Period April – June 2020
• Net sales: 0 (0) TSEK.
• Other operating income: 2 161 (3 137) TSEK.
• Profit after financial items: -4 389 (-2 814) TSEK.
• Earnings per share: -0,03 (-0,05) SEK.
Period January – June 2020
• Net sales: 0 (0) TSEK.
• Other operating income: 6 219 (4 772) TSEK.
• Profit after financial items: -12 055 (-5 285) TSEK.
• Earnings per share: -0,10 (-0,10) SEK.
• Liquidity at the end of the period: 18 026 (21 839) TSEK.
• Equity ratio at the end of the period: 70,98 (59,35) %.
Significant events in the second quarter of 2020
• Cobra Biologics achieves an important milestone in CombiGene’s epilepsy project CG01 through the delivery of the first DNA plasmid needed to produce CG01. The production method for plasmids is now fully developed and the first plasmid is produced for use in manufacturing of CombiGene’s gene therapeutic drug candidate CG01.
• CombiGene completes the rights issue of shares and warrants, so-called units, which was decided by the Board of Directors on February 18, 2020. The subscription period ran from 20 March 2020 to 3 April 2020. Rights issue was subscribed for SEK 26.28 million before issue costs.
• CombiGene transacts a directed issue of units consisting of shares and warrants totaling SEK 4 million to Modelio Equity AB (publ) (”Modelio”) and Oscar Molse essentially under the same conditions as the recently completed rights issue that contributed SEK 26.28 million to the Company.
• In connection with the rights issue and the directed issue in April, warrants of series 3 and series 4 were issued. Upon full exercise of all series 3 and series 4 warrants, the Company will receive a maximum of approximately SEK 39,37 million, before issue costs
• On June 29, 2020, CombiGene AB held its Annual General Meeting in Lund. The Annual General Meeting voted on all proposed matters in accordance with the Proposal of the Board of Directors or the Nomination Committee. Bert Junno, Jan Nilsson, Jonas Ekblom and Per Lundin were elected as new board members. Peter Nilsson was re-elected as a board member. Bert Junno was elected as the new Chairman of the Board. The AGM voted that fees for the period between the 2020 Annual General Meeting and the 2021 Annual General Meeting shall be paid SEK 125,000 to ordinary board members who do not receive salary from the company and SEK 200,000 to the Chairman of the Board. For further information, please see the company’s website: combigene.com
Significant events after the end of the period
Epilepsy Project CG01
• At the beginning of the third quarter, CombiGene’s production partner Cobra Biologics (Cobra) completed production and delivery of the two remaining DNA plasmids.
• Cobra has also produced three GMP master cell banks. This means that CombiGene now has a uniform starting material for all future production of the three plasmids with quality and characteristics that are exactly the same at each individual production batch. The master cell banks can thus be used every time CombiGene needs to manufacture new plasmids for the production of CG01 for future clinical studies and commercial production.
• CombiGene, together with the Spanish CDMO manufacturer Viralgen, has conducted a pilot study to evaluate the possibilities of using Viralgen’s suspension method for the production of the drug candidate CG01.
• CombiGene has completed a tropism study showing that CG01 is only expressed by the nerve cells in the hippocampus and not the glial cells (a type of supporting cells in the brain).