On August 21, 2020 Ultimovacs ASA ("Ultimovacs", ticker ULTIMO), a pharmaceutical company developing novel immunotherapies against cancer, reported its second quarter 2020 results (Press release, Ultimovacs, AUG 21, 2020, View Source [SID1234563955]). A presentation by the company’s management team will take place today on a webcast at 09:00 CEST.
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The presentation can be followed as a live webcast (access through the link https://channel.royalcast.com/webcast/hegnarmedia/20200821_4/) which will also be available on our website.
Highlights for the second quarter of 2020:
The first patient in the INITIUM trial was enrolled in June, and a total of three patients have been enrolled as per reporting date. The first site in the INITIUM trial opened for patient inclusion in May. The INITIUM trial is a randomized, comparative, multi-center Phase II trial for evaluating UV1 as a treatment for first-line patients with metastatic malignant melanoma.
Similarly, the first patient in the NIPU trial was enrolled in June, and four patients are enrolled as per reporting date. The NIPU trial is a randomized, comparative, multi-center Phase II trial in which UV1 is investigated as a second-line treatment in mesothelioma.
In the US based Phase I trial in malignant melanoma, patient enrollment is now completed with all 10 patients in cohort 2 (dose finding GM-CSF) included. No unexpected safety issues have been observed to date.
The Covid-19 situation has so far had limited impact regarding site openings and patient inclusion. The longer-term effect of the pandemic on the biotech industry and the general ability to conduct clinical trials is still uncertain.
In May 2020, Ultimovacs announced a collaboration with a non-specified big pharma company and a leading European oncology clinical trial group to evaluate UV1 in a third Phase II clinical trial. More information is expected to be disclosed during the third quarter of 2020.
A private placement of new shares to fund the above-mentioned clinical trial was successfully completed in May 2020, raising gross proceeds of MNOK 160.
Carlos de Sousa was appointed the new CEO of Ultimovacs ASA effective 1 June 2020.
Cash flow from operations was MNOK -33.2 in Q2-20. With the proceeds from the private placement in May 2020, total cash and cash equivalents increased by MNOK 115.2 during Q2-20 and amounted to MNOK 483.2 as per 30 June 2020.
The report and presentation are also available on the company website: www.ultimovacs.com/investors/reports-and-presentations