Medical Prognosis Institute publishes selected financial information for the period 1 July 2017 - 31 December 2017 due to the proposed merger between Medical Prognosis Institute and Oncology Venture
Hørsholm, Denmark - Medical Prognosis Institute A/S ("MPI") (Nasdaq First North Stockholm: MPI) today publishes selected financial information for the period 1 July 2017 - 31 December 2017 due to the proposed merger between MPI and Oncology Venture Sweden AB (publ), which was made public on Friday 9 March 2018. Such selected financial information is required under Swedish law in connection with the registration of the Merger Plan with the Swedish Companies Registration Office (the "SCRO").
Announcement of MPI's full-year figures for the period 1 January 2017 - 31 December 2017 is scheduled to take place on 30 March 2018 through the publishing of MPI's 2017 annual report. However, since there is a requirement under Swedish law in connection with the registration of the Merger Plan with the SCRO to include certain selected financial information with respect to the period 1 July 2017 - 31 December 2017, MPI has decided to announce such information regarding the parent company on the date hereof following the principles in earlier financial reports.
Selected financial information for the period 1 July 2017 - 31 December 2017
During the period 1 July 2017 - 31 December 2017, gross profit amounted to DKK -5.310.990 (last year -4.692.004).
During the period 1 July 2017 - 31 December 2017, MPI has raised approximately SEK 9.4 million through a rights issue. Apart from that and normal business, there have been no material changes to the liquidity. There has been no material investment.
The main financial developments of MPI in the period 1 July 2017 - 31 December 2017 can be summarized as follows.
Net turnover: DKK 2.647.210
EBITDA: DKK -6.245.337
No events of major importance to MPI's position have occurred subsequent to MPI's publication of its interim report for the period 1 January 2017 - 30 June 2017. Reference is further made to the press releases made by MPI to the market during this period.
The above selected financial information for the period 1 July 2017 - 31 December 2017 has been prepared using the same accounting policy as is applied in MPI's annual report 2016, i.e. in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.
With effect from its upcoming annual report for the financial year 2017, MPI will change its accounting policy to the International Financial Reporting Standards (IFRS).
Announcement of MPI's 2017 annual report is still scheduled to take place on 30 March 2018.
For further information, please contact:
CEO, Peter Buhl Jensen, 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
Medical Prognosis Institute is a publicly traded international company specialized in improving cancer patients' lives by developing Personalized Medicine using its unique DRP® 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® 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 1,400 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.
About the Drug Response Predictor (DRP®) Companion Diagnostic
Oncology Venture uses the Medical Prognosis Institute (MPI) multi gene DRP® technology to select those patients that, by the genetic signature in their cancer, is found to have a high likelihood of response to a given drug. The goal is to develop the drug for the right patients by screening patients before treatment, whereby the response rate can be significantly increased. The DRP® method builds on the comparison of sensitive vs. 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® is based on messenger RNA from the patients' biopsies. The DRP® platform (i.e. the DRP® and the PRP(TM) biomarkers) can be used in all cancer types and is patented for more than 70 anti-cancer drugs in the US. The PRP(TM) is commercialized by MPI for Personalized Medicine. The DRP® is commercialized by Oncology Venture for drug development.
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 13, 2018.
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