FIT Biotech Oy: FIT BIOTECH OY HALF-YEARLY FINANCIAL REPORT JANUARY 1 – JUNE 30, 2017 – FIT Biotech

Reports and Releases

FIT Biotech Oy: FIT BIOTECH OY HALF-YEARLY FINANCIAL REPORT JANUARY 1 – JUNE 30, 2017

FIT Biotech Oy
Company release September 15th, 2017 at 9:00 EET 

FIT BIOTECH OY HALF-YEARLY FINANCIAL REPORT JANUARY 1 - JUNE 30, 2017
(unaudited)

This company release is a summary of FIT Biotech's Half Year Financial Report January-June 2017, which is available in full in the pdf file attached to this company release.

Major research milestone reached in applying GENE delivery vector gtGTU

Company highlights January-June 2017

  • FIT Biotech Oy met a major research milestone in utilizing its novel gene therapy vector gtGTU for producing a therapeutic anticancer antibody in the body.
  • Patent application for the gtGTU was filed.
  • Preparations for manufacturing HIV-vaccine for the EU Horizon 2020 EHVA project have been completed and manufacturing of GMP grade clinical trial materials has been initiated.
  • FIT Biotech explores possibilities to apply for secondary listing for its shares in the First North Sweden market.
  • Sitra and Bracknor amended its financing agreements from convertible loans to convertible capital loans in March.
  • FIT Biotech raised 1,000 thousand euros from the Bracknor financing. 
  • Cash flow from operations was -1,400 (-1,300) thousand euros.
  • Equity including additions according to the Companies Act was 260 (1,024) thousand euro.

Post period end highlights

  • FIT Biotech received in July EHVA financing of 645 thousand euro as part of a contractual agreement to produce clinical trial material for the upcoming Phase 2 clinical study.
  • FIT Biotech raised Bracknor financing Tranches 8-9, amounting to 500 thousand euros in July-September.
  • The Board elected Board member Mr Erkki Pekkarinen to the Vice Chairman of the Board in August.

Outlook for 2017
The Company continues to work on developing novel therapeutic applications using its proprietary technology, and expects to have initiated new projects in the near future. Further business activities include partner and licensee prospecting for our GTU and gtGTU technologies. The Company's flagship HIV-vaccine will be tested for a functional HIV-cure by the EU Horizon 2020 EHVA Consortium. This phase II clinical trial is planned to start in late 2017.

The Board and the Management of the Company believe that the financing of the Company is secured for the next twelve months.

The Company does not anticipate generating any turnover in 2017.

Key financial figures for January-June 2017

Key financial figures      
1000 EUR 1-6/ 2017 1-6/ 2016 1-12/ 2016
       
Net sales 0 10 10
Grants 351 0 191
Personnel expenses 693 507 992
Depreciations, amortisations and impairments  

81
78  

159
Other operating expenses 659 700 1,704
Operating profit/loss -1,321 -1,475 -3,030
Profit/loss for the period -1,379 -1,475 -3,651
       
Cash flow from operations -1,400 -1,300 -2,487
Cash in hand and in bank 18 521 486
Equity -12,614   -10,750 -12,404
Equity including additions according to Companies Act  

260
 

1,024
 

-630
Balance sheet total 1,237 1,358 1,428
       
Equity ratio, % negat. negat. negat.
Return on investment (ROI), %  negat. negat. negat.
Earnings per share -0,03 -0,05 -0,12
Number of shares in the end of the period (pcs) 64,460,629 27,670,281 43,022,718
Average number of shares during the period (pcs)  

43,741,674
 

27,670,281
 

30,346,499

Formulas for key financial figures

Equity ratio, %                              = (Total equity + capital loans) x 100
                                                          (Total assets - advances received)

Return on investment (ROI), %   = (Profit (loss) + financial expences) x 100
                                                          (Total equity + capital loans + interest bearing liabilities)

Earnings per share                      = Profit (loss) for the period
                                                         Average number of shares

CEO James Kuo comments 

FIT Biotech Oy has met a major research milestone in utilizing its novel gene therapy vector gtGTU for producing a therapeutic anticancer antibody in the body. A related patent application has been filed. gtGTU shows promise for gene therapy applications and will open new opportunities for us in several major disease areas, including infectious disease, cancer, regenerative medicine and rare diseases. We continue working closely with our international partners for bringing new groundbreaking therapies to those most in need.

Furthest advanced in the pipeline, we have our HIV-vaccine candidate that will be tested in a phase II clinical trial. Our vaccine has the potential of offering patients a safe, long-term therapy for keeping the virus at undetectable levels without antiviral medicines, thus offering a functional cure. Together with our partners at the European HIV Alliance and with the support of the HIV community, we look forward to getting started with the trial in late 2017.

We are also exploring possibilities to apply for secondary listing for FIT Biotech shares in the First North Sweden market. We aim to increase awareness of FIT Biotech in the Swedish market and to facilitate trading liquidity.

Publishing of the financial reporting in 2017
FIT Biotech's Financial statement release will be published 1.3.2018 and the Annual Financial Report 15.3.2018.

General statement
Some statements in this report are estimates based on the management's best knowledge at the time they were made. Therefore, they contain a certain amount of risks and uncertainty. The estimates may change in the event of significant changes in the general economic or industry conditions.

FIT BIOTECH OY

Board of Directors

Further information:
Chairman of the Board Rabbe Slätis
E-mail: rabbe.slatis@fitbiotech.com
Tel: +358 40 8406749

Certified Advisor: Aalto Capital Partners Oy, mobile +358 40 5877000

FIT Biotech in brief
FIT Biotech Oy is a biotechnology company established in 1995 that develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines.

FIT Biotech applies its GTU® technology in its development projects, which at the time include gene-based treatments, genetic vaccines and research collaboration. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines.

FIT Biotech K-shares are listed on the First North Finland market maintained by Nasdaq Helsinki Ltd.

DISTRIBUTION:
Nasdaq Helsinki
Principal media
www.fitbiotech.com

FIT Biotech_H1 Financial Report 2017

Download PDF
Back to list