Highlights from Q1’21 Financials Implications for the share Fortune 500 co. Applied Materials partnership the highlight In April, Nanexa announced the commencement of its first clinical trial for lead candidate NEX-18, a long-acting formulation of azacitidin the active component in Vidaza, used in the treatment of myelodysplastic syndrome (MDS). This major milestone was proceeded by an eventful quarter on the business side, where the collaboration and associated investments from Fortune 500-listed co. Applied Materials was the highlight.
Beyond the cash injection and validation of Nanexa’s technology, the partnership centers around support for process up-scaling and the construction of an advanced GMP-manufacturing facility using Applied Materials production equipment, which will ensure sufficient internal drug supply throughout clinical development. Beyond this, Nanexa signed a further evaluation agreement with an undisclosed European cardiovascular biotech, and identified the long-acting reformulation of multiple myeloma drug lenalidomide as its second internal candidate. NEX-20 is due to complete pre-clinical developed in 2021 and enter into Ph I clinical testing in 2022.
Financials Revenues came in at SEK 536k (SEK 549k Q4’20), stemming primarily from legacy sensor coating work. Cash from operating activities were SEK -4. 8m (SEK -7.
3m Q4’20), with cash and cash equivalents amounting to SEK 34. 8m (SEK 12. 7m Q4’20) driven by the SEK 8m investment from Applied Ventures and the SEK 24.
5m redemption of series T02 warrants. Applied Ventures have invested a further USD 0. 5m in Q2’21 and Nanexa expect a further USD 1.
5m through the exercise of remaining warrants belong to Applied Ventures before year end. Implications for the share With a solid quarter where the partnership and investment from Applied Materials was the main highlight, focus now begins to shift towards delivering on its clinical and pre-clinical programmes, with the NEX-18 readout in Q3’21 bei.
