“Vivesto’s updated focus is an opportunity for the company. The streamlined development plan, combined with significantly lower cash burn rate, provide the possibility to build long-term value and anchor the company as an early-stage oncology development company”
SIGNIFICANT EVENTS DURING THE THIRD QUARTER
- In August,
Vivesto announced that the enrollment of patients in the Docetaxel micellar advanced prostate cancer Phase 1b study with theSwiss Group for Clinical Cancer Research (SAKK) was terminated early, and that Docetaxel micellar showed good tolerability at doses considered standard for conventional docetaxel formulations, as well as signs of clinical activity. - On
September 15 ,Vivesto 's shares were delisted from theFrankfurt Stock Exchange ("FSE"). The delisting from the FSE does not affect the listing of the company's shares on Nasdaq Stockholm.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
- In October announced that the Board of Directors has decided to focus the company's resources on the Cantrixil and Paccal Vet development programs, as well as on a number of measures aimed at reducing costs in the company. All further development related to the XR-18 technology platform within
Vivesto , and all operations in the company's laboratories in Uppsala will be discontinued. The plan enables the delivery of a number of important milestones and secures the company's financial position and continued operations until the end of 2026.
THIRD QUARTER:
- Consolidated net sales amounted to TSEK 0 (1,015)
- Operating profit/loss was TSEK -16,565 (-71,318)
- Net profit/loss after tax amounted to TSEK -15,784 (-71,682)
- Earnings per share amounted to
SEK -0.03 (-0.14)
THE PERIOD:
- Consolidated net sales amounted to TSEK 0 (1,015)
- Operating profit/loss was TSEK -66,943 (–133,970)
- Net profit/loss after tax amounted to TSEK -64,385 (–136,653)
- Earnings per share amounted to
SEK -0.12 kr (-0.28)
CEO REVIEW
The hard work during the first half of the year continued in the third quarter as
This new strategic direction to become a pure development company with a focus on early-stage oncology projects where there is a clear need for more effective drugs is expected to reduce costs by more than
Vivesto’s animal business Paccal Vet is a great opportunity. There is a tremendous unmet medical need for improved veterinary drugs. There are more than 180 million dogs in the
The Paccal Vet clinical development program is progressing according to plan. During the summer of 2023,
To maximize the commercial potential of the cancer program Cantrixil, we decided to target our development resources to bladder cancer and blood cancer, both of which are indications clearly in need of additional solutions and with significant commercial potential. We have had positive results from the pre-clinical tests and, based on those, we will decide on the continued development plan for Cantrixil. Additional important results are expected early next year.
Earlier in the year, the American pharmaceutical company Elevar Therapeutics said it intended to transfer the rights and obligations of the cancer drug Apealea to a third Party.
Vivesto’s updated focus is an opportunity for the company. The streamlined development plan, combined with significantly lower cash burn rate, provide the possibility to build long-term value and anchor the company as an early-stage oncology development company. Thanks for following
The report is available on the company’s website: https://www.vivesto.com/en/financial-reports-and-presentations/
For more information:
Phone: +46 018-50 54 40
E-mail: IR@vivesto.com
About
Vivesto’s most advanced program Apealea® (paclitaxel micellar) has been granted market approval in the EU as a treatment for adult patients suffering from the first relapse of platinum sensitive epithelial ovarian cancer, or primary peritoneal cancer or fallopian tube cancer. In addition,
Vivesto’s shares are traded on Nasdaq Stockholm (ticker: VIVE). Visit www.vivesto.com for more information about
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