Translation of Swedish press release
Uppsala, February 25, 2021. A summary of the Interim report January - December 2020, for Dicot AB (publ) is now avalible on the company webbsite www.dicot.se .
Fourth Quarter 2020
- Net sales amounts to KSEK 0 (556)
- Earnings for the period amounts to KSEK -4,188 (-3,530).
- Earnings per share -0.10 (-0.22) SEK
January - December 2020
- Net sales amounts to KSEK 0 (631)
- Earnings for the period amounts to KSEK -17,541 (-13,396).
- Earnings per share -0.61 (-1.35) SEK
Statement from the CEO
The development plan for the year was ambitious and I can now state that we have managed to achieve our most important goals and have been able to follow our development plan without major delays. However, the year 2020 has been marked by the ever-present pandemic and of course it has affected us at Dicot just like everyone else in society.
This year has undoubtedly been different, but the team here in Sweden has swiftly adapted to new ways of working and performed impeccably. The cooperation with our partners in South Africa, France and India has also continued in a very satisfactory manner. However, Dicot's partner Anthem Bioscience closed down its operations for a few months in the spring and this led to some minor delays. But even including that, I can now state that we have succeeded in achieving our most important goals for 2020.
Drug development is an extensive and time-consuming process that requires capital in several rounds and issues are our most important form of capitalization. During the spring, we therefore carried out a rights issue and it was pleasing to see how it was subscribed for 326 percent.
The goal for our drug candidate is to become a globally registered drug for better treatment of erectile dysfunction and premature ejaculation, and the vision is to be the first choice for 500 million men around the world. But every goal must be broken down into phases in order to be achieved.
We are now in a very exciting phase where we are increasing the industrialization of the business. At the end of December, we launched our toxicology program, which is the basis for our forthcoming application for clinical trials in humans, and in February we decided to broaden the testing of LIB-01 into the field of premature ejaculation.
I would also like to take the opportunity to introduce our new chairman Eva Sjökvist Saers, who with her long and broad experience in board work is now taking over the chairmanship. (read more about Eva on our newly launched website). Finally, I would like to thank all shareholders for your continued support and, of course, sincerely welcome new shareholders.
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 developing the drug candidate LIB-01 (formerly Libiguin), 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 is 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 1,600 shareholders. For more information, please visit: www.dicot.se.