Initial aspirations to address the mRNA/LNP field, initiated in 2023, have been met well beyond expectations. When it comes to proof of concept, we now have proven the successful LaminarPace® application on successive levels regarding this most difficult modality, mRNA in LNP formulation; in cell testing, in animal testing, in partner projects and in our internal development. Furthermore, we have proof generated that we can create inhalable mRNA, something much desired by industry, but challenging.

As a result, we have a solid pipeline of dialogues we take forward, like reported. There are several leading so called Big Pharma Corporations where we are in scoping stage, and several high calibre Biotech companies where we now are having dialogues for inhaled medications. Several confidentiality agreements were signed only this final week before the holidays. These inhalation discussions are particularly important: for these projects, the ability to achieve robust, dry powder forms is not only beneficial and saving a lot of money but a must for dry powder inhalation. We look forward to taking dialogues forward to signed contracts in the near future.

The interesting inhalation edge of our technology also brought us into a large consortium of mRNA experts around the world, and this high calibre group managed to submit a grant application together in record time, in November.

During the year we concluded three feasibility studies for important partners, with good and excellent results. The Ziccum team stepped up to this, taking on the dialogue with leading mRNA experts and successfully delivering solid read-outs.

It is important to bring the equipment development further, and it has been rewarding to build in-depth understanding of the LaminarPace® performance in 2024. Designing the customized nebulizer design and setting the path for the product outtake in continuous operation, ensuring the platform to operate efficiently for any biologic compound to be processed, forced us to run extensive testing with a lot of learnings as a result. In parallel, our colleagues in Zürich, the ZHAW institute, supported the development by 3D-simulations ensuring a good plan for the continuous production plan, and we completed the first 1.0 digital twin version.

The large amounts of data generated made it possible to build our IP protection further, and the three new patent families were complemented with a lot of data in the spring, for both process parameters and relevant product formulation, before publication in October this year. All in all, we have a very different position now, not only knowing how the LaminarPace® process performs, but also why – and how to optimize it.

Securing capital for our continued efforts is critical. Grants and revenues from feasibility studies have provided valuable contributions, but more capital will be required. The most recent rights issue yielded less than we had anticipated, to a large extent due to factors that were out of company control. As a consequence, the board of directors and I are carefully overseeing our short-to-midterm tactics, reviewing our finances to ensure careful spending and capital planning.

The industry interest for Ziccum’s technology is substantial and increasing. It is of great value to ensure that Ziccum and LaminarPace® can help making new and better patient treatments possible.

Together with the entire team, let me extend our very best wishes for

A Merry Christmas & A Happy New Year,

Ann Gidner, CEO

Lund, 23 December 2024