FINANCIAL HIGHLIGHTS 1 July – 30 September 2019
- Due to increased R&D activities, operating costs grew to SEK 21.8 million
- Our G&A costs are well below 15 percent of total costs
- We maintained a strong financial position with SEK 95 million in cash at the end-of quarter (before the directed share issue)
DIRECTED SHARE ISSUE
After the end of the quarter, we completed a directed share issue of 2,159,148 shares generating net proceeds of SEK 44.5 million. The proceeds are intended for (i) a Phase IIa proof-of-concept study in Tourette syndrome, to be initiated in second half of 2020, (ii) continued development of new formulations of Sepranolone, and (iii) preparatory work for Phase III studies of Sepranolone in PMDD.
In the third quarter we enrolled the last patient in our Phase IIb study in Premenstrual Dysphoric Disorder, the largest PMDD trial ever in Europe. We are on track for completing the study by end of February 2020, expecting topline results in April 2020.
In August, we included the first patient in our Phase IIa proof-of-concept study in Menstrual Migraine in Finland and Sweden. The study is expected to be completed by the end of 2020. In the quarter the FDA approved our IND in menstrual migraine for Sepranolone with an excellent safety profile.
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