Infant Bacterial Therapeutics AB (publ) Interim Management Statement, January 1 – June 30, 2019
Message from the CEO
On July 4 we were able to announce that the first patient had been recruited and dosed in the company’s clinical phase III-study. Our work is now to focused to ensure that contracted clinics become operational for recruitment of patients and that we may be able to maintain a rapid recruitment rate of premature infants in the study. This work is conducted in part by our CRO, and the IBT staff are deeply involved in the various phases of this work, such as negotiating contracts with hospitals, motivating participating doctors, as well as other health care personnel, to give our study priority and to ensure that clinical trial material is at hand at the right time.
The ongoing pivotal phase III-study, which we have named “The Connection Study” is a randomized, double blind and placebo-controlled study to investigate the safety and efficacy of IBP-9414 for the prevention of necrotizing enterocolitis (NEC), and includes other significant clinical aspects in feeding preterm infants.
Comments on our development program from the FDA and other authorities in Europe improved the clinical program as we now also include the primary endpoint in the phase III-study of so called “feeding tolerance”. The study will include 2 158 infants with birthweight of 500-1 500 grams and will be conducted at approximately 100 hospitals in the USA, Europe and Israel.
The amendments to the clinical program do not render significant impact on costs or otherwise affect conducting the planned phase III-study.
The ongoing clinical phase III-study is historical as it is the most comprehensive clinical study to ever be conducted regarding necrotizing enterocolitis, and to IBT’s knowledge the most comprehensive clinical study ever on premature infants.
In parallel to the development project, IBT is also continuously evaluating potential marketing and distribution partners. We entered into an agreement in March regarding distribution of IBP-9414 in Israel. The agreement provides IBT with the possibility to long-term receive of the majority of future income from sales of IBP-9414 in Israel.
August 21, 2019
Chief Executive Officer
|Selected financial data|
|ooo's||2019 Apr-Jun||2018 Apr-Jun||2019 Jan-Jun||2018 Jan-Jun||2018 Jan-Dec|
|Operating profit/loss||-7 973||1 286||-8 766||-7 858||-39 417|
|Result after tax, SEK||-7 561||665||-8 247||-8 479||-40 607|
|Total assets||554 977||600 420||554 977||600 420||563 371|
|Cash flow for the period (SEK)||-1 114||-6 788||-8 691||416 019||381 544|
|Cash flow per share for the period (SEK)||-0.10||-0.60||-0.82||40.19||35.36|
|Cash||539 453||576 800||539 453||576 800||542 170|
|Earnings per share before and after dilution (SEK)||-0.67||0.06||-0.73||-0.82||-3.76|
|Equity per share (SEK)||48.86||52.54||48.86||52.54||49.59|
|Equity ratio (%)||99%||98%||99%||98%||99%|
* Operational costs for the second quarter include exchange rate gains on forward currency contracts and currency deposits amounting to 53 (10 739) KSEK. Operational costs amounted to 7 976 (9 453) KSEK prior to exchange rate gains (Note 2)
Significant events during the second quarter (Apr-Jun) 2019
Significant events during the reporting period (Jan-Jun) 2019
Significant events after the reporting period
About Infant Bacterial Therapeutics AB
Infant Bacterial Therapeutics AB (publ) is a pharmaceutical company with a product in clinical stage with a vision to develop drugs influencing the infant microbiome, and thereby prevent or treat rare diseases affecting infants.
IBT is currently developing the drug candidate IBP-9414, for the prevention of necrotizing enterocolitis (“NEC”) and improvement of so called feeding tolerance in premature infants. IBP-9414 contains the active compound Lactobacillus reuteri, which is a human bacterial strain naturally present in breast milk. The product portfolio also includes another project, IBP-1016, for the treatment of gastroschisis, a severe and rare disease affecting infants. By developing these drugs, IBT has the potential to fulfil unmet needs for diseases where there are currently no prevention or treatment therapies available.
Infant Bacterial Therapeutics AB (“IBT”) is a public company domiciled in Stockholm. The company’s class B-shares shares are listed on Nasdaq Stockholm, Mid-cap (IBT B).
For additional information please contact
Staffan Strömberg, CEO
Daniel Mackey, CFO
Infant Bacterial Therapeutics AB
111 21 Stockholm
Phone: +46 70 670 1226