2CUREX PUBLISHES INTERIM REPORT FOR THE FOURTH QUARTER AND FULL YEAR OF 2023 AND FINANCIAL AND STRATEGIC OUTLOOK FOR 2024
2cureX AB (“2cureX”) hereby publishes the interim report for the fourth quarter and full year of 2023 and a financial and strategic outlook for 2024. The interim report is available as an attached document as well as on the company’s website (https://www.2curex.com).
COMMENTS TO THE INTERIM REPORT FOR THE FOURTH QUARTER OF 2023:
2cureX finished 2023 with a strategic redirection of 2cureX towards its original vision of enabling IndiTreat® testing at individual hospitals. To propel this strategic realignment 2cureX decisively ceased our centralized fee-for-service operation, channeling all our resources towards preparing IndiTreat® for IVDR-regulated decentralized testing.
This strategi redirection necessitated a comprehensive overhaul of our leadership framework, affecting both the CEO position and the composition of the Board of Directors. In mid-November, we were pleased to welcome Tonni Bülow-Nielsen as new Chairman of the Board of Directors. This leadership renewal is expected to steer the company towards navigating the complexities of this strategic redirection.
FINANCIAL AND STRATEGIC OUTLOOK FOR 2024:
The financial trajectory for 2023 did not align with our forecasted projections, primarily due to sales figures falling short of expectations. Our financial situation combined with the realigned business strategy has led us to initiate a significant cost reduction including a reduction of staff leading to a monthly burn-rate that in Q2 2024 will be about 60% lower than the burn in Q4 2023. The cost reduction is primarily achieved by stopping distributor-based commercialization and associated centralized IndiTreat® testing in Copenhagen. Now we only conduct IndiTreat® testing for patients that are enrolled in clinical studies that support our new de-centralized business model.
Our human and financial resources will be dedicated to support the technical and regulatory development of the IndiTreat® platform to make it ready to be placed at hospital test-sites.
Full execution of the present strategy requires continued exploration of diverse funding options.
FINANCIAL HIGHLIGHTS FOR FOURTH QUARTER 2023:
The financial development is in line with the expected, but with a cash position of MSEK 13 at the end of 2023, we expect that further capital resources are required to support the expected activities and growth plans.
Full year of 2023 (2023-01-01 until 2023-12-31) – the group
Net turnover for the period was 155 KSEK (90 KSEK).
Other operating income was 2 792 KSEK (3 279 KSEK)
The result before tax was -25 892 KSEK (-29 770 KSEK)
The result per share was -1.72 SEK (-1.69 SEK)
The solidity was 82 % (90 %).
The cash and bank were 13 403 KSEK (44 894 KSEK).
Significant events during the fourth quarter 2023
October:
2cureX releases invitation for the Q3 on-line presentation with Q&A
2cureX advances towards IVD-R compliance by securing contract with Notified Body
2cureX calls for an extraordinary General Meeting
2cureX releases a strategy update: Leapfrogging to the decentralization of IndiTreat® testing through full focus on automation
2cureX participates in “Knæk Cancer” panel discussion
November:
IndiTreat® Image Uploader gets IVD CE-Mark
2cureX releases the bulletin from the Extraordinary General Meeting
December:
2cureX receives Ethical approval for groundbreaking HIPEC clinical trial
2cureX announces chances to the management
Significant events after the period
January:
2curex announces changes to the Board of Directors
February:
2curex calls for an Extraordinary General Meeting
About 2cureX
2cureX is a leader in cancer drug sensitivity testing and has developed the IndiTreat® (Individual Treatment) family of tests. Starting from a sample of the patient’s tumor, IndiTreat® creates thousands of 3D replicas (tumoroids) and predicts the tumor response to the different available drugs, providing the physician with valuable information to make the treatment decisions.
The first three IndiTreat® tests are aimed at optimizing treatment decisions in patients with metastatic colorectal cancer (IndiTreat® Start for first line of therapy, IndiTreat® Extend and Explore for third line). Additional tests are under development to cover other stages of colorectal cancer as well as other gastrointestinal cancers.
According to several reports, the total yearly expenditure in cancer-related In Vitro Diagnostic (IVD) tests exceeds 17.5Bn USD worldwide, from which 2.5 Bn USD are tests directly related to therapy decision making, with a CAGR of 12.7%. Despite this, only one third of all cancer treatments are supported by one of these tests. IndiTreat® aims at filling this gap and making Precision Oncology available to all cancer patients.
The company is listed on Nasdaq First North Growth Market in Stockholm (symbol: "2CUREX"). For more information about 2cureX visit www.2cureX.com
