Simris Alg interim report January - March 2021

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Simris Alg

07 May, 2021, 09:00 GMT

STOCKHOLM, May 7, 2021 /PRNewswire/ -- INCREASED ACTIVITIES IN NEW BUSINESS VERTICALS, NEW E-COMMERCE PLATFORM LAUNCHED

Simris Alg AB (publ) (FNSE:SIMRIS) has published its financial results for January – March 2021.

MSEK

Jan-Mar 2021

Jan-Mar 2020

Jan-Dec 2020

Net sales

0.492

0.265

2.166

Operating results

-7.462

-6.859

-23.694

Earnings before tax

-6.853

-6.486

-25.537

Net cash from operating activities

-7.478

-5.980

-19.485

Cash at end of period

8.463

1.641

16.512
  • Net sales were 0.492 MSEK (0.265) during the quarter. Net sales in the US were 0.308 MSEK (0.128).
  • The operating result was –7.462 MSEK (–6.859).
  • Christoffer Tell was appointed CFO.
  • Three business verticals were presented - SIMRIS BIOMIMETICS for cosmetics and pharmaceuticals, SIMRIS NOVEL FOODS for new food ingredients, and consumer brand SIMRIS for omega-3 supplements.
  • New e-commerce platforms were launched on simris.com for the US market and eu.simris.com for Sweden and the EU.
  • EFSA, the EU Food Safety Authority, granted an extension of the deadline to submit requested additional information to Simris Alg's application for authorisation under the Novel Food Regulation. New deadline is September 1, 2021.

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

  • The company presents a new development plan including new product candidates and upcoming milestones. New board members proposed to the AGM by the nomination committee will strengthen company management to realise the company's potential.
  • Simris Alg signs a five-year agreement with Anhalt University of Applied Sciences in Germany (AUAS) for the development of new biologically active substances from microalgae for advanced skincare. The collaboration increases Simris Alg's R&D capacity and aims to accelerate product development within the Simris Biomimetics business vertical.

COMMENT FROM THE CEO: FIRST STEPS IN NEW MARKETS

Those who have followed Simris Alg for a while have surely noticed the significant changes in our business which we implemented during the last quarter. Having successfully developed our platform from lab to industrial scale and taken our first products to market, we have now entered the next phase for real. Here, Simris continues to lead the development of microalgae biotechnology through our new business verticals, in particular Simris Biomimetics. Biologically active ingredients from microalgae for advanced skincare are aimed at a global market worth well over USD 500 billion, meaning we are sitting on a unique gold mine with almost untapped commercial potential. The first quarter also saw a pleasing increase for our e-commerce in the United States, following the launch of our new online store. Continued growth here is important to attract the right partner to operate our US sales of Simris® Algae Omega-3 in the future. Hence, we are excited and look forward to our new board of directors, which will play a key role in realising the potential of Simris moving forward. Spring has arrived! 

The full version of the report is available in Swedish at www.simrisalg.se/investerare

FOR MORE INFORMATION, PLEASE CONTACT:
Fredrika Gullfot
CEO Simris
Tel: +46 761 345 474
email: gullfot@simris.com 

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