STOCKHOLM, May 14, 2019 /PRNewswire/ --
FIRST QUARTER (JAN-MAR
2019)
- Net profit after tax SEK 563.9
million (2.0)
- Total profit for the period SEK 504.5
million (5.6)
- Diluted earnings per share SEK
31.95 (0.12)
- Net revenue SEK 15.6 million
(0.0) *
- EBITDA SEK 7.3 million (-10.0)
*
- Operating profit (EBIT) SEK 5.0
million (-10.0) *
- Operating cash flow per share SEK
1.45 (0.66)
- Cash and cash equivalents amounted to SEK 1 596.9
million (102.5)
* represents continuing operations
only
SIGNIFICANT EVENTS IN THE FIRST QUARTER
- On February 12, 2019, Moberg
Pharma entered into an agreement with RoundTable Healthcare
Partners and Signet Healthcare Partners to divest the OTC business
for cash consideration of USD 155
million. In addition, the new investors are providing
USD 5 million in financing to develop
and commercialize MOB-015. The sale was completed on March 29, 2019. As part of the transaction, the
purchaser has subscribed and paid for 660,843 series B shares in
the company, increasing the total number of shares in the company
from 17,703,762 to 18,364,605 after the issue's completion. The
company has also issued 659,421 warrants without consideration.
Neither the newly issued series B shares, the warrants nor any
shares subscribed for by exercising the warrants will be entitled
to the OTC dividend.
- On February 11, 2019, Moberg
Pharma entered into an exclusive license agreement with Bayer for
commercialization of MOB-015 in Europe after finalized Phase 3 studies and
registration. Under the agreement, Moberg Pharma is eligible to
receive up to EUR 50 million,
including EUR 1.5 million paid at
signing, upon successful development and sales, in addition to
royalties and supply fees.
- An Extraordinary General Meeting on March 15, 2019 resolved to convert the company's
financial year from the calendar year to a fiscal year,
July 1 – June
30. The Extraordinary General Meeting also elected
Andrew B. Hochman as ordinary member
of the Board of Directors, conditional on and with effect from
closing of the transaction.
- On March 22, 2019, the company
announced that it had completed the recruitment of 452 patients
with onychomycosis (nail fungus) for the ongoing MOB-015 Phase 3
study in Europe.
- On April 1, 2019, Moberg Pharma
gave notice of early redemption of all outstanding bonds on
April 29, 2019 at an amount equal to
104.00 percent of the nominal amount. The redemption amount, plus
interest, was repaid in its entirety on April 29.
- In a press release on April 8,
2019 the company's Nomination Committee announced that it
had proposed the election of Peter
Wolpert as Executive Chairman of the Board of Directors.
Contingent on the Annual General Meeting's approval of a new Board
of Directors, and approval from the new Board, Anna Ljung has been proposed as the new CEO of
Moberg Pharma.
SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER
- On April 1, 2019, Moberg Pharma
gave notice of early redemption of all outstanding bonds on
April 29, 2019 at an amount equal to
104.00 percent of the nominal amount. The redemption amount, plus
interest, was repaid in its entirety on April 29.
- In a press release on April 8,
2019 the company's Nomination Committee announced that it
had proposed the election of Peter
Wolpert as Executive Chairman of the Board of Directors.
Contingent on the Annual General Meeting's approval of a new Board
of Directors, and approval from the new Board, Anna Ljung has been proposed as the new CEO of
Moberg Pharma.
STATEMENT FROM THE CEO
The divestment of our OTC business represents a major change
for Moberg Pharma and allows shareholders to recognize a compelling
value for both components of the business. Since April 1, 2019, Moberg Pharma has a fully funded
business whose main goal is to make MOB-015 the future market
leader in onychomycosis.
My final report as CEO follows a very eventful quarter that
concluded a phase in the company's history. Recently, we
successfully divested the OTC business, which we had built up and
refined since 2006. Instead we are in the near term fully focused
on the development and commercialization of new pharmaceutical
products. The transaction provided a capital gain of 556 MSEK after
transactions costs, and the effect on the total profit was 502
MSEK, enabled us to repay the entire bond loan and to make a
distribution to the shareholders of approximately SEK 43–45 per
share planned for November 2019. We
retain the upside of the remaining, fully financed business,
focusing on MOB-015, whose potential alone substantially exceeds
the value of the divested portfolio.
Continued focus on the US
The US will remain Moberg Pharma's most important market going
forward, but this time with an emphasis on the much larger
prescription market for nail fungus treatment. The
commercialization plans for MOB-015 comprise a combination of
direct sales and co-marketing with partners focused on the US, as
well as out-licensing to other markets such as the EU, Japan, Canada
and China – all with patent
protection until 2032. Two attractive license agreements for
MOB-015 are already in place in Canada (Cipher) and Europe (Bayer), and we look forward to adding
exciting collaborations in the future. The agreement with Bayer was
signed in the first quarter, and the partnership with this leader
in OTC fungal treatments is an important proof of the large
potential for MOB-015.
A new organization under new leadership
Since April 1, the organization has
its sights set on the development, registration and
commercialization of the future market leader in treatment of
onychomycosis. It is a journey we have already made with Kerasal
Nail and one we now intend to repeat with MOB-015 – this time under
the leadership of Anna Ljung, the
proposed CEO and the CFO of the company since our start. With the
new management team that was recently presented, the organization
is well-staffed for the challenges that await. After thirteen
intensive and rewarding years as CEO and after the OTC divestment,
Moberg Pharma is now entering a new stage and it is a logical time
for a new management to take over. I will be continuing to support
the business based on the company's new needs, in areas such as
business development in and outside the US and in investor
relations.
My sincere thanks
I would again like to thank both current and former employees,
without whose valuable efforts none of this would have been
possible. You are simply fantastic! I would also like to express my
sincere gratitude to our shareholders and the Board of Directors,
who have supported us on this exciting and eventful journey and
continue to stand behind us in the next stage as we are aiming to
create the future market leader in nail fungus. Next on the agenda
is the election of a new Board of Directors at the Annual General
Meeting. The next milestone will be the first interim results from
the Phase 3 program for MOB-015, which are expected later this
year, in parallel with continued commercialization preparations.
It's time for Moberg Pharma 2.0!
Peter Wolpert, CEO of Moberg
Pharma
CONFERENCE CALL
CEO Peter Wolpert will present the report at a
telephone conference today, May 14,
2019, at 3:00 p.m. CET.
Dial-in: SE: +46 8 505 583 59, US: +1 833 526 83 80.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Peter Wolpert, CEO, Phone:
+46-707-35-71-35, US +1-908-432-22-03, E-mail:
peter.wolpert@mobergpharma.se
Anna Ljung, CFO, Phone:
+46-70-766-60-30, e-post: anna.ljung@mobergpharma.se
ABOUT THIS INFORMATION
This information is information that Moberg Pharma 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 persons set out above, at 8.00
a.m. CET on May 14th,
2019.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/moberg-pharma/r/moberg-pharma-ab-interim-report-january---march-2019,c2813116
The following files are available for download:
https://mb.cision.com/Main/1662/2813116/1044642.pdf
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Moberg Pharma AB
interim report January - March 2019
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SOURCE Moberg Pharma