First quarter 2021
Figures for 2021 and 2020 refer to the Group.
- Other operating income amounted to KSEK 1,597 (1,185)
- Result after taxes amounted to KSEK -4,773 (-3,784)
- Basic and diluted earnings per share: SEK -0.05 (-0.04)
- Cash flow for the period amounted to KSEK -4,309 (-3,624)
- Solidity: 92 (86)%
Significant events during the first quarter of 2021
Spectracure strengthened the team with the consultant and business developer Johan Ingemansson. The company published a status update, a data evaluation and a continued plan for the ongoing pandemic relating to the clinical trial involving treatment of patients with recurring prostate cancer. All in all, 17 patients have completed the treatment. In conjunction with the outbreak of the pandemic, all clinical trials except those related to COVID-19 were put on hold in most hospitals around the world. The team at Memorial Sloan Kettering is standing by to commence patient treatments as soon as the situation permits. At the Princess Margaret Cancer Centre in Toronto, cancer trials have been put on hold for the time being. In addition, a two-week quarantine currently applies for travellers entering Canada, which makes the cooperation challenging. The team at Princess Margaret Cancer Centre is also standing by to commence patient treatments as soon as the situation permits. At UCLH in London, the trial was resumed on October 8, 2020, and recruitment is now underway. As previously disclosed, SpectraCure intends to apply for a so-called Accelerated Approval for the method. This will require a robust set of Phase 2 clinical data.
Significant events after the end of the period
The Nomination Committee resolved to propose that members of the board Ulf Bladin, Hans Bornefalk, Ingemar Kihlström, Katarina Svanberg and Sune Svanberg be re-elected by the Annual General Meeting of SpectraCure AB (publ) on Tuesday, May 18, 2021. Ingemar Kihlström is proposed for re-election as Chairman of the Board. Masoud Khayyami, current member of the board, has declined re-election. The Nomination Committee has decided to propose Dr. Homer Pien as a new member of the board.
Johan Folkunger, SpectraCure’s new CEO, took office on May 3, 2021.
CEO comments
My first weeks as CEO of SpectraCure have gone by fast, and they were fast-paced and very interesting. I have had meetings with all employees to acquaint myself with the technology, the clinical trial and the collaborations that are underway, and I have also held discussions with the Board of Directors. I am impressed by the determination and commitment I see around me, and I am getting a clearer picture of the company, our current situation and our focus in the short and long term.
I note that the technology developed by SpectraCure offers a wide range of possibilities for the treatment of cancer with PDT. The strategy and focus on treatment of recurrent prostate cancer, where alternatives are scarce, non-curative and associated with undesirable side effects, appear to be pertinent. At the same time, positive results in this area will pave the way for additional interesting indications, obviously including the treatment of primary prostate cancer. The further-developed laser device, which will be more convenient to use in the continued clinical trial, in combination with the IDOSE® dose planning platform, provide for effective and personalized treatment. The cooperation that SpectraCure has engaged in with the Royal Free London NHS Foundation Trust, relating to breast cancer treatment with PDT to assess the possibility of using PDT as a first alternative to surgery and radiotherapy, is an interesting example of the interest in the application of SpectraCure's therapy in other indications.
I feel a powerful support from the company's Board of Directors and, at the same time, welcome that the Nomination Committee has proposed Dr. Homer Pien as a new addition to the Board. I have had the privilege of getting to know Homer during my tenure at Philips, and I look forward to the opportunity to benefit from the breadh and depth of his skills, which range from development and innovation to strategic positioning and commercialization.
In the light of the foregoing, I look forward with confidence to the patient treatments in our clinical study being able to restart as soon as possible, while I vigorously start working on the commercial strategic issues. Together with SpectraCure's competent staff and dedicated Board, we will reach the goal – to introduce and commercialize SpectraCure’s treatment system.
During the quarter and the process that preceded my decision to accept the role as CEO of the company, I made note of certain press coverage that partly involved SpectraCure. I am of the firm opinion that this publicity in no way is relevant to the actual position of SpectraCure today, or its future potential.
Finally, I would like to thank Masoud Khayyami and my colleagues for an introduction well implemented. I eagerly look forward to the continued work, alongside the staff as well as the Board of Directors.
Lund, May 2021
Johan Folkunger
CEO of SpectraCure AB (publ)
Please note that the Interim Report Q1 is in Swedish.
This information is information that SpectraCure AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, on May 18, 2021, at 3:45 p.m.
For further information, please contact:
SpectraCure AB (publ), CEO, Johan Folkungeri, telephone: +46(0) 70 250 54 74.
SpectraCure was founded in 2003 as a spin off from Lund University and LTH Faculty of Engineering. The company focuses on cancer treatments with medical systems based on laser light sources, connected to the tumour by way of optical fibers, in combination with a photoreactive drug. The method is referred to as Interstitial Photodynamic Therapy, PDT. The treatment is suitable for internal solid tumours of various kind, such as prostate and pancreatic tumours, but also for example for cancers of the head and neck.www.spectracure.com.
The share is traded on Nasdaq First North Premier Growth Market under the ticker SPEC. G&W Fondkommission is the Certified Adviser of the company, e-mail: ca@gwkapital.se, telephone: +46(0) 8-503 000 50.
