Press release: Uppsala, November 18, 2021. A summary of the Interim report January - September 2021, for Dicot AB (publ) is now available on the company website www.dicot.se
Third quarter 2021
- Net sales amounts to KSEK 0 (0)
- Earnings for the period amounts to KSEK -4,716 (-3,629).
- Earnings per share SEK -0.07 (-0.10)
January - September 2021
- Net sales amounts to KSEK 30 (0)
- Earnings for the period amounts to KSEK -18,767 (-13,353).
- Earnings per share SEK -0.32 (-0.57)
Statement from the CEO
Taking a project like LIB-01 all the way to the finish line - in our case, to launch a new drug on the world market in cooperation with international pharmaceutical companies - is a task in three parts. We need to manage all the steps of the drug development process, we have to secure finances; without money, no project. And a high level of business expertise and organizational skills are required. This quarter has really been a combination of the three.
I AM INCREASINGLY CONFIDENT about the properties of our drug candidate. The two pharmacological studies we have done in France in recent months have shown positive results. The study on healthy rats proved that the effect of LIB- 01 lasts for at least seven days and that the effect increases during that period. Long-term effect is one of the most important factors in developing a new class of drugs for treating erectile dysfunction, so this is truly a breakthrough. Now further studies are being conducted to evaluate how much longer the effect can actually last.
THE STUDY ON DIABETIC RATS clarified that the effect was significantly better compared to the control group. It fuels the idea of also being able to help all the men with diabetes who have erectile dysfunctions due to their illness.
BEING A LISTED COMPANY gives us opportunities to finance what we consider to be a very important area of research. It is therefore very gratifying that the rights issue we carried out in October was subscribed by 98 percent. It is a clear proof of trust, one we hope will continue to grow in the future.
WE HAVE THE ABILITY to organize and with good business acumen manage a company with a clear visionary idea. I feel that we have taken a big step forward this period by strengthening the organization with Elin Trampe as vice president and COO, who through her business expertise has been a valuable addition to the team during this busy autumn. The recruitment of Bodil Fornstedt Wallin as our new Project Director is also positive. With her overall experience in the life science field, in addition to her eight-year experience from the Swedish Medical Products Agency, she will be a valuable asset when we commence clinical studies on humans next year.
THERE IS STILL A LOT OF WORK to be done before we have a product on the market, but the major development steps we have taken during this autumn have clearly increased our chances for success.
IN CONCLUSION, I would like to thank our shareholders and investors for the trust we have gained through the successful rights issue. Supported by the financial injection, the team and our partners are now accelerating towards the first studies in humans in 2022.
For further information, please contact:
Göran Beijer CEO
Tel: +46 706 63 60 09
Jessica Roxhed, CFO
Tel: +46 70-394 94 98
About Dicot AB
Dicot is developing the drug candidate LIB-01, which will be a potency agent to better treat erectile dysfunction and premature ejaculation. The ambition is to create a drug with significantly longer effect and far fewer side effects, compared to those on the market. Today, at least 500 million men suffer from these sexual dysfunctions and the market is valued at SEK 50 billion. Research and development are conducted under own auspices up to phase 2 studies. Thereafter, Dicot's intention is to form strategic alliances, or alternatively carry out a trade sale, with larger, established pharmaceutical companies to be able to introduce LIB-01 on the world market.
Dicot is listed on Spotlight Stock Market and has approximately 2,250 shareholders. For more information, please visit www.dicot.se.