Saniona publishes its interim report for the second quarter of 2022
Source: GlobeNewswire| Three Months Ended June 30, 2022 (2021) | Six Months Ended June 30, 2022 (2021) |
| Revenue was SEK 3.0 M (1.9 M) | Revenue was SEK 9.6 M (5.3 M) |
| Operating profit/loss was SEK -91.8 M (-103.6 M) Net profit/loss was SEK -88.6 M (-103.9 M) | Operating profit/loss was SEK -225.0 M (-197.7 M) Net profit/loss was SEK -221.9 M (-187.3 M) |
| Basic earnings/loss per share was SEK -1.42 (-1.67) | Basic earnings/loss per share was SEK -3.56 (-3.00) |
| Diluted earnings/loss per share were SEK -1.42 (-1.67) | Diluted earnings/loss per share were SEK -3.56 (-3.00) |
Business highlights in Q2 2022
- On April 30, Saniona appointed Thomas Feldthus as Chief Executive Officer and Anita Milland as Chief Financial Officer. Thomas Feldthus will oversee Saniona’s refocused strategy on ion channel research and development and explore partnering opportunities to advance its lead assets. The Board of Directors elected Jørgen Drejer as interim Chairman until the Annual General Meeting (AGM) held on May 25, 2022, where he was elected as Chairman of the Board. In connection with this refocused strategy, the company terminated its plans to list its shares in the U.S., closed its U.S. operations and terminated the positions of all U.S. personnel, including the U.S. executive management team. These restructuring actions are anticipated to reduce future annual operating expenses by approximately 70-75%.
- On May 20, Saniona provided update on ongoing review of tesofensine in Mexico.
- On May 25, Jørgen Drejer, Anna Ljung and Carl Johan Sundberg were at the annual general meeting reelected to the board of directors with Jørgen Drejer as Chairman.
- On June 24, Professor Helle Prætorius, Univ. of Aarhus, Denmark, made a presentation at the ECM conference demonstrating that SAN903 protects against fibrosis in a chronic kidney disease model.
- On June 30, Saniona reported positive top line results from the SAN711 Phase 1 Clinical Trial demonstrating that SAN711 was safe and well tolerated and that it is possible to obtain exposure levels corresponding to expected desired therapeutic effect at a well-tolerated dose.
Significant events after the reporting period
- On July 6, Saniona CEO Thomas Feldthus and board member Carl Johan Sundberg purchased Saniona shares in the open market.
- On August 16, Saniona progressed its Kv7 ion channel epilepsy program into lead optimization phase, the last drug discovery phase before potential drug candidate selection.
- On August 18, the Shareholders of Saniona voted at an extraordinary general meeting in favor of an Employees Option Program 2022 comprising a maximum of 2,129,821 options.
Comments from the CEO
“We are experiencing significant interest across our pipeline programs, which provides us with reasons to believe that future partnerships will make us less dependent on the financial markets. Current cash position is expected to fund planned activities until at least the end of the second quarter of 2023.”
For more information, please contact
Thomas Feldthus, CEO, +45 22109957; thomas.feldthus@saniona.com
This information is such information as Saniona AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 CEST on 25 August 2022.
About Saniona
Saniona is a clinical-stage biopharmaceutical company with a mission to leverage its ion channel targeting expertise to discover, develop and deliver innovative rare disease treatments. The company’s most advanced product candidate, Tesomet™, has been progressed into mid-stage clinical trials for hypothalamic obesity and Prader-Willi syndrome, serious rare disorders characterized by severe weight gain, disturbances of metabolic functions and uncontrollable hunger. These clinical trials are voluntarily paused due to funding limitations and Saniona is actively exploring partnering opportunities. Saniona has developed a proprietary ion channel drug discovery engine anchored by IONBASE™, a database of more than 130,000 compounds, of which more than 20,000 are Saniona’s proprietary ion channel modulators. Through its ion channel expertise, Saniona is advancing two wholly-owned ion channel modulators, SAN711 and SAN903. SAN711 has successfully completed a Phase 1 clinical trial and is positioned for the treatment of neuropathic pain conditions, and SAN903 is in preclinical development for rare inflammatory, fibrotic and hematological disorders. Saniona is based in the Copenhagen area, Denmark, and is listed on Nasdaq Stockholm Small Cap (OMX: SANION). Read more at www.saniona.com.
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