Interim report for the fourth quarter and full year 2014
March 11, 2015
CORTENDO REPORTS RESULTS AND ACTIVITIES FOR THE FOURTH QUARTER AND FULL YEAR 2014
HIGHLIGHTS - Q4 2014 AND POST PERIOD
- Cortendo closed two private placement financings totaling approximately SEK 302 million ($37 million) during Q4 2014 and Q1 2015 with several well-known institutional specialist healthcare investors. Cortendo is pursuing a U.S. financing and listing strategy.
- COR-003 (levoketoconazole) Phase 3 SONICS trial - continued progress on trial implementation and recruitment. Twenty-seven trial sites have now been activated, and ten patients have been dosed with COR-003, as of Feb. 28, 2015. Overall the SONICS trial is on track with the stated timeline to have the last patient visit occur during the first half of 2017 and potential regulatory filings in the second half of 2017.
- Dr. Ruth Thieroff-Ekerdt appointed Chief Medical Officer.
- The Journal Diabetes published pre-clinical data on BioPancreate’s novel diabetes treatment, BP-2001.
- Nomination committee proposed John H. Johnson as Chairman and Richard Kollender as director of the Board.
- Net loss for the Group was SEK 29.0 million for the fourth quarter and SEK 59.1 million for the full year, compared to SEK 9.7 million and SEK 27.7 million for the same periods in 2013, reflecting increased R&D and other activities offset by foreign exchange gains.
- Cash and cash equivalents at December 2014 amounted to SEK 122.1 million ($ 15.6 million), compared to SEK 97.1 million at 31 December 2013. At the end of February 2015, cash and cash equivalents amounted to approximately SEK 318 million ($ 38 million).
For the full report see attached pdf-file.