Reports and Releases
FIT Biotech Oy: FIT BIOTECH OY HALF-YEARLY FINANCIAL REPORT JANUARY 1 – JUNE 30, 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.
- 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|
|Depreciations, amortisations and impairments|| |
|Other operating expenses||659||700||1,704|
|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 including additions according to Companies Act|| |
|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)|| |
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.
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.
FIT Biotech_H1 Financial Report 2017Download PDF
Back to list