegan and it does not contain alcohol which means it is even a solution for all patients regardless of religious beliefs. There are only very few drug formulations like that in the pharmaceutical industry.
The most recent, final market approval of Apealea by the European Medical Agency fully validated Oasmia’s XR-17 drug delivery technology platform and allows the company to commercialize its first anti-cancer drug in the whole of Europe including its Swedish home market.
The dedicated Apealea launch team started its work on the launch plan during the last quarter. The Apealea market material is produced in time for the launch next year.
The newly established Business Advisory Board provided its first input into the roll-out plans and is supporting the launch activities within their networks.
We have scheduled our presence in several industry events in the next few months with the aim to position Apealea and XR-17 but also Oasmia as a company in a professional way.
In summary, the whole company is very excited to see the forthcoming European launch of Apealea. A lot of activities have been needed to reach this stage. A great team effort!
Sven Rohmann, interim CEO of Oasmia
For more information:
Urban Ekelund, Investor Relations Oasmia
Phone: +46 18-50 54 40
This information is information that Oasmia Pharmaceutical 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 below, at 07:30 CET on September 26, 2019.
About Oasmia Pharmaceutical AB
Oasmia Pharmaceutical AB develops, manufactures, markets and sells new generations of drugs in the field of human and veterinary oncology. The company’s product development aims to create and manufacture novel nanoparticle formulations and drug-delivery systems based on well-established cytostatics which, in comparison with current alternatives, show improved properties, reduced side-effects, and expanded applications. The company’s product development is based on its proprietary in-house research and company patents. Oasmia is listed on Frankfurt Stock Exchange (OMAX.GR, ISIN SE0000722365) and NASDAQ Stockholm (OASM.ST).