OSLO, Norway--(BUSINESS WIRE)--Ultimovacs ASA ("Ultimovacs", ticker ULTIMO), a pharmaceutical company developing novel immunotherapies against cancer, announces its second quarter 2020 results today. A presentation by the company's management team will take place today on a webcast at 09:00 CEST.
The presentation can be followed as a live webcast (access through the link https://channel.royalcast.com/webcast/hegnarmedia/20200821_4/) which will also be available on our website.
Highlights for the second quarter of 2020:
- The first patient in the INITIUM trial was enrolled in June, and a total of three patients have been enrolled as per reporting date. The first site in the INITIUM trial opened for patient inclusion in May. The INITIUM trial is a randomized, comparative, multi-center Phase II trial for evaluating UV1 as a treatment for first-line patients with metastatic malignant melanoma.
- Similarly, the first patient in the NIPU trial was enrolled in June, and four patients are enrolled as per reporting date. The NIPU trial is a randomized, comparative, multi-center Phase II trial in which UV1 is investigated as a second-line treatment in mesothelioma.
- In the US based Phase I trial in malignant melanoma, patient enrollment is now completed with all 10 patients in cohort 2 (dose finding GM-CSF) included. No unexpected safety issues have been observed to date.
- The Covid-19 situation has so far had limited impact regarding site openings and patient inclusion. The longer-term effect of the pandemic on the biotech industry and the general ability to conduct clinical trials is still uncertain.
- In May 2020, Ultimovacs announced a collaboration with a non-specified big pharma company and a leading European oncology clinical trial group to evaluate UV1 in a third Phase II clinical trial. More information is expected to be disclosed during the third quarter of 2020.
- A private placement of new shares to fund the above-mentioned clinical trial was successfully completed in May 2020, raising gross proceeds of MNOK 160.
- Carlos de Sousa was appointed the new CEO of Ultimovacs ASA effective 1 June 2020.
- Cash flow from operations was MNOK -33.2 in Q2-20. With the proceeds from the private placement in May 2020, total cash and cash equivalents increased by MNOK 115.2 during Q2-20 and amounted to MNOK 483.2 as per 30 June 2020.
The report and presentation are also available on the company website: www.ultimovacs.com/investors/reports-and-presentations
For further information, please visit www.ultimovacs.com.
