EVENTS IN SECOND 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.
- Oasmia’s Annual General Meeting resolved to grant the present Board members, elected at the EGM on March 19, 2019, and the former CEO discharge from liability towards the company for the management for the period covered by the Annual Report. The AGM resolved to not grant discharge from liability for the previous Board of Directors. The AGM also resolved that the limits in the Articles of Association regarding share capital and number of shares will be increased.
- Oasmia’s Board of Directors proposed a rights issue of approximately SEK 400 million and sent out a notice to an Extraordinary General Meeting on November 6, 2019.
EVENTS AFTER THE BALANCE SHEET DATE
- Michael af Winklerfelt was appointed as new CFO.
- An Extraordinary General Meeting resolved to authorize the Board of Directors of Oasmia to carry out the proposed rights issue of shares with preferential rights for Oasmia’s shareholders.
- A fully subscribed rights issue generated proceeds of approximately SEK 399 million before issue costs.
SECOND QUARTER August 1, 2019 – October 31, 2019
- Consolidated net sales amounted to TSEK 252 compared to TSEK 158 in the corresponding quarter the previous year
- Operating loss was TSEK (47,581) compared to TSEK (22,627) in the corresponding quarter the previous year
- Net loss after tax amounted to TSEK (18,454) compared to TSEK (60,982) in the corresponding quarter the previous year
- Loss per share was SEK (0.07) compared to SEK (0.33) in the corresponding quarter the previous year
THE PERIOD May 1, 2019 – October 31, 2019
- Consolidated net sales amounted to TSEK 433 compared to TSEK 287 in the corresponding period the previous year
- Operating loss was TSEK (83,491) compared to TSEK (49,199) in the corresponding period the previous year
- Net loss after tax amounted to TSEK (58,382) compared to TSEK (92,084) in the corresponding period the previous year
- Loss per share was SEK (0.24) compared to SEK (0.51) in the corresponding period the previous year
Oasmia’s move towards becoming a fully integrated commercial pharmaceutical company is keeping pace.
Thanks to the rights issue that was recently successfully completed, we now have the resources required for the very exciting and important period we are facing. Our priorities for the next 18 months are clear. The company is in a transition from a development focus to becoming a commercially driven, revenue-generating organization that improves patients’ quality of life. We are now in the final stages of completing the necessary marketing and communications material to support the launch of our first product, Apealea. Our ambition is to launch in the EU during the first quarter of 2020 – preferably together with a strategic partner. We have therefore started production of Apealea in sufficient volumes for the launch, together with our manufacturing partner Baxter Oncology. In the coming year, we will also strengthen the clinical value of Apealea and create increased product awareness by facilitating Investigator Initiated Trials (IIT:s). In addition, we intend to prepare the scientific and clinical ground for a partner strategy within the field of immuno-oncology – a very interesting field for Oasmia going forward.
In 2021, we will also implement the regulatory strategy for the US market and apply for market approval. We will seek partners for the US market, which in value is the largest globally.
In summary, the whole company is very excited for the coming year, it will be hard work but hopefully also thrilling milestones for Oasmia. We will make every effort to realize the potential of our proprietary XR-17 platform and the products it can generate – and to add clear value to future patients.
Sven Rohmann, interim CEO of Oasmia
For more information:
Urban Ekelund, IR Manager Oasmia
Phone: +46 18-50 54 40
This information is information that Oasmia Pharmaceutical AB (publ) is obliged to make public pursuant to the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on December 30, 2019.
About Oasmia Pharmaceutical AB
Oasmia Pharmaceutical AB develops, manufactures and markets 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 Nasdaq Stockholm (OASM) and Frankfurt Stock Exchange (OMAX.GR).