Kurs & Likviditet
Beskrivning
Land | Norge |
---|---|
Lista | Euronext Growth Oslo |
Sektor | Hälsovård |
Industri | Medicinteknik |
2023-02-15 20:28:43
OSLO - February 15, 2023: SoftOx Solutions AS ("SoftOx" or the "Company"), a
medtech and clinical-stage pharmaceutical company based in Oslo, Norway, today
announces its results for the fourth quarter.
"2022 was a defining year for the SoftOx technology. We delivered promising
results from two clinical trials and gained the approval for our disinfectants
in Sweden. The conditions and funding in connection with the European Defence
Fund have also been agreed upon, aiding a clear strategy and set of priorities
for business development," said Christian Harstad, Interim Chief Executive
Officer of SoftOx Solutions.
Q4 highlights
(Figures in brackets represent the corresponding period in 2021 unless stated
otherwise)
The final study report of the SBE-01 Phase 1 study confirmed safety and
tolerability in patients with chronic leg wounds and provided indications of
clinical efficacy with dose-dependent reductions in bacterial burden and wound
size
Final approval received on biocidal products application for hand and surface
disinfection from the Swedish Chemicals Agency (KemI). This approval allows
SoftOx to sell its disinfection products in Sweden outside the healthcare
segment
Convertible loan secured from existing shareholders of NOK 25 million and SoftOx
refinanced the NOK 15 million convertible loan as reported on 28 June 2022
Following the extraordinary general meeting on 9 December 2022, the Board of
Directors strengthened with the additions of Henrik Nielsen, Adrian Bignami and
Jørgen Berggrav, together with the existing members Kari Myren and Olav Jarlsby.
Geir Almås was elected Executive Chairman of the Board and has stepped down from
his role as Chief Executive Officer of SoftOx
Effective 1 January 2023, Christian Harstad was appointed interim CEO bringing
his skill set, experience and diverse network in the defence sector to SoftOx as
the company progresses in its collaborations with the European Defence Fund and
the US Naval Medical Research Center
Harald Sætvedt joined as Chief Financial Officer in January 2023 bringing his
solid experience in international corporate finance
Q4 pre-tax results ended with a loss of NOK 25.5 million (loss of NOK 20.5
million). Results are characterized by continuing primary research and
development activities
Subsequent events/near-term considerations
In early January 2023, SoftOx announced the signing of the final grant agreement
with the COUNTERACT Consortium and the European Defence Fund (EDF). The project
involves key European players to develop a military medical countermeasure
inhalator based on the SoftOx technology
The EDF project involved a partial prepayment of approximately EUR 2.25
million upon signature of the agreement. However, the project coordinator has
communicated a change in the prepayment plan, such that SoftOx will receive the
prepayment in arrears. The first prepayment will be approximately EUR 843,000
which is to be paid in the first quarter 2023. The remaining prepayment is
expected to be paid in arrears in the fourth quarter of 2023 and 2024
The revised timing of the prepayment has created liquidity issues for the
company. SoftOx is working intensively to secure short-term financing of up to
NOK 25 million to fund operations over the next few months. Furthermore, the
company has initiated a process to address and secure a longer-term funding of
the company. The company believes that the solid clinical results in both the
wound care and respiratory projects, combined with a well-defined development
path to market, create a good foundation for attracting high quality and
competent investors
The Company will not host a presentation and Q&A session on this occasion. An
extended presentation will be held during week 9. Further information on the
presentation and registration details will follow.
For further information, please contact:
Christian Harstad, Interim CEO of SoftOx Solutions AS, or
Geir Almås, Executive Chairman of SoftOx Solutions AS
Mail: ir@soft-ox.com
Phone: Front Desk: (+47) 948-59-599
About SoftOx Solutions AS
SoftOx Solutions AS (SoftOx, listed on Euronext Growth Oslo) is a medtech and
clinical-stage pharmaceutical company based in Oslo, Norway, with the goal of
reducing the spread of infection and emergence of antimicrobial resistance.
For more information on SoftOx, visit www.soft-ox.com