STOCKHOLM, Feb 21, 2017 /PRNewswire/ --
Important steps forward and new research collaborations
Important events October – December 2016
• The development of CicloMulsion for acute kidney injury was discontinued and as a consequence, the value of the subsidiary NeuroVive Asia was written-down by 50 percent and all previously capitalized expenditure in connection with CicloMulsion was recognized as an impaired value
• New business model implemented which encompass out-licensing of projects for common indications, as well as proprietary development of orphan indication projects
• Positive preclinical results obtained in an experimental model for non-alcoholic steatohepatitis (NASH), a very serious and common disease for which no medication is currently available
• In a termination agreement, all rights for NV556 were returned to NeuroVive from Arbutus Biopharma. NeuroVive also received material manufactured by Arbutus valued at USD 1.5 million
Important events after the end of the period
• The company's new generation of sanglifehrin-based compounds demonstrate potent inhibitory effects on human hepatocellular cancer cells and the results were presented at a scientific conference
• The company decided to redirect research resources from Asian subsidiary to parent. The operations in Taiwan have been sold to the current Taiwanese shareholder
• A mitochondrial medicine research agreement regarding the NVP015 project was signed with US key opinion leader
• A collaboration agreement was signed with Karolinska Institutet, Stockholm, Sweden, and the indication mitochondrial myopathy was added to the project portfolio
Fourth quarter (October – December 2016)
• Net revenues were SEK 14,000 (0) and other operating income was SEK 14,000 (23,000)
• Loss before tax was SEK 14,580,000 (7,366,000)
• Loss per share* was SEK 0.34 (1.75)
• Diluted loss per share** was SEK 0.34 (1.75)
Twelve months (January-December 2016)
• Net revenues were SEK 14,000 (2,502,000) and other operating income was SEK 104,000 (522,000)
• Loss before tax was SEK 71,845,000 (90,801,000)
• Loss per share* was SEK 1.67 (3.01)
• Diluted loss per share** was SEK 1.67 (3.01)
* Profit/loss for the period divided by the average number of shares before dilution at the end of the period.
** Profit/loss for the period divided by the average number of shares after dilution at the end of the period.
The complete Year End report is available for download below and through the NeuroVive web site www.neurovive.com.
For more information concerning this report, please contact:
Telephone: +46 (0)46-275-62-20
This information is information that NeuroVive Pharmaceuticals (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 a.m. CET on 21 February 2017.
NeuroVive Pharmaceutical AB is a leader in mitochondrial medicine. The company is committed to the discovery and development of medicines that preserve mitochondrial integrity and function in areas of unmet medical need. The company's strategy is to take drugs for rare diseases through clinical development and into the market. The strategy for projects within larger indications outside the core focus area is out-licensing in the preclinical phase. NeuroVive enhances the value of its projects in an organization that includes strong international partnerships and a network of mitochondrial research institutions, as well as expertise with capacities within drug development and production.
NeuroVive has a project in early clinical phase II development for the prevention of moderate to severe traumatic brain injury (NeuroSTAT®). NeuroSTAT has orphan drug designation in Europe and in the US. The R&D portfolio consists of several late stage research programs in areas ranging from genetic mitochondrial disorders to cancer and metabolic diseases such as NASH.
NeuroVive is listed on Nasdaq Stockholm, Sweden (ticker: NVP). The share is also traded on the OTCQX Best Market in the US (OTC: NEVPF).
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SOURCE NeuroVive Pharmaceutical