Nanoform Finland PLC, 2020 Half Year Financial Report, 28 August 2020 At 8:10 Am EEST

Nanoform Finland PLC, 2020 Half Year Financial Report, 28 August 2020 At 8:10 Am EEST

PR Newswire

HELSINKI, Aug. 28, 2020

HELSINKI, Aug. 28, 2020 /PRNewswire/ -- Nanoform's half year financial report January-June 2020: Positive momentum continues to build after successful IPO, near-term business target: "to acquire more new customers in 2020 than in 2019" achieved in July.

April-June 2020 in brief:

January-June 2020 in brief:

Significant event during H1/2020:

Significant events after H1/2020:

Nanoform's CEO Prof. Edward Hæggström:

The first half of 2020 goes to the history books. The COVID-19 global outbreak that started in China in December 2019, hit Europe and the US hard during March 2020. More or less all global travel between countries was banned and all work that could be done remotely was done from home. Fortunately, our commercial team travelled extensively during 2019 and the beginning of 2020 and introduced our technology to many prospective customers, which made follow-up discussions, negotiations and even signing contracts possible virtually. I'm also pleased that we've been able to initiate discussions with entirely new leads during Q2/2020.

I'm very proud that during the first seven months of 2020 we have won more new customers than we did during the entire 2019. I'm confident that the strong commercial momentum will continue, as starting from September 1, we will have doubled the size of our global commercial team after hiring two experienced US-based business development professionals.

Having met our second short-term business target (the first one we met in April, when the Finnish Medicines Agency gave us GMP status) and having successfully listed Nanoform - here I want to take the opportunity to explicitly thank all investors for the faith you have placed in the Nanoform team, the response we got from you during our roadshow was remarkable and energizing - my focus is now on ensuring that Nanoform enters the next stage on its growth trajectory. By that I mean the world of GMP projects supplying material to clinical trials with the long-term vision to help a billion patients. Based on the work done so far I'm confident that we are on track towards achieving our third and fourth short-term business targets, namely starting our first GMP project before year end 2020 and first dosing of nanoformed Active Pharmaceutical Ingredients (API) in humans in 2021.

None of this can be done without our amazing employees and great partners! My sincere THANK YOU to you all for your continued dedication to Nanoform and for the inspiring and innovative work for which we are known. Our journey has only begun, let's make the coming five years as exciting as the first five have been!

Company near-term business targets for 2020 and 2021 (unchanged):

Company mid-term business targets 2025 (unchanged):

Change in equity and outstanding shares during the reported period:

On June 30, 2020 Nanoform had 66,583,772 (37,006,319) shares. Each share entitles to one vote at the General Meeting of Shareholders. On June 30, 2020, the Group's share capital was EUR 80,000 (EUR 2,500). On June 3, 2020, the Company has issued 20,289,856 and 2,898,551 new shares with directed share issues in connection with the listing. The holders of stock options program 1/2016 exercised their options to subscribe for 1,300,000 shares on April 22, 2020. On June 30, 2020 the Company's total equity was EUR 69.47 million (EUR 12.18 million).

Nanoform Group's key figures, Financial KPI's:

         

EUR thousand

4-6/2020

4-6/2019 

1-6/2020

1-6/2019 

 1-12/2019

                                   

                                   

Revenue

 

191


 

342


 

49

                                   

Gross profit

 

159

 

-90

 

262

 

-145

 

 

-323

                                   

EBITDA

 

-6,348

 

-1,488

 

-10,485

 

-2,488

 

 

-6,900

                                   

Operating loss

 

-6,622

 

-1,579

 

-10,987

 

-2,663

 

 

-7,344

                                   

Loss for the period

 

-6,758

 

-1,647

 

-11,345

 

-2,791

 

 

-7,554

                                   

Basic EPS (EUR)

 

-0.14

 

-0.04

 

-0.23

 

-0.08

 

 

-0.19

                                   

Net debt

 

-69,751

 

-7,958

 

-69,751

 

-7,958

 

 

-3,640

                                   

Net debt excluding lease liabilities

 

-74,101

 

-9,748

 

-74,101

 

-9,748

 

 

-6,626

                                   

Investments in property, plant and equipment

 

-514

 

-360

 

-838

 

-467

 

 

-1,804

                                   

Operative free cash flow

 

-6,863

 

-1,848

 

-11,322

 

-2,955

 

 

-8,704

                                   

Cash and cash equivalents (end of period)

 

75,155

 

10,394

 

75,155

 

10,394

 

 

7,303

Nanoform Group's key figures, Operational KPI's:

        

EUR thousand

4-6/2020

4-6/2019

 1-6/2020 

1-6/2019

1-12/2019

                                   

                                   

Number of new projects started during the period







                                   

Non-GMP

 

1

 

0

 

5

 

0


 

2

                                   

GMP

 

0

 

0

 

0

 

0


 

0






                                   

Number of lines (end of the period)






                                   

Non-GMP

 

7

 

4

 

7

 

0


 

4

                                   

GMP

 

1

 

0

 

1

 

0


 

0







                                   

Number of employees (end of the period)

 

55

 

33

 

55

 

33


 

43

Nanoform's complete half year financial report January-June 2020 can also be found at: https://nanoform.com/en/financial-reports-and-presentations/

Telephone conference for analysts, investors and media:

Nanoform H1/2020 Conference Call Friday August 28th 09:00 EEST (08:00 CEST)

Nanoform will hold a conference call in connection with the Q2/2020 report. Nanoform is represented by CEO Edward Hæggström, CFO Albert Hæggström, CCO Christian Jones, CBO Gonçalo Andrade and Director of Investor Relations Henri von Haartman.

Please call 5-10 minutes prior to the event for a prompt start. Participants Dial in (Access Code: 793554):

Finland (Local) 075 3252542

Denmark (Local) 89 87 50 45

Sweden 0200 123 717

Sweden (Local) 010 884 80 16

Denmark 80 82 00 35

Norway (Local) 815 03 308

United Kingdom 0800 640 6441

United Kingdom (Local) 020 3936 2999

Switzerland (Local) 022 518 90 26

US and all other locations +44 20 3936 2999

Viewing the presentation: www.incommuk.com/ customers/nanoformcall (Access Code: 793554)

For further information, please contact:

Albert Hæggström, CFO

albert.haeggstrom@nanoform.com / +358 29 370 0150

For investor relations queries, please contact:

Henri von Haartman, Director of Investor Relations

hvh@nanoform.com / +46 7686 650 11

Certified Adviser: Danske Bank A/S, Finland Branch, +358 40 562 1806

About Nanoform

Nanoform is an innovative nanoparticle medicine enabling company. Nanoform works together with pharma and biotech partners globally to reduce attrition in clinical trials and enhance their molecules' formulation performance through its nanoforming services. The Company's patented and scalable Controlled Expansion of Supercritical Solutions (CESS®) technology produces nanoformed API particles as small as 10nm. This enables poorly soluble molecules in the pharmaceutical pipeline to progress into clinical development by increasing their rate of dissolution and by improving their bioavailability. Nanoform's unique technology provides novel opportunities in many value-enhancing drug delivery applications.For more information please visit http://www.nanoform.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/nanoform/r/nanoform-finland-plc--2020-half-year-financial-report--28-august-2020-at-8-10-am-eest,c3182930

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