Hoersholm, Denmark, August 31, 2017 - Medical Prognosis Institute A/S ("MPI") announces the company's Half-year report for the period January-June 2017. The report is available as an attached document to this press release and on the company's website (www.medical-prognosis.com). Below is a summary of the report.
Income statement H1 2017
Revenue amounted to DKK 3,089,135 (last year DKK 1,849,204).
Gross profit amounted to DKK -3,392,566 (last year DKK -3,760,812). The gross profit margin amounted to -109,8% (last year -203,4%). The increase in margin is due to the increase in revenue.
Staff expenses amounted to DKK 1,423,377 (last year DKK 1,215,101).
Profit/loss before other income and expenses showed a loss of DKK -5,054,849 (last year a loss of DKK -5,193,130).
Other Income amounting to DKK 2.027.562 is a compensation relating to a three year exclusivity agreement with Oncology Venture Sweden AB received in January 2017. The compensation received was warrants in Oncology Venture Sweden AB amounting to a fair value of DKK 12.165.373. The compensation is taken to income over a period of 3 years and the income for the period from January to June 2017 amounts to DKK 2.027.562.
Financial expenses of DKK 4.060.256 relate primarily to the revaluation of the warrants in Oncology Venture Sweden AB to the value at June 30, 2017.
Profit/loss before tax amounted to a loss of DKK -7,086,945 (last year a loss of DKK -5,230,504).
The Company realized a net loss of DKK -5,974,878 (last year a net loss of DKK -4,079,793).
Net earnings per share: DKK -0,25 (DKK -0,18) DKK. Total number of shares per June 30, 2017: 23,612,840
Total assets amounted to DKK 44,627,317 (last year DKK 31,072,221), primarily consisting of an 10,7 % ownership in Oncology Venture Sweden AB.
Total liabilities amounted to DKK 44,627.317 (last year DKK 31,072,221) and primarily consist of the Company's equity, DKK 29,204,627 (last year DKK 29,510,583) and deferred income from the warrants received from Oncology Venture Sweden AB of DKK 10,441,646 (last year DKK 0).
The Company's cash flows from operating activities were a negative DKK -10,800,997 (last year a negative
The Company's cash flows from financing activities amounted to DKK 75,881 (last year DKK 8,077,456).
Significant financial events during H1 2017
During the period, the Company conducted a rights issue of about DKK 9,4 million. The rights issue was subscribed to approx. 86 % and the Company will subsequently be provided approx. DKK 8 million. After the new rights issue registration, the total number of shares in MPI will increase to 24,307,555 shares. The share capital after the registration will be DKK 1,215,377.75.
Subsequent financial events
The Company has carried out a rights issue and 694,715 shares have been registered at Erhvervsstyrelsen after the end of the period. Total number of shares after end of the period is 24,307,555. The rights issue was registered at Erhvervsstyrelsen on July 12 and 25, 2017. No other events materially affecting the assessment of the Report have occurred after the balance sheet date.
For the full Half-year report, see MPI's website (www.medical-prognosis.com) or the file attached to this press release.
For further information, please contact:
CEO, Peter Buhl Jensen, Adjunct Professor, MD, Ph.D. Ulla Hald Buhl, IR & Communication
E-mail: firstname.lastname@example.org E-mail: email@example.com
Telephone: +45 21 60 89 22 Telephone +45 21 70 10 49
This information is information that Medical Prognosis Institute A/S is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication on August 31, 2017.
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.
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.
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