HALF-YEAR INTERIM REPORT OF FIT BIOTECH OY JANUARY 1-JUNE 30, 2015 – FIT Biotech

Reports and Releases

HALF-YEAR INTERIM REPORT OF FIT BIOTECH OY JANUARY 1-JUNE 30, 2015

Successful listing enables tighter focus on product development and the commercialisation of research results

(unaudited)

Main events January-June 2015

  • The Board of Directors of biotechnology company FIT Biotech Oy on May 29, 2015 decided upon a share offering and applying for the listing of the company's K series shares on the First North Finland market maintained by NASDAQ Helsinki Oy. Trading in the company's K series shares began on July 1, 2015.
  • Simultaneously with the public and institutional offerings, a conversion offering was effected in which convertible bonds earlier issued by the company, as well as some other loans, were converted into the company's shares pursuant to the terms of the share offering.
  • With the share offering and related financing activities, the company accumulated gross funding totalling approximately 3.5 million euro while also strengthening its capital structure by decreasing debt and off-balance interest liabilities by approximately 13.2 million euro.
  • The financial standing of the company was also strengthened by the decision of Tekes Finnish Funding Agency for Innovation to not collect the company's debt amounting to approximately 6.5 million euro, plus interest. In addition, the durations of existing loans were extended.
  • In March, the company signed a heads of agreement with QYH Biotech Company Ltd of China regarding certain therapeutic poultry vaccines.
  • In May, FIT Biotech Oy published positive results in applying its GTU® (Gene Transport Unit) technology to gene therapy.

Key figures for January-June 2015

  • The company had a revenue of 20.0 (1-6/2014: 10.0) thousand euro
  • Operating profit was 5,388.1 (-1,761.2) thousand euro
  • Earnings per share were 0.15 (-0.06) euro
  • Cash flow from operations during the review period amounted to 5,568.4 thousand euro (incl. 6,485.2 thousand euro deriving from the decision by Tekes not to collect a part of company's debt, recorded in Other operating items) The company's cash and securities on June 30, 2015 amounted to 3,399 (361.5) thousand euro

Key figures

1 000 euroa 1-6/2015 1-6/2014 1-6/2013 1-12/2014
Revenue 20 10 10 30
Personnel expenses -509,8 -269,2 -345   -529,3
Operating profit/loss 5 388,0 -1 761,2 -1 770 -2 290,7
Depreciation and amortisation -77,2 -1 176,5 -938,4 1 317,9
Other operational expenses -482,9 -343,9 -479 -650,9
Result of the period 4 160,5 -1 761,6 -1773 - 2 304,1
Cash flow from operations 5 568,4 -585 -644 -1 203,7
Cash and equivalents 3 399 361,5 367,6 217,3
Equity - 7 729,9 -21 043,9 -19 504

 
-21 348,6
Balance sheet total 4 610,6  1 163,1 2 866 1 020,9

Outlook for 2015

Within the next three years, FIT Biotech is aiming at licensing four of its primary drug candidates to partners who are able to take responsibility for the clinical studies of the drugs candidates and the future commercialisation of the drugs. The company's revenue model is based on the signing fees and milestone payments by the desired licence partners, as well as royalties. The company is not expecting any revenue in 2015.

Kalevi Reijonen, CEO, on January-June events

"During the review period, we focused our R&D on the preclinical studies of using the GTU® technology in gene therapy. Preliminary studies showed positive results with regard to its efficacy.

We signed a heads of agreement for the use of the GTU® technology in developing animal vaccines in China. Our aim is to have our partner start the first studies in the autumn of 2015, leading to an eventual signing of a final licence agreement in late 2015 or early 2016.

Our successful listing on the First North market, as well as the share offering in connection with the listing, bolstered our working capital allowing us to focus on product development and the commercialisation of its results as planned.

We will now follow our business plan by preparing for the recommissioning of our pilot manufacturing plant and renewing the necessary permits from the authorities to proceed with our development projects.

No significant changes that would affect our business have taken place in the vaccine market and related R&D activities. Positive reports have been published on the development of a preventive Ebola vaccine. According to our plan, however, we are focusing on the treatment of Ebola and other potentially pandemic viral diseases using the GTU® vector developed for gene therapy.

The revolution in the pharmaceutics market continues. Biological drugs are replacing traditional chemical drugs, which opens up interesting new opportunities for FIT Biotech. It is estimated that new-generation medical treatments will to a large extent be given through gene therapy. FIT Biotech's GTU® technology efficiently transports the genes into a cell, thereby enabling these new-generation treatments. Strong emphasis continues to be placed on antibodies and gene therapy in international biological drug development, which we believe to have a favourable effect on our outlook for the coming years."

FIT Biotech's GTU® technology

FIT Biotech focuses on the development of biological drug candidates by using its proprietary, patented vector technology (GTU). Drug candidates developed on the basis of the company's GTU® technology are finding application in a variety of vaccines and gene therapies. GTU is the company's main technology that it exploits and licenses.

FIT Biotech's development projects focus on the prevention and treatment of diseases especially for indications for which no treatment exists today or medical treatment has shortcomings in efficacy or safety. FIT Biotech develops medical treatments that, in the company's view, incur less product development and manufacturing costs than traditional treatments while offering pharmacoeconomic benefits that will be important as healthcare costs continue to increase. FIT Biotech's special expertise lies in the usage of the DNA vector technology developed in-house for indications where medical needs and healthcare costs are high.

The company primarily focuses on verifying the preclinical efficacy of its developed drug candidates (proof-of-concept). After this, FIT Biotech aims at financing the clinical product development by entering collaboration or licence agreements with major pharmaceutical companies.

Development projects

The company has several development projects relating to GTU drug applications underway, with the GTU vector platform as the common denominator. The objectives of the four main projects are as follows:

Gene therapy

The company aims at verifying the proof-of-concept through preclinical studies and submit a patent application by the end of 2015. The company published the first results of the preclinical studies in May 2015, and expects to receive the final results of the preclinical studies verifying the proof-of-concept in the near future. In case the results are positive, the signing of a licence agreement could be expected during 2016, which would mean that payments based on the licensing agreement will start in 2016.

HIV immunotherapy

Together with several European research institutes and pharmaceutical companies, FIT Biotech is a member of a research consortium aiming to verify the immunotherapeutic efficacy and safety of the company's vaccine based on the GTU technology in controlling the intracellular HIV virus and possibly eliminating it from the organism. The consortium has applied for funding from the European Union's Horizon 2020 framework programme. The consortium has proceeded to the final round of negotiations concerning EU funding, and the agreement is expected to be signed by the end of November 2015.

Preliminary results of the clinical Phase II of the new concept are expected in 2018, after which the company aims at signing a licence agreement with a multinational pharma company.

Therapeutic tuberculosis vaccine

The company aims at concluding licence negotiations with Minhai Biotechnology of China and starting a vaccine development project that would entail licence signing and milestone payments in 2016 and royalties from product sales in late 2020/early 2021.

Animal vaccines

After signing the heads of agreement with QYH Biotech Company Ltd, the company aims at signing a definitive licence agreement in late 2015 or early 2016 when the preliminary studies are completed. In case the licence agreement will be signed, payments will start with a signing fee and subsequent milestone payments. The company expects royalty payments to begin during 2019.

Production

FIT Biotech's preparedness to operate its own GMP (Good Manufacturing Practice) level production facility is one of its strategic strengths. The facility allows the company to produce vaccines used in clinical trials. The facility meets all requirements by the authorities for vaccine production, as well as enables flexible production of pure and safe vaccines for research purposes. The production machinery and equipment have been selected to meet government requirements and to enable sufficient vaccine production without compromising the purity and safety of the vaccine.

The GMP status is granted for a specified duration and expired for the production facility in July 2015. FIT Biotech will apply for reinstating the GMP status prior to restarting test manufacturing.

FIT Biotech's quality assurance system meets the requirements of the Finnish Medicins Act and the Good Manufacturing Practice of the European Union, as well as the updated guidelines requirement of the European Medicins Agency.

Revenue, profitability and financial performance

The company's revenue for the review period amounted to 20.0 (10.0) thousand euro. Due to the product development focus of the company's business, revenue remained small. The revenue was generated through the sales of services related to the HIV vaccine. The company's main objective is to verify the preclinical efficacy of its drug candidates and after that, aim to finance clinical product development by entering collaboration or licence agreements with pharmaceutical companies.

Following expectations, the company's operating profit was 5,388.1 (-1,093.4) thousand euro. Earnings per share were -0.15 (-0.06) euro. The non-recurring expenses related to the company's First North listing amounted to 1,977.0 thousand euro, realised during the review period, (incl. 6,485.2 thousand euro deriving from the decision by Tekes not to collect a part of company's debt, recorded in Other operating items)of which 756.0 thousand euro were paid in cash and 1,241.0 thousand euro were paid as share remuneration. Share remuneration was recorded in Financial expenses on the profit and loss statement and Reserve for invested unrestricted equity on the balance sheet. Currency exchange rates had no significant effect on the profit.

No significant research and development expenses were realised during the review period.

Balance sheet, financing and capital expenditure

The balance sheet on June 30, 2015 stood at 4,610.6  (1,163.1) thousand euro. Share issues during the review period and the First North listing strengthened the company's balance sheet position. The company will use the funds from the IPO to ensure the sufficiency of its working capital and business continuity, finance its research and product development projects, and commercialise the GTU technology. The conversion offering and issue without consideration strengthened the company's capital structure further by decreasing the company's debt and off-balance liabilities by a total of approximately 13.2 million euro when including the automatic conversion of the convertible bonds issued in 2015 into the company's K series shares in connection with the listing.

Cash and cash equivalents on June 30, 2015 amounted to 3,399.0  (361.5) thousand euro.

At the end of the review period on June 30, 2015, the company's short-term debt totalled 566.6 thousand euro and subordinated debt amounted to 11,774.1 thousand euro. Financing expenses amounted to 1,227.5 thousand euro. The remuneration for company's Certified Advisor was recorded in Financial expenses on the profit and loss statement and in Reserve for invested unrestricted equity on the balance sheet. The company did not have distributable funds, and no dividends were paid. Cash and cash equivalents on June 30, 2015 amounted to 3,399.0  (361.5) thousand euro.

No product development investments were made during the review period.

Equity

The company's total equity on June 30, 2015 was -7,729.8 thousand euro. Total equity at the end of the comparison period on June 30, 2014 was -21,043.9 thousand euro.

Share capital on June 30, 2015 amounted to 7,761.0 thousand euro, and the total number of shares was 27,670,281. Equity and subordinated loans totalled 4,044 thousand euro.

In January 2015, the company received a loan of 80 thousand euro for strengthening its working capital from the Finnish Innovation Fund Sitra. The company's Board of Directors, authorised by the Annual General Meeting of February 24, 2015, issued a convertible bond loan of no more than 1.5 million euro on March 11, 2015 to strengthen the company's financial position. The convertible bond loan was subscribed to up to a total of 613.5 thousand euro.

Based on the company's application, Tekes Finnish Funding Agency for Innovation on April 20, 2015 decided not to collect a portion of approximately 6,485.2 thousand euro of the principal of the company's capital loans, as well as the interest on that amount, 1,389.7 thousand euro. In addition, Tekes has granted the company extensions of loan durations.

The company's capital structure was significantly strengthened by the conversion offering in connection with the listing in which the company's subordinated capital loans, other loans and interest receivables were converted into the company's K series shares pursuant to the terms of the issue. A total of 6,237,115 new K series shares were issued without consideration to entities who have interest receivables based on subordinated capital loans from the company, and as a reward to the Certified Advisor of the company assisting with the share issue and listing.

Business continuity and sufficient funding

After the listing in the First North market and after the funds from the IPO reaching the minimum target of 3.5 million euro, the company estimates that it will need additional funding within 12 months after the listing on First North market. The need and magnitude of possible additional funding are dependent on possible adjustments in the cost structure and, if necessary, priorisation of product development and commercialisation projects.

Personnel, management and administration

The number of personnel at the end of the review period was 11 (11 on June 30, 2014 and 12 on December 31, 2014). The number of personnel decreased by 1 person during the review period. Part of the personnel was laid off during the review period, with the layoffs continuing after the period.

In July, the company announced the appointment of Adjunct Professor Milla Koistinaho, Ph.D., to the position of Chief Operating Officer of FIT Biotech Oy. She started in the beginning of August. The other members of the company's Management Team are Kalevi Reijonen (CEO and President), Mart Ustav (SVP, Chief Scientific Officer), Liisa Laitinen (Vice President, HR, Administration & Finance), Matti Lähde (VP Production) and Jussi Seitsonen (VP Quality Assurance and Quality Control).

General Meetings of Shareholders

The ordinary Annual General Meeting of FIT Biotech Oy was held in Helsinki on April 17, 2015. The AGM adopted the financial statements for 2014 and discharged the members of the Board and the CEO & President from liability for the financial period 2014. The AGM decided that no dividends be paid for the financial period 2014, and that the loss for the period, -2,304,135.14, be transferred to the profit and loss account.

The AGM also decided upon the remuneration of the members of the Board of Directors and the auditor. The number of Board members was decided to be five. Rabbe Slätis, Tina Nyfors, Erkki Pekkarinen, Dirk Teuwen and Juha Vapaavuori were elected members of the Board.
The decision was taken to elect the firm of Authorised Public Accountants PricewaterhouseCoopers Oy as the company's auditors with Mr Janne Rajalahti, APA, as the principal auditor.

The extraordinary General Meeting of FIT Biotech Oy was held in Helsinki on May 18, 2015. The Meeting decided upon applying for the admission of the company's K series shares to trading on the First North Finland market maintained by NASDAQ Helsinki Oy.

The General Meeting also decided to authorise the Board of Directors to decide upon the issuance of a maximum of 12,558,000 shares of the new K series against payment in one or more issues. The authorisation also allows the Board to decide upon a directed issue including the right to derogate from the shareholders' preemptive subscription right.

As proposed by the Board of Directors, the Board was further authorised to decide upon the issuance of a maximum of 8,371,000 shares of the new K series without consideration in one or more issues. The authorisation allows the Board also to decide upon a directed issue including the right to derogate from the shareholders' preemptive subscription right. The authorisation may be used to adjust the company's balance sheet position and improve the prerequisites for listing, for the remuneration of the financial advisor, or other purposes decided upon by the Board.

The authorisations are valid for one year from the closing of the General Meeting. The authorisations do not modify or invalidate earlier share issue authorisations to the Board.

Shares and shareholders

Trading with FIT Biotech Oy shares on the Nasdaq First North Finland market commenced on July 1, 2015 with the trading symbol FITBIO. The IPO comprised an institutional offering, a public offering and a conversion offering in which shares were offered to holders of the Company's convertible capital loans and subordinated loans and to one loan holder. A total of 11,109,116 shares were subscribed to in the IPO and the issue without consideration in connection with the offering.

The final subscription price for the shares in the institutional, public and conversion offerings was 1.56 euro per share. Through the offering, the company collected gross funds of approximately 3.5 million euro and strengthened its capital structure by reducing its debts and off-balance interest liabilities by approximately 13.2 million euro, taking into account the offering and the other measures taken.

Due to the trading commencing on July 1, 2015, the company had no trading days during the review period.

The number of shareholders on June 30, 2015 was 395. The major shareholders are listed on the company's website http://www.fitbiotech.com/investors/ownership-table/.

The company's shares are divided into three series, A, D and K, of which only the K series shares are traded on the First North list. The company is not in possession of any of its own shares.

Option and incentive programmes

The extraordinary General Meeting of February 24, 2015 authorised the Board of Directors to decide upon granting option rights to key personnel of the company. The Board of Directors, in its meeting on May 18, 2015, approved the option rights 2015. The option rights will entitle to the subscription of a total of 1,910,000 K series shares. Of the option rights, 1,004,330 are marked 2015A, 301,890 are marked 2015B, 301,890 are marked 2015C ja 301,890 are marked 2015D. The option rights are granted to the key persons without consideration. Each of the option rights entitles to the subscription of one (1) of the company's new shares or shares in its possession. The subscription period for option rights 2015A is July 1, 2016-December 31, 2021, for option rights 2015B January 1, 2018-December 31, 2021, for option rights 2015C January 1, 2019-December 31, 2021, and for option rights 2015D January 1, 2020-December 31, 2021.

The subscription price for shares subscribed to using option right 2015A is 1.25 euro, twenty (20) per cent lower than the subscription price, using option right 2015B 1.56 euro, the subscription price, using option right 2015C 1.56 euro, the subscription price, and using option right 2015D 1.56 euro, the subscription price. The subscription price for shares subscribed using option rights may decrease under certain circumstances; however, the subscription price shall always be at least 0.01 euro.

Risks and uncertainties

Significant risks and uncertainties pertaining to FIT Biotech's business operations are notified in the prospectus for the IPO and listing dated May 29, 2015, available on the company's website at http://www.fitbiotech.com/investors/prospectus/. No significant changes have taken place in the notified risks and uncertainties since the publication of the prospectus.

Litigation and proceedings of public authority

The Finnish Financial Supervisory Authority issued a request for clarification to the company in April 2015 related to the share offerings described under the heading "The company, shares and share capital-Changes in share capital". The company has responded appropriately, and the matter is pending on the date of this half-year interim report.

The company does not know of any other litigation or proceedings of public authority that might have a significant effect on the company's financial position.

Events after the period

After the review period in July 2015, the Horizon 2020 consortium of which FIT Biotech is a member, was selected for the final stage of the European Commission's grant process, agreement negotiations with the EC based on the research proposal by the consortium.

The Board of Directors of FIT Biotech in July decided on the conversion of shares representing different series of the company's shares in accordance with the conversion commitments submitted by the shareholders to the company. The board decided on the conversion of 1,915 A shares and 27,900 D shares into K shares and 1,000 D shares into A shares in accordance with section 5 of the company's articles of association (1:1). After the conversion, the company will have 27,596,817 K shares, 5,229 A shares and 68,235 D shares. The total number of shares in the company, 27,670,281, is not affected by the conversion.

In July, FIT Biotech Oy announced the appointment of Adjunct Professor Milla Koistinaho, Ph.D., to the newly created position of Chief Operating Officer. Her responsibility is to oversee research and business development efforts for the company. Dr. Koistinaho brings over 15 years of R&D and management experience to the company. She started in her new role at FIT Biotech in the beginning of August.

In August, FIT Biotech Oy announced a change in the composition of its Board of Directors. Ms Tina Nyfors, serving on the Board since 2014, resigned from the Board of Directors due to personal circumstances.

Long-term strategic objectives

The business objective of FIT Biotech is to develop drug candidates based on the GTU technology and license them. The company primarily focuses on verifying the preclinical efficacy of its developed drug candidates (proof-of-concept). After this, FIT Biotech aims at financing the clinical product development by entering collaboration or licence agreements with major pharmaceutical companies.

The company is pursuing two new agreements in the fields of gene therapy and HIV immunotherapy besides its present two heads of agreement. In case all of the projects proceed as planned, produce positive results, and the company is able to sign the new agreements it pursues, in particular in the field of gene therapy, the company can expect to collect agreement-based payments in the estimated amount of 3.6 million euro by the end of the year 2016.

In case the product development of the drug candidates developed on the basis of the company's GTU technology progresses more quickly than estimated, or if the product development expenses exceed budgeted estimates, equity financing or debt may need to be raised earlier or in a larger amount than estimated. Similarly, in case product development progress more slowly than estimated, product development expenses and the financing needs to cover them may be delayed. In case the research results are commercialised earlier than expected, this will correspondingly lessen the need for extra financing.

Accounting principles

This half-year interim report is prepared observing good accounting practice and Finnish legislation. Figures in the report are unaudited. The scope of the information follows section 4.6 (e) of the First North rules. The figures are independently rounded.

Financial information

The financial statements release of FIT Biotech Oy for the full year 2015 will be published on March 31, 2016.

Financial statements

Formulas for key figures Equity ratio = Equity / balance sheet total
Earnings per share = Profit for the period / average number of shares

Income statement (FAS)

  Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
  2015 2014 2014 2013
  (unaudited) (unaudited) (audited) (audited)
  (1,000 euro)      
INCOME STATEMENT        
         
Revenue 20,0 10,0 30,0 121,3
         
Other operating income 6 539,0 28,6 221,7 536,7
Materials and services        
Materials and supplies        
Purchases during accounting period -3,4 -1,6 -7,0 -20,7
Outsourced services -97,8 -8,7 -37,4 -69,4
         
Personnel expenses        
Wages and salaries -436,7 -210,2 -419,9 -469,0
Indirect employee costs        
Pension expenses -50,6 -40,1 -72,0 -70,6
Other indirect personnel expenses -22,5 -18,9 -37,4 -26,9
Personnel expenses total -509,8 -269,2 -529,3 -566,5
         
Depreciation and amortisation -77,2 -1 176,5 -1 317,9 -1 820,2
         
Other operating expenses -482,9 -343,8 -650,9 -731,3
         
OPERATING PROFIT (-LOSS) 5 387,9 -1 761,2 -2 290,7 -2 550,2
         
         
Financial income and expenses        
Other interest and financial income        
From others 0,0 0,0 0,5 0,6
Interest and other financial expenses        
To others -1 227,5 -0,4 -13,9 -35,8
Financial income and expenses total -1 227,5 -0,4 -13,4 -35,1
         
PROFIT (-LOSS) BEFORE NON-RECURRING ITEMS   -1 761,6 -2 304,1 -2 585,4
  4 160,4      
         
PROFIT (-LOSS) BEFORE APPROPRIATIONS AND TAXES 4 160,4 -1 761,6 -2 304,1 -2 585,4
         
Income tax        
Taxes for the accounting period - - - -0,2
         
         
PROFIT (-LOSS) FOR THE PERIOD 4 160,4 -1 761,6 -2 304,1 -2 585,5
         

Balance sheet (FAS)

  Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
  2015 2014 2014 2013
  (unaudited) (unaudited) (audited) (audited)
  (1,000 euro)      
BALANCE SHEET        
         
ASSETS        
         
NON-CURRENT ASSETS        
Intangible assets        
Development expenses - - - 1 025,7
Intangible rights 755,5 718,0 698,8 656,6
         
Tangible assets        
Property, plant and equipment 13,6 20,7 15,5 21,5
Other tangible assests - 3,9 - 3,9
         
         
Non-current assets total 769,1 742,6 714,3 1 707,7
         
CURRENT ASSETS        
Receivables        
Short-term        
Accounts receivable - - - 10,4
Other accounts receivable 398,7 57,1 59,8 63,4
Accrued income 43,8 1,9 29,5 10,7
         
         
         
         
Cash and bank receivables 3 399,0 361,5 217,3 122,7
         
Current assets total 3 841,5 420,5 306,6 207,2
         
ASSETS TOTAL 4 610,6 1 163,1 1 020,9 1 914,9
         
  Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
  2015 2014 2014 2013
  (FAS) (FAS) (FAS) (FAS)
  (unaudited) (audited) (audited) (audited)
  (1,000 euro)      
BALANCE SHEET        
         
LIABILITIES        
         
SHAREHOLDERS' EQUITY        
Share capital        
Share capital 7 761,0 158,3 158,3 147,9
Share capital increase - - 2,4 -
         
Share premium account 6 906,1 6 906,1 6 906,1 6 906,1
Other reserves        
Reserve for invested unrestricted equity 9 013,1 6 919,8 7 155,4 5 895,2
         
Profit (-loss) from previous periods -35 570,6 -33 266,5 -33 266,5 -30 681,0
Profit (-loss) for the period 4 160,5 -1 761,6 -2 304,1 -2 585,5
         
Shareholders' equity total -7 729,9 -21 043,9 -21 348,6 -20 317,3
         
         
DEBT        
Long-term        
Capital loans 11 774,0 21 896,1 21 896,1 21 896,1
Loans from others 0,0 - 350,0  
         
Short-term        
Advances received - 180,0 - 180,0
Accounts payable 392,8 53,4 30,6 31,4
Other payables 100,9 19,8 14,1 11,1
Deferred income and accrued liabilities 72,8 57,7 78,8 113,7
         
         
Debt total 12 340,5 22 207,0 22 369,5 22 232,2
         
LIABILITIES TOTAL 4 610,6 1 163,1 1 020,9 1 914,9
         

The remuneration for the company's Certified Advisor was recorded in Financial expenses on the profit and loss statement and in Reserve for invested unrestricted equity on the balance sheet

Statement of source and application of funds (FAS)

  Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
  2015 2014 2014 2013
  (unaudited) (unaudited) (audited) (audited)
  (1,000 euro)      
CASH FLOW STATEMENT        
         
Net cash flow from operations -916,8 -585,0 -1 203,7 -1 006,2
Net cash flow from investments -131,9 -211,0 -324,6 -585,4
Net cash flow from financing activities 4 230,3 1 035,0 1 622,9 1 412,6
         
Change in cash and cash equivalents 3 181,7 238,8 94,6 -179,0
Cash and cash equivalents at the beginning of the period 217,3 122,7 122,7 301,7
Cash and cash equivalents at the end of the period 3 399,0 361,5 217,3 122,7

Statement of changes in equity (FAS)

  Share capital Share
premium
account
Reserve for
invested
unrestricted
equity
Other
unrestricted
equity
Share issue Equity total
Equity Jan 1, 2014 148 6,906 5,895 -33,266 2 -20.00
Changes during period 10   1,260      
Loss for the period       -2,304    
Equity Dec 31, 2014 158 6,906 7,155 -35,570 2 -21.00

  Share capital Share
premium
account
Reserve for
invested
unrestricted
equity
Other
unrestricted
equity
Share issue Equity total
Equity Jan 1, 2015 158 6,906 7,155 -35,570 2 -21.00
Changes during period 7,603   1,858   -2  
Loss for the period       4,161    
Equity Jun 30, 2015 7,761 6,906 9,013 -31,410 0 -7,729.50

Key financial figure (FAS)

  Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
  2015 2014 2014 2013
  (FAS) (FAS) (FAS) (FAS)
  (unaudited) (unaudited) (audited) (audited)
  (1,000 euro)      
KEY FINANCIAL FIGURES        
Revenue 20,0 10,0 30,0 121,3
Personnel expenses -509,8 -269,2 -529,3 -566,5
Depreciation and amortisation -77,2 -1 176,5 -1 317,9 -1 820,2
Other operational expenses -482,9 -343,8 -650,9 -731,3
Profit for the period 4 160,5 -1 761,6 -2 304,1 -2 585,5
Cash flow from operations -916,7 -585,0 -1 203,7 -1 006,2
Cash and cash equivalents 3 399,0 361,5 217,3 122,7
Shareholders' equity -7 729,9 -21 043,9 -21 348,6 -20 317,3
Personnel, average 11 13 12 15

Collateral, contingent liabilities and other commitments

  Jun 30, 2015 Dec 31, 2014
Barred accounts    
Rent security deposits (1,000 euro) 2,378 3,262

General statement

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

FIT BIOTECH OY

Board of Directors

More information:

Kalevi Reijonen
CEO, FIT Biotech Oy
Telephone: +358 40 843 5695
kalevi.reijonen@FITbiotech.com

Certified Advisor: Translink Corporate Finance Oy, telephone +358 20 743 2790

FIT Biotech Oy in brief

FIT Biotech 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 solves a significant challenge in the usability of gene therapy and DNA vaccines.

FIT Biotech applies its GTU® technology in seven drug development projects at the moment, for example cancer (gene therapy), infectious diseases such as HIV and tuberculosis, as well as animal vaccines.

FIT Biotech shares are listed on NASDAQ OMX Helsinki's First North Finland market.

DISTRIBUTION:
NASDAQ OMX Helsinki
Principal media
www.fitbiotech.com

Interim Report H1 2015

Download PDF
Back to list