First quarter (January-March 2023)
Operating loss totaled SEK -16,566,375 (-5 313 134).
Loss for the period totaled SEK – 16,450,467 (-5 313 134).
Cash flow from operating activities totaled SEK – 6,760,934 (-4 993 784).
Earnings per share before dilution totaled SEK -0,76 (-0.25).
Earnings per share after dilution amounted to SEK -0.76 (-0.25).
Significant events in the first quarter
• Thomas Helleday’s Foundation for Medical Research receives approved patent BR112015011497, which includes OXC-101, in Brazil. Oxcia has a lifetime, exclusive license to the patent rights from the foundation.
• A new report, ”Small molecule-mediated OGG1 inhibition attenuates pulmonary inflammation and lung fibrosis in a murine lung fibrosis model” was published the 26th January in the scientific journal Nature Communications (doi 10.1028; Tanner L, Single AB, Bhongir RKV, Heusel M, Mohanty T, Karlsson CAQ, Pan L, Clausson CM, Bergwik J, Wang K, Andersson CK, Oommen RM, Erjefält JS, Malmström J, Wallner O, Boldogh T, Helleday T, Kalderén C, Egesten A). The report shows pre-clinical data that OXC-101 (TH5487) is a promising new therapy for idiopathic pulmonary fibrosis.
• Three abstracts on OXC-101, Oxcia’s clinical candidate for cancer, have been selected for poster presentation at American Association for Cancer Research (AACR) Annual Meeting in Orlando, Florida, April 14-19, 2023. The abstracts report the first data on OXC-101 clinical safety in advanced solid cancer patients, further understanding of the broad anti-cancer effect as well as the mechanism of action. The studies will be published online in Proceedings supplement of the AACR journal Cancer Research.
• European Innovation Council (EIC) selects Oxcia’s OXC-201 as one of the projects receiving grants within the EIC Transition program. Oxcia receives an amount of 2.5 million Euro. EIC is Europe’s leading innovation program for identifying, developing and scaling up groundbreaking technologies and innovations. Oxcia is the only Swedish company receiving a grant in this call.
• In fierce competition, Oxcia receives a grant of SEK 3 million in a call for collaboration projects for better health in 2022 from Swelife and MedTech4Health. In this project, Oxcia collaborates closely with Karolinska Institute, Karolinska University Hospital and Örebro University Hospital to demonstrate efficacy as well as additional evidence of safety of OXC-101 in monotherapy and in combination with chemotherapy in refractory/relapsed AML.
• Oxcia participates in, for instance, Bio-Europe meetings and has meetings with potential investors and collaborators.
Significant events after the end of the period
• No significant events that affect earnings and financial position occurred after the end of the period.
Oxcia continues to receive evidence from the outside world that we are doing innovative, exciting research and development projects in medicine with great potential to improve the efficiency of care and contribute to sustainable growth and better lives for people. In the first quarter, Oxcia received, in fierce competition from other organizations in Europe, two prestigious grants for the OXC-201 and OXC-101 programs. Three studies on OXC-101 were selected to be presented at the AACR, one of the largest and most prestigious international cancer conferences in the world. Preclinical studies demonstrating the promising effects of OXC-201 in idiopathic pulmonary fibrosis models were published in the peer reviewed and reputable scientific journal, Nature Communications.
The three first months of 2023 have started in a positive manner for Oxcia. In February, we received the good news that the European Innovation Council (EIC) selects Oxcia’s OXC-201, as one of the projects that receives funding within the EIC Transition program. The EIC is Europe’s leading innovation program to identify, develop and scale-up breakthrough technologies and innovations. The EIC reviews the science, the potential of the innovation, the team and the business model, where all elements are equally important for success. Oxcia is the only Swedish company receiving a grant in this call. OXC-201 is Oxcia’s second clinical candidate drug that we hope will improve the quality of life and prognosis for idiopathic pulmonary fibrosis patients. The support from the EIC with 2.5 million Euros over 3 years enables us to complete preclinical development as well as conduct initial phase 1 study in healthy volunteers. This grant from EIC confirms that OXC-201 is an innovative and promising new treatment and that the responsible Oxcia team are exceptional, this is of course extremely gratifying and motivates us even further to continue taking this project towards success.
In March, we received another positive message when Oxcia’s clinical candidate, OXC-101, was granted 3 million SEK from the Collaboration Project for Better Health announced by Swelife and MedTech4Health. This grant will support our established collaboration with Karolinska Institute, Karolinska University Hospital and Örebro University Hospital in developing OXC-101 as a new way to treat blood cancers. It will finance an expansion group of the on-going phase 1 trial to demonstrate efficacy and safety of OXC-101 in monotherapy as well as in combination with chemotherapy in refractory/relapsed AML (a certain type of blood cancer). This is a critical step in the continued development of OXC-101. The grant award also shows that Oxcia has innovative and sustainable life-science solutions which to strengthens Swedish competitiveness and increases the benefit to patient benefit.
Oxcia’s programs continue to attract interest from the outside world is demonstrated in a new publication with OXC-201 in the peer-reviewed and highly ranked scientific journal Nature Communication. In April, I, together with Oxcia’s Chief Medical Officer Dr. Austin Smith and academic collaborator Dr. Kumar Sanjiv from Helleday Laboratory, Karolinska Institute, presented three studies with OXC-101 at the American cancer conference, AACR. This is a great opportunity to reach out broadly to the life science sector about how OXC-101 works and share the initial clinical data showing that OXC-101 is well tolerated and has clinical benefits in advanced solid cancer patients.
Together with the board, we continue to investigate various possibilities for raising capital for the planned phase 2 study with OXC-101. We are very keen to capitalize on the positive momentum we have. With continued inflation, war in Ukraine and an uncertain stock market climate, the planned IPO will likely continue to be postponed. 2023 has seen very few new listings of companies to the stock exchange. New share issues to raise capital have often been at a low price per share resulting in high dilution and at substantial costs. The start of the planned phase
2 study must therefore be postponed until capital can be raised. Shareholders will be invited to an update meeting in the near future and contacted for a constructive discussion on capital raising and the way forward.
It is extremely valuable to have confirmation that what we do at Oxcia holds up to high national and international competition. Our joint journey continues in a positive manner. Thank you for your continued trust in Oxcia.
Ulrika Warpman Berglund, CEO
This press release has been approved by the board and the CEO for publication. The information was submitted, through the care of the above contact person, for publication on April 26th, 2023, at 11.00 am CET.
For more information contact:
Ulrika Warpman Berglund, CEO, Oxcia AB (publ)
Telephone: +46 (0) 73 270 9605
Briefly about Oxcia
Oxcia AB is a pioneer in oxidative DNA damage and DNA Damage Response (DDR – the processes the body uses to repair the damage that occurs to DNA) with a focus on developing new safe treatments for patients suffering from diseases caused by cancer or inflammation. Oxcia currently has two DDR drug candidates, both with the potential to become first-in-class drugs. OXC-101 is in early clinical development as novel cancer therapy. OXC-201 is developed against inflammatory and fibrosis-related diseases, such as pulmonary fibrosis and allergic asthma, and is in the preclinical phase.
More information about Oxcia is available at www.oxcia.com