Press release: Uppsala, August 27, 2020. A summary of the Interim report January - June 2020, for Dicot AB (publ) is now avalible on the company webbsite www.dicot.se .
Second Quarter 2020
- Net sales amounts to KSEK 0 (0)
- Earnings for the period amounts to KSEK -3 152 (-2 783).
- Earnings per share -0.18 (-0.36) SEK
January - June 2020
- Net sales amounts to KSEK 0 (0)
- Earnings for the period amounts to KSEK -9 724 (-6 682).
- Earnings per share -0.57 (-0.86) SEK
Statement from the CEO
The second quarter of the year has been marked by a shift in the way we work. Dicot is a company that is used to working remotely with our partners around the world. But under the current circumstances, we have had to switch to a more digital way of working from home, which has worked very well.
Our production partner in India, Anthem Bioscience, has been affected by the pandemic and was therefore closed during April and part of May. Consequently, the project was delayed by several months. However, Anthem has resumed operations since mid-May and the extract that was produced by Ardena in Södertälje at the beginning of the year was sent to Anthem during the summer and is now the starting material for the drug substance to be produced this autumn.
The first study at Pelvipharm, where the effect on erection in an animal model was studied, is completed. The final report will be published in early September and further studies are planned to provide information on the mechanism of action. The collaboration with our partner Pelvipharm has been outstanding and the level of professionalism continues to be very high.
In April, a retrospective study was initiated on the use of folk medicine as a traditional natural remedy for sexual dysfunction in Madagascar. Our drug candidate Libiguin® was discovered through studies of active components in the roots of a tree growing in Madagascar. During April and May, more than 200 men using a drink prepared by the root and bark were interviewed and an overwhelming majority of the men were very satisfied with the drink and its results. This strengthens our hopes that the effect of Libiguin® is more long-lasting than existing treatments. No severe side effects have been reported by the men who in many cases have used the drink regularly for many years.
In April Dicot's board of directors decided to carry out a rights issue earlier than planned to ensure successful implementation of the preclinical program. The decision was also affected by the ongoing pandemic. The rights issue was decided in the Annual General Meeting in May and carried out in June in a very successful manner. In total, the issue was oversubscribed to 326 percent and provides the company with capital for continued preclinical work.
During the spring, we have also focused on strengthening our communication. Our website now has a patient tab where we inform about sexual dysfunctions and there is the opportunity to ask questions anonymously to our clinical expert Dr Elin Gahm. As a step towards reaching the international market for sexual dysfunction, an English version of the website has also been launched.
I feel grateful for the positive implementation of the issue and the solid trust that our shareholders have shown - it strengthens us for the future. The work continues to progress for us to proceed to clinical studies. In conclusion I would also like to thank our partners and employees.
For further information, please contact:
Göran Beijer, CEO
Tel: +46 (0) 706 63 60 09
Jessica Roxhed, CFO
Tel: +46 70-394 94 98
About Dicot AB
Dicot is a pharmaceutical company focused on drug discovery and the development of novel lifestyle drugs to enrich patients' lives. The Company develops and manufactures medicines for the treatment of erectile dysfunction and premature ejaculation. The company's lead product, Libiguin®, for the treatment of sexual dysfunctions, is in a stage of pre-clinical development. Dicot is listed on the Spotlight Stock Market and has approximately 1,600 shareholders. For more information see www.dicot.se.