Against the tide - Challenging results
THE FIRST QUARTER IN BRIEF, MAY - JULY 2008
• Net sales for the Group amounted to SEKt 44 605 (7 546)1
• Operating income amounted to SEKt 24 124 (-7 770 )
• Income for the period amounted to SEKt 24 129 (-7 940)
• Earnings per share amounted to SEK 0,72 (-0,25)
KEY EVENTS IN THE FIRST QUARTER, MAY - JULY 2008
OASMIA HUMAN HEALTH
Preparations for the Phase III-study on Ovarian Cancer with the candidate
Paclical® have continued in the period. Apart form that, the company has
conducted a pharmacokinetics study on the candidate Paclical®. In the study,
Paclical is compared to the well-known pharmaceutical Taxol®. Paclical® and
Taxol® both contain the same active substance, paclitaxel, and the study
investigates whether paclitaxel behaves in a similar way for both Paclical® and
Taxol®.
OASMIA ANIMAL HEALTH
In June, the inclusion of dogs in the on-going Phase III study on mastocytoma
in dogs was completed. Data from the study are currently being compiled and
processed.
In the end of June, Oasmia expanded the license and distribution agreement with
Orion Corporation for the product Paclical® Vet which was closed in March 2008.
The previous agreement only comprised the Nordic Coun-tries and a few other
European Countries to a value of 2 million Euro. The expanded agreement
comprises all of Europe. Oasmia receives another 8 million Euro; 3,75 million
Euro when the agreement was closed and which was accounted for as revenue in
the first Quarter. Altogether the license agreement with Orion Corporation for
Paclical® Vet amounts to 10 million Euro. Oasmia will receive another 6 million
Euro when the company fulfils certain criteria disclosed in the agreements.
Furthermore, Oasmia receives royalties on all sales in the region. Orion
receives exclusive sales and marketing rights for the product in Europe.
KEY EVENTS AFTER THE CLOSE OF THE PERIOD
Annual General Meeting 2008
On September 11 2008, the company held its Annual General Meeting. At the
meeting Claes Piehl, Julian Aleksov, Peter Ström and Bo Cederstrand were
re-elected as members of the Board of Directors. Furthermore, the meeting
adopted the Board's proposal for auditor. Ernst & Young with certified auditor
Björn Ohlsson as principal auditor was selected for a time that ends at the
Annual General Meeting held in the fourth fiscal year after this meeting.
The meeting adopted the Boards of Director's proposal of a private placement.
The Board proposed that the share capital should be increased with SEK 12 500
by a new share issue of 125 000 shares of series A, by the terms listed below:
1. The new shares shall be subscribed, with deviation from shareholder
preferential rights, by Oasmia S.A. Luxembourg.
2. For every share an amount of SEK 28 is paid and SEK 27,90 is considered
premium.
3. Share subscription and offset shall be done by October 15, 2008 by the
latest.
4. The new shares shall enable dividends as of the current fiscal year.
The meeting adopted the Board of Director's proposal of authorization of share
issue. The Board was authorized to make one or more new share issues up until
the next annual general meeting, so far as such issues do not exceed three
million shares in total.
Criteria for selection of a nomination committee was adopted as the Board
proposed. The election committee is to be selected according to the following
criteria :
1. One member shall represent the principal shareholders
2. One member shall be independent of the principal shareholders and
independent to the company manage-ment and Board of Directors
3. One member shall be the Chairman of the Board
The Chairman of the Board may be chairman of the nomination committee.
Investigator's meeting Phase III
On September 13, an investigator's meeting was held in preparation for the
upcoming Phase III study with Paclical® on the indication ovarian cancer. About
80 doctors from Sweden and the rest of Europe participated. In total 112 people
were reported to attend the meeting.
(For complete report see attached file)
