Copenhagen, Denmark, 29 August 2024 - FluoGuide A/S ("FluoGuide" or the "Company") today releases its results for the period 1 January - 30 June 2024. The Q2 report is available as an attached document to this press release and on FluoGuide's website.
In Q2 2024, the Company successfully completed a directed share issue, raising proceeds SEK 60 million to support the late-stage clinical development and commercialization of FG001. The Company continues in advancing FG001 phase II studies in high-grade glioma and head & neck cancer, together with exploring its photothermal therapy potential. A significant milestone this quarter was the selection of a laser system crucial for activating FG001 in photothermal therapy. Additionally, we strengthened our leadership team with key appointments, positioning the Company for regulatory approval and market success.
FluoGuide had no revenue for the period and posted a net loss of DKK 7,203 thousand (DKK 7,139 thousand) for the period April 1 to June 30, 2024. For the period January 1 - June 30 FluoGuide posted a net loss for the period of DKK 14,724 thousand (net loss of DKK 16,674 thousand). The financial result for the period is in line with the Company's development plans.
The total number of shares as of June 30, 2024, amounted to 12,410,065 shares. The total number of shares as of June 30, 2023, amounted to 11,814,500 shares. The average number of shares in Q2 2024 amounted to 12,309,224 shares.
| KEY FIGURES | Q2 24 | Q2 23 | YTD 2024 | YTD 2023 | 2023 |
| DKK thousand | 1-Apr-24 | 1-Apr-23 | 1-Jan-24 | 1-Jan-23 | 1-Jan-23 |
| 30-Jun-24 | 30-Jun-23 | 30-Jun-24 | 30-Jun-23 | 31-Dec-23 | |
| Net Revenue | 0 | 0 | 0 | 0 | 0 |
| Income before interest and tax (EBIT) | -8,116 | -8,656 | -16,460 | -20,302 | -43,924 |
| Net result for the period | -7,203 | -7,139 | -14,724 | -16,674 | -38,377 |
| Cash and bank | 28,950 | 8,064 | 28,950 | 8,064 | 21,668 |
| Solvency ratio (%) | 91% | 83% | 91% | 83% | 43% |
| Result per share (DKK) | -0.58 | -0.60 | -1.20 | -1.41 | -3.22 |
Figures in '()' refer to the same period last year.
Highlights during Q2:
- FluoGuide selects laser system for photothermal cancer therapy with FG001
- FluoGuide has completed a directed share issue to existing and new investors raising gross proceeds of SEK 60 million
Highlights after Q2:
- FluoGuide appoints Jens Ellrich as Chief Medical Officer
"We have strengthened our cash reserves and organization in the first half of 2024 in parallel with designing the next studies to be initiated in second half of 2024", says Morten Albrechtsen, CEO at FluoGuide.
Q2 Company updates and presentations:
1. Interview release
Interview with: Redeye analyst, Christian Binder and CEO Morten Albrechtsen
Release date: Friday, August 30
Time: Before 12.00 PM CET
Questions are welcome to ir@fluoguide.com before Thursday 13.00 CEST
2. An online presentation with Morten Albrechtsen, CEO
Date: Friday, August 30
Time: 13:00 PM CET
Details: The presentation will include a Q&A session and will be posted on the website afterwards
Participation link: Click here to join the presentation
Questions can be asked during the presentation
For further information, please contact:
Morten Albrechtsen, CEO
FluoGuide A/S
+45 24 25 62 66,
ma@fluoguide.com
Certified Adviser:
Svensk Kapitalmarknadsgranskning AB
About FluoGuide
FluoGuide is a biotech company specializing in precision cancer surgery. FluoGuide's lead product, FG001, is designed to enhance surgical accuracy by illuminating cancer cells intraoperatively using fluorescent light, which binds to the uPAR receptor, widely expressed in most solid cancer types. It is anticipated that FG001 will decrease both the incidence of local recurrence after surgery and surgical complications, improving cancer treatment and outcomes for patients, while also reducing healthcare costs. Moreover, FluoGuide's technology platform may also be utilized for photothermal therapy (PTT), which kills cancer cells through heating them with the use of near-infrared light. A technique that spares healthy surrounding tissue from damage, offering a direct therapeutic effect of FG001, further benefiting patients undergoing cancer surgery.
FluoGuide is listed on the Nasdaq First North Growth Market in Stockholm under the ticker symbol "FLUO." For more information about FluoGuide's pipeline, technology, and upcoming events, visit www.fluoguide.com.
