STOCKHOLM, Aug 23, 2017 /PRNewswire/ --Cantargia AB's ("Cantargia") half year for the period January until June 2017 is now available on the company's web page www.cantargia.com/en/investors/Financial reports.
Significant events in the second quarter
During the second quarter Cantargia received preliminary patent approval, which will protect CAN04 both as a substance and specifically for treatment of various forms of cancer in both Europe and the United States. Cantargia also received patent approval in China for use of IL1RAP as target molecule for antibody-based therapy of acute lymphoblastic leukemia.
CAN04 showed to have good safety characteristics in two separate GLP studies – a toxicity study and a study looking at how CAN04 binds to tissue from healthy volunteers. The studies confirm Cantargia's expectation that CAN04 will have a good level of safety for patients. Cantargia thereafter submitted an application for authorisation to start its clinical phase I/IIa trial with CAN04.
During the second quarter Cantargia recruited Bengt Jöndell, who since the 22nd of May 2017 is working as the company's CFO.
Cantargia concluded a partnership agreement with Panorama Research Inc. ("Panorama"), a California-based company specialising in antibody development. According to the agreement, Panorama will invest in Cantargia's CANxx project in exchange for a portion of future revenues from third parties or future sales. The parties will jointly engage in intensive development focused on autoimmune and inflammatory diseases.
Results generated with CAN04 were presented at the joint meeting of the European, American and Italian cancer research organisations EACR, AACR and SIC in Florence. The preclinical studies show that IL1RAP is expressed in cell lines from triple negative breast cancer and non-small cell lung cancer, and that CAN04 can block and kill the same cell lines.
Significant events after the end of the period
Cantargia received approval to initiate its CANFOUR clinical study in Denmark and Norway in which patients with various forms of cancer will receive treatment. The application is under review in additional countries.
Chairman of the Board Magnus Persson subscribed for 85,000 warrants and CEO Göran Forsberg subscribed for 14,000 shares of the company.
Cantariga's CEO, Göran Forsberg, gave a presentation at the Småbolagsdagen small cap investor event in Stockholm. The presentation is available at www.cantargia.com.
Highlights of the financial information
First half (1 Jan 2017 – 30 Jun 2017)
- Other operating income was kSEK 0 (0).
- Earnings after financial items were kSEK -32,472 (-16,023).
- Earnings per share* were approximately SEK -1.01 (-0.91).
- The equity/assets ratio** was approximately 89 (87) per cent.
Second quarter (1 Apr 2017 – 30 Jun 2017)
- Other operating income was kSEK -321 (0).
- Earnings after financial items were kSEK -15,297 (-7,926).
- Earnings per share* were approximately SEK -0.48 (-0.45).
* Earnings per share: Profit for the period divided by 32,075,508 shares as at 30 June 2017.
** Equity/assets ratio: Equity divided by total capital.
Unless otherwise indicated, figures in parentheses refer the same period in the previous year.
For further information, please contact
Göran Forsberg, CEO
This constitutes information that Cantargia is required to publish under the EU's Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the above contact person at 08.30 CET on 23 August 2017.
Cantargia AB (publ), reg.no. 556791-6019, is a biotech company that is developing antibody-based treatments for life threatening diseases. The original discovery by the research team behind Cantargia was the overexpression of a specific target molecule, interleukin 1 receptor accessory protein "IL1RAP", in leukemia stem cells, later research has also identified IL1RAP in a large number of other forms of cancer. The lead compound, CAN04 directed against IL1RAP, will be investigated in the CANFOUR phase I/IIa clinical trial in with primary focus on non-small lung cancer and pancreatic cancer. CAN04 has a dual mechanism of action, it blocks IL1RAP function and stimulates the immune system to eradicate tumor cells. Cantargia's second project is in discovery phase with the goal to develop an IL1RAP binding antibody optimized for therapy of autoimmunity and inflammatory diseases.
Cantargia is listed on Nasdaq Stockholm First North (ticker: CANTA). Sedermera Fondkommission is the company's Certified Adviser. More information about Cantargia is available at http://www.cantargia.com.
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