MPI publishes Annual Report for 2016

2017-03-31

Medical Prognosis Institute A/S ("MPI") publishes the Annual Report for 2016. For the complete report, see the following link Annual Report 2016. A summary of the Annual Report is presented below.

Selected announcements and News 2016

  • December 30th - MPI announced that the company and Oncology Venture have entered into agreements about: an exchange of exclusivity for warrants, an agreement regarding 2X Oncology Inc. with three anticancer products in pipeline and finally establishment of new OV-SPV2 - project Tyrosine Kinase inhibitor.
  • October 28th - MPI announces that an article has been accepted for publication in the Danish Journal Best Practice on the Drug Response Prediction (DRP(TM)) for Oncology Ventures immuno-oncology product APO010 for Multiple Myeloma.
  • October 10th - MPI announces that the poster #134P: APO010 sensitivity in relapsed Multiple Myeloma patients is presented at ESMO Annual Congress 2016 in Copenhagen, Denmark.
  • October 8th - MPI announces that the poster #1187P on DRP prediction "Multigene expression profile for predicting efficacy of cisplatin and vinorelbine in non-small cell lung cancer" is presented at ESMO Annual Congress 2016 in Copenhagen, Denmark.
  • September 27th - MPI is granted patent on the Drug Response Predictor technology in China.
  • September 20th - MPI's spinout Oncology Venture signs partnership deal with Cadila Pharmaceuticals on LiPlaCis using MPI's DRP technology.
  • September 14th - MPI announced that its Personalized Response Predictor PRP(TM) is to be studied in collaboration with Breast Cancer Experts at Danish oncology departments.
  • September 9th - MPIs spinout Oncology Venture incorporates 2X Oncology Inc., a Women's Cancer Company in the United States.
  • August 23rd - MPI announces that the first patient with metastatic Breast Cancer included in the extension - proof of concept part of the LiPlaCis trial, has obtained a confirmed Partial Remission (ie >30% reduction of her tumor).
  • July 5th - MPI and Oncology Venture enhances the collaboration by entering another agreement on DRP's.
  • June 21st - MPI announces that the company has been approved for listing on Nasdaq Stockholm First North and has received formal approval from the marketplace. First day of trading is June 27th 2016.
  • May 31st - MPI announces that the first patient has been dosed in the first prospective study using the DRP(TM). The DRP(TM) will be used in the LiPlaCis proof of concept extension phase study conducted by Oncology Venture.
  • May 12th - MPI announces that positive data on their Drug Response Predictor (DRP), has been published in the journal PLOS ONE.
  • April 27th - MPI and Oncology Venture enters three new agreements on DRP's.
  • March 10th - MPI announced that the first patient has been included in the APO010 Screening Protocol for Multiple Myeloma by MPI's spinout Oncology Venture.
  • March 4th - MPI and Oncology Venture announces that data from phase 1 dose-escalating PoC study to evaluate the safety and tolerability of LiPlaCis in patients with advanced refractory tumors will be presented at the AACR (American Association for Cancer Research) Annual Meeting.
  • February 19th - MPI raises DKK 8,686,575 in a private placement.
  • February 17th - MPI publishes positive results with DRPTM tool in gastroesophageal cancer.
  • January 28th - MPI is issued patent in Australia.

Income statement
Revenue amounted to DKK 4,990,407 in 2016 (DKK 5,837,783 for the corresponding period in 2015). Revenue for the 2nd half of 2016 amounted to DKK 3,141,203 (DKK 5,156,703) for the corresponding period in 2015). Gross loss amounted to DKK -8,452,816 (DKK -8,216,885 for the corresponding period in 2015). The development in gross profit margin amounted to -169 % (last year -141 %). Gross loss for the 2nd half of 2016 amounted to DKK -4,692,004 (DKK -1,866,659 for the corresponding period in 2015). The development in gross profit margin for the 2nd half of 2016 amounted to -148 % (last year -44 %). Staff expenses amounted to DKK 2,575,203 (last year DKK 2,501,562). Staff expenses for the 2nd half of 2016 amounted to DKK -1,360,102 (DKK -1,199,601 for the corresponding period in 2015). Profit/loss before financial income and expenses showed a loss of DKK 11,522,564 (last year a loss of DKK 11,036,202). This loss was in line with the guidance in the half year interim report. Profit/loss from ordinary activities before tax to a loss of DKK 11,473,192 (last year a loss of DKK 11,149,476). Tax income amounted to DKK 2,743,808 (last year DKK 2,783,774) and relates to tax refund of the tax losses from research and development costs. The Company realized a net loss of DKK 8,729,384 (last year a net loss of DKK 8,365,702). Net loss for the 2nd half of 2016 amounted to DKK -4,649,591 (DKK -2,280,160 for the corresponding period in 2015).

Balance sheet
Total assets amounted to DKK 53,622,958 (last year DKK 29,183,331) and primarily consist of investments in associates. Total liabilities amounted to DKK 53,622,958 (last year DKK 29,183,331) and primarily consist of the Company's equity, DKK 50,234,430 (last year DKK 25,611,896).

Cash flows
The Company's cash flows from operating activities were a negative DKK 8,748,714 (last year a negative DKK 9,752,262).

Outlook for 2017
The Company expects a result in the same range in 2017 as in 2016 and that the positive development continues.

Subsequent events
No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Distribution of profit
The Board of Directors proposes that the loss for the year be transferred to retained earnings.

Annual General Meeting and availability of the Annual Report
The Annual General Meeting 2017 is to be held on April 25th, 2017. The annual report is available for downloading on the company's website (http://www.medical-prognosis.com/investor-and-media/).

For further information, please contact:
CEO, Peter Buhl Jensen, Adjunct Professor, MD, Ph.D.                              Ulla Hald Buhl, IR & Communication
E-mail: pbj@medical-prognosis.com                                                            E-mail: uhb@medical-prognosis.com
Telephone: +45 21 60 89 22                                                                         Telephone +45 21 70 10 49

About MPI's multiple biomarker called Drug Response Predictor - DRP(TM)
MPI's DRP(TM) is a tool for developing tumor-derived genetic signatures to predict which cancer patients are high likely to respond to a given anti-cancer product. The DRP(TM) has been tested in 37 trials, where 29 trials showed that drug-specific DRP(TM) Biomarkers could predict which patients responded well to the treatment. The DRP(TM) platform has amongst others been externally validated and published in collaboration with leading statisticians at the MD Anderson Cancer Center. The DRP(TM) method can be used to design the Clinical Development Plan, i.e. to select which indications are relevant for a given anti-cancer drug. In addition to this, the individual genetic patterns of patients can be analyzed as part of a screening procedure for a clinical trial to ensure inclusion of patients with a high likelihood of response to the drug. DRP(TM) builds on comparison between sensitive and resistant human cancer cell lines, including genomic information from cell lines combined with clinical tumor biology and clinical correlates in a systems biology network. The DRP(TM) is a Big Data tool based on messenger RNA. The DRP(TM) platform can be used in all cancer types, and has been patented for more than 70 anti-cancer drugs in the US.

About MPI
Medical Prognosis Institute is a publicly traded international company specialized in improving cancer patients' lives by developing Personalized Medicine using its unique DRP(TM) technology. MPI's exceptional opportunity to personalize cancer treatment begins with Breast Cancer moving on to Multiple Myeloma and Prostate Cancer as the first steps. MPI's DRP(TM) tool has shown its ability to separate patients who benefit and who do not benefit from a specific cancer treatment. This has been shown in as many as 29 out of 37 trials, and covers more than 80 anti-cancer treatments in a wide range of cancer indications. MPI has built a significant large database with over 1,000 screened breast cancer patients and is building up a database in Multiple Myeloma to be followed by Prostate cancer in collaboration with oncologists and hematologists throughout Denmark. MPI has ownership of Oncology Venture (Publ) a spinout with three anti-cancer drugs in pipeline entered and of the privately hold Special Purpose Vehicles, 2X Oncology Inc. and OV-SPV2 Aps with four products in pipeline.

This information is information that Medical Prognosis Institute A/S 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, on March 31st, 2017.

Certified Adviser: Sedermera Fondkommission, Norra Vallgatan 64, 211 22, Malmö, Sweden