On May 6, 2020 Saniona reported that its interim report for the first quarter 2020 (Press release, Saniona, MAY 6, 2020, View Source [SID1234557146])

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Financial highlights

Q1 2020 (Q1 2019)
· Net revenues were SEK 0.5 M (1.7 M)
· EBIT was SEK -30.6 M (-29.1 M)
· Net profit/loss was SEK -28.2 M (-24.8)
· Earnings per share were SEK -0.96 (-1.06)
· Diluted earnings per share were SEK -0.96 (-1.06)

Business highlights in Q1 2020

In January, Saniona appointed Rami Levin as its President and Chief Executive Officer. Rami Levin will oversee the transformation of Saniona to a fully integrated rare disease biopharmaceutical company. He has extensive commercial experience in CNS and rare diseases, both in U.S. and globally. Jørgen Drejer, previous CEO, was appointed Chief Scientific Officer.
In January, Saniona completed a private placement of SEK 25 million and proposed a financing of up to SEK 158 million comprising a combination of the directed issue and rights issue of warrants totaling SEK 111 million – 133 million at a strike price of SEK 25 – 30 per share as well as a loan facility of SEK 25 million.
On February 18, 2020, Saniona co-founded new migraine therapy company Cephagenix.
CFO Thomas Feldthus has left the company and Saniona has initiated a search for a new, U.S.-based CFO. Anita Milland, the current VP of Finance and Administration, was appointed interim CFO and Head of IR, and Jørgen Drejer assumed the role of Deputy CEO.
On 18 March 2020, Saniona announced the completion of its the six-month double-blind Phase 2 trial of Tesomet in hypothalamic obesity.
In March, Saniona signed a second research collaboration agreement with Boehringer Ingelheim in schizophrenia.

Significant events after the reporting period

In April, Saniona reported positive topline results from its Phase 2 Trial of Tesomet in Hypothalamic Obesity. The double-blind placebo controlled results showed that Tesomet was safe and well tolerated and on its main efficacy end points it showed that Tesomet was statistically significantly different than placebo.
Saniona reported the appointment of Rudolf Baumgartner, M.D., as Chief Medical Officer and Head of Clinical Development. Dr. Baumgartner will be based in the US, along with CEO Rami Levin.