SUMMARY OF THE PERIOD
- Net revenue increased by 54 percent to TSEK 5,622 (3,654)
- The operating profit and loss for the period was TSEK -6,768 (-6,032)
- Profit and loss after tax for the period was TSEK -7,845 (-6,705)
- Earnings per share for the period was SEK -0.28 (-0.40)
- Cash and cash equivalents at the end of the period amounted to TSEK 57,069 (1,273)
SIGNIFICANT EVENTS DURING THE FIRST QUARTER
- Test material from upscaling to large-scale production of silica approved
- Scientific advisory board within inhalation formed
- Collaboration agreement with the pharmaceutical company Zentiva for the use of the NLAB platforms for drug delivery
- SVP Sales and Senior Advisor for chromatography recruited for the US market
SIGNIFICANT EVENTS AFTER THE PERIOD
- Thomas Eldered proposed as new board member
IMPORTANT MILESTONES ACHIEVED IN BOTH BUSINESS AREAS
Successful upscaling of the production of silica to ton scale advances Nanologica’s position in the preparative chromatography field. At the same time, the company’s platform for inhalation advances through a toxicology program, with eyes set on clinical studies.
Sales for the first quarter amounted to TSEK 5,622, where the majority is derived from our partner project with Vicore Pharma. This is our strongest first quarter yet and we expect the growth to continue overtime, first driven by partner projects within Drug Development, then by preparative chromatography. Preparative chromatography is expected to start generating revenue late this year or in the first half of 2022.
Our venture in preparative chromatography has yet again taken a giant leap forward, with the approval of test material from the upscaling to large-scale manufacturing of silica. This concludes that we have successfully transferred kilo scale methods into ton scale and that the risk of upscaling the production has been eliminated. Production of commercial material is now ongoing at ton scale and the first commercial product is expected late this year, after which we can start delivering on customer contracts.
Securing further customers within preparative chromatography is one of our main targets for the year. Customer dialogues are progressing and having large-scale manufacturing capacity in place makes it possible for us to cater to the customers’ needs of evaluating larger quantities of silica before moving into contract negotiations. Our sales organization has also been strengthened by the recruitment of an SVP Sales and Senior Advisor for Chromatography.
In Drug Development, we are currently preparing toxicity studies on our NLAB Spiro® platform for inhalation. We are also preparing animal studies with interesting APIs for inhalation, with the aim of showcasing the versatility of the technology. These pre-clinical Proof of Concept studies are expected to be finalized during 2021.
Our NLAB Spiro® platform is also advancing with the first batch of GMP manufactured NLAB Spiro® silica particles under production. The batch is expected to be completed during the second quarter and material from the batch will be delivered to Vicore Pharma for the VP02 program. Furthermore, we have formed a scientific advisory board for inhalation with the purpose of advancing the NLAB Spiro® platform towards clinic in the best possible way.
All in all, the year has started on a high note. The work currently carried out by the team may not yet be visible in our books, but I am convinced that the growth of the company will take off later this year or in the first half of 2022.
/Andreas Bhagwani, CEO