On February 20, 2024 Isofol Medical AB (publ), (Nasdaq Stockholm: ISOFOL), reported that the company’s year-end report for January – December 2023 is now available on the company’s website, www.isofolmedical.com (Press release, Isofol Medical, FEB 20, 2024, View Source [SID1234640277]).
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The information in the press release is intended for investors.
Fourth quarter, October – December 2023
Net revenue amounted to kSEK 0 (1,857) and other revenue to kSEK 0 (0)
The result for the period amounted to kSEK -8,883 (-25,284)
Earnings per share amounted to SEK -0.05 (-0.16)
Cash and bank balance on December 31 amounted to kSEK 138,148 (190,533)
January – December 2023
Net revenue amounted to kSEK 721 (12,797) and other revenue to kSEK 0 (0)
The result for the period amounted to kSEK -37,071 (-159,793)
Earnings per share amounted to SEK -0.23 (-0.99)
The Board of Directors proposes that no dividend will be paid for the 2023 financial year
Significant events during the fourth quarter 2023
On October 5, the company announces that they have received an abstract from the investigator-initiated academic study, Modelle 001, that was conducted with arfolitixorin. Isofol will review the full results when they are published, likely in the spring of 2024.
On November 9, the company announces that it has obtained a request from shareholders corresponding to a minority of at least 10 percent to call an extra general meeting to decide on the election of additional board members.
On December 7, Isofol announced that they have received the first results from laboratory tests of arfolitixorin.
On December 28, Isofol presented additional results from laboratory tests with arfolitixorin showing supplementary effects.
Significant events after the event of the period
On an extraordinary general meeting on January 4, a new board was elected consisting of Jan-Eric Österlund (chairman), Dr. Alain Herrera, Professor Sten Nilsson, Dr. Helena Taflin and Lars Lind.
On January 9, the Board of Directors appointed Petter Segelman Lindqvist as new Chief Executive Officer.
On January 10, Isofol appointed Magnus Hurst as new Chief Financial Officer.
On February 14, the company announced the start of clinical trial planning. A strategic plan is to be published on March 19 and an investor meeting will be held on the same day.
For additional significant events that occurred during the year, please advise previous quarterly reports.
CEO comment
"Our analyses so far indicate that arfolitixorin remains a viable drug candidate and has the potential to become a valuable addition to the treatment arsenal. Everything points to the fact that this potential is best demonstrated in new clinical trials, and we are working purposefully and with a sharp focus on planning for their implementation as soon as possible. During 2023, the company has successfully decreased its costs, freeing up resources for upcoming development activities", says CEO Petter Segelman Lindqvist.