Fintech PR
Immunovia Publishes Interim Report for January-June 2023
LUND, Sweden, Aug. 30, 2023 /PRNewswire/ —
April-June 2023
- Net sales amounted to kSEK 412 (103) divided by sales of tests kSEK 351 (45) and royalties kSEK 61 (58).
- Net earnings were MSEK -170 (-34) and earnings per share before and after dilution were SEK -4.00 (-1.49).
- Earnings during the second quarter has been charged with SEK 141 million, which mainly consist of non-cash flow one-off costs such as depreciation and write-downs of intangible assets as a result of the decision to cease commercialization of the IMMray™ PanCan-d test in the US, but also termination and severance pay which will have a cash impact.
- Cash Flow from operating activities amounted to MSEK -43 (-41).
- Cash and equivalents at the end of the period amounted to MSEK 144 (197).
- On April 12, the Company announced the outcome of the rights issue. The Rights Issue was subscribed to 75.1 percent and Immunovia thereby received approximately MSEK 151.8 before issue costs.
- On April 25, the Company gave notice for the Annual General Meeting on Friday 26th May 2023.
- On April 26, the Company announced a discussion on adoption of IMMray™ PanCan-d with key opinion leaders held on May 3.
- On April 29, the Company announced the appointment of Jeff Borcherding as global CEO replacing Philipp Matthieu.
- On May 6, the Company announced that the board member Philipp von Hugo resigned from Immunovia’s board at his own request.
- On May 22, the Company informed on changes to the Nomi- nation Committee’s proposal to the Annual General Meeting 2023 and in addition to the previously proposed re-election of Peter Høngaard Andersen, the Nominating Committee proposed re-election of Hans Johansson and Martin Møller and new election of Michael Löfman.
- On May 26, the Company published the summary of the resolutions made at the Annual General Meeting 2023.
- On May 31, the Company informed that, as a result of new shares being issued in the rights issue the number of outstanding shares and votes have increased by 22,655,917, from 22,631,581 to 45,287,498.
- On June 9, the Company informed that Jeff Borcherding, CEO of Immunovia, purchased 350 000 shares for approximately kSEK 670.
Significant events after the period
- On July 11, the Company announced that it will cease commercialization of IMMray™ PanCan-d test in the United States to focus resources on development of the next generation pancreatic cancer detection test.
CEO’s comments
As announced in July, we are significantly restructuring Immunovia to focus on our novel next-generation test for detection of pancreatic cancer. These changes are difficult but necessary to improve the company’s runway and strengthen our product offering. We continue to move quickly to streamline our operations, develop our next-generation test, and optimize our cost structure. Development of the next-generation is progressing well, and we expect to conduct clinical studies during 2024.
We are rapidly creating a new Immunovia grounded in our existing strengths. We are true to our vision, we have unique assets, we are cost efficient, and we are focused on our clinical mission: to save lives through early detection of pancreatic cancer.
External and internal challenges required significant action
Our strategic reset was triggered primarily by three key external challenges. First, private insurers and government payers in the U.S. require extensive clinical evidence supporting the accuracy and clinical utility of diagnostic tests before they are willing to pay for those tests. Second, proving clinical utility in pancreatic cancer detection is difficult, often requiring large studies conducted over many years. To demonstrate clinical utility in a prospective study at a reasonable cost, we must participate in large studies conducted by a consortium of sites. These trials will likely study more than one test, including other commercial assays and CA19-9 alone. We must be confident that our test will succeed in this comparison. Third, overall access to capital has declined significantly, especially for pre-profit companies like Immunovia.
These external dynamics amplified internal product and financial challenges at Immunovia. Our product, the IMMray™ PanCan-d test, was limited by its reliance on CA19-9, one of the biomarkers in the test. CA19-9 is also not produced by about 10% of the general population, preventing the use of the test in these patients. Worse, the inability to produce CA19-9 disproportionately impacts certain people, including those of African ancestry and Hispanic ethnicity. These populations also show a higher prevalence of pancreatic cancer. As a result, we have both a moral and clinical obligation to serve these individuals equally and eliminate healthcare disparities. We could not do so with our first-generation IMMray™ PanCan-d test.
Financially, our prior efforts to reduce operating costs were not sufficient. Commercializing the IMMray™ PanCan-d test required a significant investment in selling and marketing in the U.S. Producing testing supplies for the proprietary IMMray platform also resulted in substantial labor and materials costs in Lund.
These dynamics led the Board and management to conclude that the best and most viable path forward was to discontinue selling the current IMMray test, significantly reduce expenses, and focus resources on developing and testing our next-generation product.
Our next-generation test provides reason for optimism
Despite these tough decisions, I am excited about the promise of our next-generation test for the early detection of pancreatic cancer. The test will incorporate new biomarkers identified through a discovery study evaluating thousands of proteins circulating in the blood. The new test is being designed to work across racial and ethnic groups without compromising accuracy. It will be conducted on a commercially available lab testing platform, achieving scale, reducing fixed costs, and lowering future cost of goods sold.
We have strong assets moving forward: Development expertise, an extensive sample bank and strong relationships
The experience, assets, and relationships Immunovia has built over the years will enable us to accelerate development of the next generation test. For example, our research and development partnership with Proteomedix is highly productive and gives us access to leading experts in proteomics test development. We have accumulated thousands of blood samples which we will use to develop and test our new product. Relationships with investigators, key opinion leaders and advocacy associations in the U.S. and Europe will enable us to test the assay in clinical studies that these investigators are leading. In summary, Immunovia maintains unique strengths to solve the clinical challenge of early detection of pancreas cancer.
We are dramatically improving our cost structure
In parallel with increasing our focus on the next-generation product, we are optimizing our cost structure in a significant way by reducing staffing and operating expenses. We forecast that our burn rate will be in the range of 25-30 MSEK per quarter beginning in Q1 2024, down 15-20 MSEK vs. Q1/Q2 2023. After accounting for transition costs of approx. 20 MSEK, we expect to have sufficient cash to support operations well into 2024.
Earnings during the second quarter has been charged with SEK 141 million, which mainly consist of non-cash flow one-off costs such as depreciation and write-downs of intangible assets, but also termination and severance pay which will have a cash impact.
Going forward, we will benefit from lower fixed costs and reduce our cost of goods sold by transitioning from the proprietary IMMray platform, which required in-house production of arrays and other supplies, to a commercially available platform.
We have a clear vision for achieving our mission
Our mission has not changed: We will save lives through early detection of pancreatic cancer. What has changed is how we achieve our mission. Going forward, Immunovia will be leaner and more capital efficient.
Critically, we will partner at nearly every stage of the product life cycle to leverage the expertise of our collaborators and reduce costs. For product development, we will continue to partner with Proteomedix. For clinical research, we will partner with investigators and research consortia who are conducting early detection trials. For production, we will transition from the high-cost, proprietary IMMray testing platform to a widely used approach called ELISA. Finally, we will explore a variety of options to commercialize the new test in order to drive awareness and adoption in a less capital-intensive way.
We are creating a very different Immunovia-one that is leaner, more agile, more cost-conscious, and more connected to our customers and patients. I realize the journey to this point has been very difficult for our investors, stakeholders, and employees. Please know that we are working hard to create the company that will reward you for your investment in Immunovia.
August 30, 2023
Jeff Borcherding, CEO and President
Immunovia AB
For more information, please contact:
Jeff Borcherding
CEO and President
[email protected]
Karin Almqvist Liwendahl
Chief Financial Officer
[email protected]
+46 70 911 56 08
The information in this report is information that Immunovia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 am CET on August 30, 2023.
Conference call
Immunovia will hold a webcast tele conference at 15:00 CET on August 30 with President and CEO Jeff Borcherding and CFO Karin Almqwist Liwendahl.
To take part of the presentation, please dial one of the numbers or watch via the web link below.
Sweden: +46 8 5051 0031
United Kingdom: +44 207 107 06 13
United States: +1 631 570 56 13
Link to the webcast: https://link.edgepilot.com/s/55898572/0v6JeODzJ0OaR5rjK1wJ1g?u=https://creo-live.creomediamanager.com/0916b506-5ec6-4678-b83a-ab16e40022e3
Immunovia in brief
Immunovia AB is a diagnostic company whose mission is to increase survival rates for patients with pancreatic cancer through early detection. Immunovia is focused on the development and commercialization of simple blood-based testing to detect proteins and antibodies that indicate a high-risk individual has developed pancreatic cancer.
Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups to make its test available to individuals at increased risk for pancreatic cancer.
USA is the world’s largest market for detection of pancreatic cancer. The company estimates that in the USA, 1.8 million individuals are at high-risk for pancreatic cancer and could benefit from annual surveillance testing.
Immunovia’s shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com
CONTACT:
The following files are available for download:
|
https://mb.cision.com/Main/13121/3825978/2260893.pdf |
Interim Report Q2 2023 (PDF) |
|
https://mb.cision.com/Public/13121/3825978/9e707f8b6906355c.pdf |
Press release (PDF) |
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Fintech PR
PostEra announces expansion to $610M in their AI drug discovery collaboration with Pfizer
BOSTON, Jan. 7, 2025 /PRNewswire/ — PostEra, a biotechnology company specializing in machine learning for preclinical drug discovery, today announced an expansion of their partnership with Pfizer. The parties will launch a new Antibody-Drug-Conjugate (ADC) collaboration while also expanding their existing $260M AI Lab collaboration, which itself was built upon a successful Generative Chemistry partnership.
The teams will leverage PostEra’s AI platform, Proton, a pioneering innovation in generative chemistry and synthesis-aware design, to advance several programs. These new programs include small molecule therapeutics as well as ADCs, where PostEra will use Proton to optimize properties of payloads.
PostEra will receive an upfront payment of $12M and is eligible to receive additional milestone payments and tiered royalties on any approved products arising out of the collaboration.
Over the last 3 years, as part of the AI Lab, PostEra and Pfizer scientists have partnered closely to advance several small molecule programs. After Pfizer nominated the maximum number of programs, the teams have agreed to expand the collaboration to include additional targets with PostEra receiving additional upfront payment and eligibility for milestones and royalties.
“We’re pleased to significantly expand the use of PostEra’s Proton platform. This builds on peer-reviewed publications with Pfizer validating the real-world impact of AI-driven drug discovery in hitting preclinical milestones faster than anticipated,” said Alpha Lee, Chief Scientific Officer of PostEra. “This third partnership with our long-term collaborators at Pfizer underscores Proton’s depth and strength in making a meaningful impact on real-world drug discovery campaigns,” added Aaron Morris, CEO of PostEra.
About PostEra
PostEra is building a modern 21st century biopharma. We use Proton, our AI platform for medicinal chemistry, to accelerate the discovery of new medicines for patients. PostEra is advancing an internal pipeline while also advancing small molecule programs through partnerships with biopharma. We’ve closed over $1Bn in AI partnerships including 4 multi-year agreements with Pfizer and Amgen. PostEra is also leading an antiviral drug discovery center for pandemic preparedness, funded by one of the largest grants in NIH history.
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The partnership combines Radius’s strategic insights framework with Illuminas’s expertise in the technology and financial services sectors, thereby strengthening Radius’s capabilities across B2B and consumer markets.
NEW YORK, Jan. 7, 2025 /PRNewswire/ — Radius Global Market Research, a leading global insights and strategy firm, has announced its acquisition of Illuminas North America, a multidisciplinary research consultancy with headquarters in Austin, Texas. The acquisition strengthens Radius’s ability to deliver actionable insights for its global clients and enhances its expertise in supporting strategic insights needs of clients across industries.
Financial details were not disclosed.
Combining Expertise for Greater Insights
The acquisition integrates Radius’s Brand Growth Navigator framework with Illuminas’s strength in data science and deep expertise with technology and service-related industries. Illuminas is renowned for bridging gaps in customer understanding through tailored, data-driven solutions that illuminate optimal paths to success and drive growth for global brands.
“Illuminas’s proven capabilities in technology-focused research and their expertise in supporting B2B companies make them an ideal partner for Radius,” said Chip Lister, managing director of Radius Global Market Research. “This partnership enhances our ability to deliver insights that address critical business challenges for our clients, especially in industries where technology and innovation are key drivers of success.”
Expanding Capabilities for Clients Worldwide
Founded in 2002, Illuminas North America has built a reputation as a trusted partner for Fortune 500 companies and industry leaders. With deep expertise in technology, financial services, and dynamic global markets, Illuminas employs innovative and foundational research techniques, including quantitative and qualitative tools, to deliver insights that go beyond data to uncover compelling narratives.
“Our partnership with Radius will allow us to expand the reach and impact of our work,” said Jay Shutter, Principal and CEO of Illuminas. “By combining our customer-focused methodologies with Radius’s strategic insights framework, we’ll be better equipped to deliver actionable research that empowers our clients to make confident, informed decisions. This is a tremendous opportunity to enrich the value we provide to clients across the globe.”
Global Reach and Local Expertise
Illuminas North America’s offices in Austin, Texas, and Great Falls, Virginia, will enhance Radius’s ability to deliver insights worldwide. This acquisition follows Radius’s January 2025 acquisition of 7th Sense and its January 2024 acquisition of London-based Strive Insight, further extending the firm’s global footprint. Together, Radius and Illuminas will provide a seamless integration of advanced research tools and industry-specific expertise to support clients in achieving their goals.
About Radius Global Market Research
Founded in 1960, Radius is a full-service marketing research consultancy headquartered in New York City, with offices across the U.S. and globally. Radius supports brand growth through its Brand Growth Navigator framework, helping clients align insights with strategic priorities to maximize ROI. Its expertise spans industries, including technology, financial services, and consumer goods. Visit www.radiusinsights.com for more information.
About Illuminas North America
Illuminas is a strategic market research consultancy founded in 2002, specializing in bridging gaps in customer understanding. Headquartered in Austin, Texas, with an office in Great Falls, Virginia, Illuminas provides customized research solutions using proprietary methodologies to uncover insights for technology, financial services, and hospitality industries. The team combines quantitative and qualitative research methods to deliver insights that empower decision-making and drive business growth. Visit www.us.Illuminas.com for more information.
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Fintech PR
Fisher Investments Finalizes Strategic Partnership with Advent and ADIA with Completion of Minority Common Stock Investment
Fisher Investments’ Founder Ken Fisher Maintains Majority Controlling Interest
PLANO, Texas, Jan. 7, 2025 /PRNewswire/ — Fisher Investments (“FI”) announced that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) completed a previously announced minority investment in Ken Fisher’s namesake firm, Fisher Investments. The $3 billion common stock investment by Advent and ADIA values FI at $12.75 billion.
The transaction was part of Ken Fisher’s long-term estate planning and ensures FI’s long-term private independence, culture, growth evolution and devotion to exceptional client service. Ken Fisher remains active in his current role as FI’s Executive Chairman and Co-Chief Investment Officer and retains a majority of beneficial ownership and over 70% of voting shares in FI. FI CEO Damian Ornani continues to drive FI’s day-to-day operations and business strategy. In connection with the investment, David Mussafer, a Managing Partner at Advent, has joined the board of directors at FI, and Gabriela Weiss, a Principal at Advent, has joined as a board observer at FI.
As of 12/31/24, FI managed nearly $300 billion for over 170,000 clients globally, including over 130,000 US private clients and 200 of the world’s largest and most well-known institutional clients. This is the first outside investment in FI, with previous ownership solely among family and employees. There is no further FI investment transaction contemplated. The investment in common shares includes neither options nor non-common stock preferences and includes proportional voting to the investors’ beneficial ownership in FI.
Ken Fisher said, “While my health is excellent, this transaction is aimed dually at long-term estate tax and planning purposes should anything untoward happen to me. Advent and ADIA are truly exceptional partners who value us operationally and culturally, and are committed to preserving what differentiates FI in our industry.”
Damian Ornani, longtime FI CEO, said, “We welcome Advent and ADIA’s support of our mission to help more new clients around the world.”
David Mussafer said, “We are thrilled to cement Advent’s partnership with FI at a moment when there is a growing need for the smart, independent and personalized financial expertise that FI is recognized for providing for 45 years. We look forward to closely collaborating with Ken, Damian and the rest of the FI team to support the company’s continued growth, drawing on Advent’s deep expertise in helping financial services companies best capitalize on the opportunities ahead.”
J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to FI. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.
About Fisher Investments
Founded in 1979, Fisher Investments is an independent, fee-only investment adviser. Fisher Investments and its subsidiaries manage nearly $300 billion across three principal businesses—Institutional, US Private Client, and Private Client International. Founder and Executive Chairman Ken Fisher wrote the Forbes “Portfolio Strategy” column for 32 ½ years until 2017, making him the longest running columnist in its history. He now writes monthly for the New York Post and discreet unique columns in native language, varying by country, in 26 major nations, spanning more countries and more total volume than any other columnist of any type in history. Ken has appeared regularly on major TV news like Fox Business and News, BBN Bloomberg and CNN International. Ken has written 11 investing and finance books, including four New York Times bestsellers. For more information, visit www.fisherinvestments.com.
About Advent International
Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $88.8 billion in assets under management* and have made more than 420 investments across 43 countries.
Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.
As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.
To learn more, visit our website connect with us on LinkedIn.
*Advent assets under management (AUM) as of June 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
About Abu Dhabi Investment Authority
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information, visit www.adia.ae.
Media Contacts
For Fisher Investments
Naj Srinivas
Executive Vice President, Corporate Communications
[email protected]
For Advent International
Leslie Shribman
Head of Communications
[email protected]
For ADIA
Garry Nickson
Corporate Communications & Public Affairs
[email protected]
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