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Xspray Pharma publishes Interim report Q4, January – December 2020

“Our business model is different from traditional drug development. Instead of developing a new drug candidate that will have to undergo Phase I, Phase II and Phase III studies, our technology platform produces amorphous PKI versions that need to demonstrate bioequivalence with already marketed drugs. Several of the marketed PKI:s are highly variable and have low solubility, several studies may be required to achieve bioequivalence, which we see with HyNap-Dasa. Repeated studies are a common procedure in generic drug development. Our development process is now established, and we will be able to work with several drug candidates in parallel to maximize the number of approved products.” Per Andersson, CEO Xspray Pharma (publ)

Significant events during the fourth quarter, 2020

  • In October, a directed new issue of shares was made at a subscription price of SEK 142.50 per share. The issue raised approximately SEK 265 million before transaction costs and increased the number of shares by 1,861,291, from 17,031,213 to 18,892,504.
  • In October, the composition of the Nomination Committee for the 2021 Annual General Meeting was announced.
  • In December, Xspray Pharma received HyNap-Nilo orphan drug status from the FDA for the treatment of chronic myeloid leukemia.
  • In December, Xspray Pharma received positive results from a study with HyNap-Dasa during treatment with omeprazole.

Significant events after the end of the reporting period

  • As of January 4, 2021, the company's shares were moved from Nasdaq Small Cap to the Mid Cap segment after a significant increase in share price during 2020.
  • In January, Xspray Pharma announced results from the ex-tra fasting bioequivalence study conducted with HyNap-Dasa, the results were in line with previous bioequivalence studies.
  • In January, it was announced that CEO Per Andersson and other warrant holders subscribed for shares in Xspray Pharma through their respective exercise of the full num-ber of warrants available in the warrant program LTIP 2015/2021.
  • In February, the Nomination Committee of Xspray Pharma proposed to elect Anders Ekblom as new Chairman. The Nomination Committee further proposed to reelect the former Board members and elect Anders Bladh as a new Board member. Resolutions will take place at the Annual General Meeting on May 20, 2021.

October - December 2020, Group

  • Net sales amounted to SEK 0 thousand (0)
  • Earnings before tax amounted to SEK -14,972 thousand (-18,738)
  • Earnings per share before dilution amounted to SEK -0.81 (-1.20)
  • Cash flow from operating activities amounted to SEK -11,717 thousand (-11,546)
  • Cash flow from investing activities amounted to SEK -27,926 thousand (-24,147)

January - December 2020, Group

  • Net sales amounted to SEK 0 thousand (0)
  • Earnings before tax amounted to SEK -52,410 thousand (-45,771)
  • Earnings per share before dilution amounted to SEK -3.05 thousand (-3.01)
  • Cash flow from operating activities amounted to SEK -47,792 thousand (-34,237)
  • Cash flow from investing activities amounted to SEK -96,828 thousand (-91,994)
  • Cash and cash equivalents and current investments at the end of the period totalled SEK 325,598 thousand (209,872)
Source: MFN
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