2cureX publishes interim report for the third quarter and first nine months of 2021

CEO Fernando Andreu comments

“In Q3 2021 we have been focusing on entering distributor agreements in new countries, developing new products and positioning 2cureX even stronger among oncologists in Europe. We have a defined goal of reaching 20 countries and 30 hospitals using IndiTreat® by the end of 2022 – and we are on the right track.

Drug sensitivity testing is filling a gap in the way treatments are decided today. In the last months we have been working together with our distributors in presenting the IndiTreat® test and the results of the TICC trial to oncologists all over Europe. Invariably, the reaction has been of immediate interest, proving that drug sensitivity testing has a high priority in the management of cancer patients. This was also confirmed at our webinar “Precision Oncology, Beyond Biomarkers” early October 2021.

In the field of Medical Technology (MedTech) and In Vitro Diagnostic (IVD), terms and conditions need to be agreed upon with the individual hospitals – a complex process that takes months – before oncologists are able to order a test. This requires local presence in the countries, and that is why expanding our distributor network is so crucial for 2cureX.

In Q3 2021 we have signed two new distribution agreements (Spain and Slovenia), bringing up to eight the total number of countries where we operate. All distributors are working intensively in negotiating with key hospitals in their countries regarding the conditions to start using IndiTreat®.
To speed up the adoption, we have announced the launch of an IndiTreat® Evaluation Program that allows hospitals to use IndiTreat® tests under very favorable conditions. We have also announced the launch in December of our second IndiTreat® test that will support first line therapy decisions for patients with metastatic colorectal cancer.

Finally, we are proud to announce that Dr Andrew Beggs, a top oncology surgeon with long experience using 3D microtumors assays, has joined our Clinical Advisory Board.

FINANCIAL HIGHLIGHTS
The financial development continues to be in line with our expectations, and with a cash position of SEK 72.5 million at the end of Q3 2021, our capital resources support the current activities and growth plans.”

First nine months of 2021 (2021-01-01 until 2021-09-30) – the group

Net turnover for the period was 0 KSEK (0 KSEK).
Other operating income was 4 850 KSEK (10 179 KSEK)
The result before tax was -15 202 KSEK (-5 773 KSEK)
The result per share* was -0.79 SEK (-0.38 SEK)
The solidity** was 96 % (90 %).
The cash and bank were 72 498 KSEK (63 977 KSEK).

*Earnings per share: Profit for the period divided by the average number of shares. Average number of shares for the first nine months of 2021: 16 054 288 shares. Total number of shares in 2cureX AB on September 30st, 2021: 17 475 716 shares.
**Equity ratio: Shareholder’s equity divided by total capital.

Significant events during the third quarter 2021

July:
2cureX receives its ISO 13485:2016 certification, an important milestone in the company's efforts towards bringing 3D-microtumors to routine clinical practice.

August:
2cureX appoints Dr. John L. Marshall and Dr. Jesús García-Foncillas as new Clinical Advisors, both internationally and highly recognized oncologists.

2cureX announces in press release, that it is now able to predict response to anti-angiogenic drugs with a modified version of its IndiTreat® technology.

September:
Specialized diagnostic solutions leader Werfen, to distribute 2cureX products in Spain

Significant events after the period

October:
2cureX signs distribution agreement with Labormed in Slovenia.

2cureX provides a Live Strategy Update on the company’s product portfolio and commercialization strategy on the 12th of October 2021.

2cureX provides commercial goals for 2022 at Live Strategy Update on the 12th of October 2021.

2cureX successfully completed the EU-project MicroCaT and received the final financial tranche of a 3.0 MEUR grant.

Mangold Fondkommission AB published an updated Analyst Report on 2cureX.