#Sweden #Immunovia #pancreatic cancer detection #early diagnosis #Lund

Immunovia's Interim Report for January-September 2024

Immunovia AB, a diagnostic company committed to improving early detection of pancreatic cancer, has released its interim report for the period covering January to September 2024. This report highlights key financial figures, operational milestones, and strategic plans moving forward.

Financial Overview

During the third quarter of 2024, Immunovia generated net sales totaling 235 KSEK from royalties, a significant decrease from the previous year’s 488 KSEK. However, the net earnings reported a loss of -51.1 MSEK, which widened from -38.6 MSEK year over year. This decline reflects the intensive R&D spending as the company pushes to improve its diagnostic products. The earnings per share, both before and after dilution, were reported at -0.73 SEK, slightly better than the -0.91 SEK from the same quarter in 2023.

Operational cash flow also reported a negative figure of -21.2 MSEK, although it marks an improvement over the -35.6 MSEK from the previous year. By the end of September, the company had cash and cash equivalents amounting to 54.2 MSEK, down from 106.7 MSEK.

Key Developments

Immunovia achieved several milestones during the reporting period:

• - In July, a new laboratory became fully operational after a rapid setup and validation process.
• - Significant discoveries related to next-generation tests for early pancreatic cancer detection were shared at the PancreasFest 2024, held on July 25.
• - The company announced advancements in their pancreatic cancer detection test, increasing accuracy significantly by August 1.
• - A provisional patent application for the next-generation test was filed on August 2.
• - Immunovia's test was included in a major NIH-funded study focusing on pancreatic cysts announced on August 5.
• - Completing a rights issue that saw over 90% subscription, exceeding expectations, provided necessary funding for future endeavors.

Plans for Market Introduction

Looking ahead to 2025, Immunovia's CEO Jeff Borcherding shared insights regarding the company’s strategic plans for introducing its next-generation test in the US market. The company aims for a targeted launch in the second half of 2025. The test will be processed exclusively in their lab located in Research Triangle Park, North Carolina.

Borcherding emphasized the focus on demonstrating physician and patient demand during the initial launch phase. The goal is to secure evidence of clinical usage that will be vital for future reimbursement discussions with payers.

In 2025, Immunovia plans to conduct additional clinical studies to solidify the validity and effectiveness of their testing methods, particularly within high-risk populations. They aim to investigate new high-risk groups and expand their clinical validation efforts.

Building Strategic Partnerships

In light of the lessons learned from their prior product launch, Immunovia emphasizes the need for strategic partnerships to maximize their market reach. Building relationships with robust diagnostics companies will enhance their ability to increase test volumes and facilitate broader distribution of their upcoming products.

Commitment to Shareholders

Borcherding reiterated the company's commitment to its shareholders and the importance of transparency. He expressed appreciation for the shareholder support shown during the rights issue and emphasized the team’s dedication to driving Immunovia's success.

As Immunovia continues to grow and adapt in the landscape of pancreatic cancer diagnostics, stakeholders will be eagerly awaiting the results of their ongoing clinical validations scheduled for later this year. This commitment to innovation and partnerships paves a promising path towards better outcomes in the fight against pancreatic cancer.