Artificial Intelligence
iBio Reports Fourth Quarter and Fiscal Year 2021 Financial Results and Provides Corporate Update
Expanded Immuno-Oncology Pipeline with License of Next-Gen anti-CD25 Antibody for Solid Tumors
Paired Access to RubrYc’s Antibody Discovery Platform with FastPharming® and GlycaneeringTM Platforms to Accelerate Drug Development
Advanced COVID-19 Nucleocapsid-based Vaccine Candidate with pre-IND Submission
BRYAN, Texas, Sept. 27, 2021 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a developer of next-generation biopharmaceuticals and pioneer of the sustainable, plant-based FastPharming Manufacturing System®, today announced its financial results for the fiscal fourth quarter and year ended June 30, 2021.
“Fiscal 2021 was a transformative period for iBio, highlighted by our entry into oncology and continued progress as a next-gen COVID-19 vaccine developer,” said Tom Isett, Chairman & CEO of iBio. “In the fiscal fourth quarter, we established our new oncology drug discovery team in San Diego. Subsequently, we entered into a partnership with FairJourney Biologics that provides us access to proprietary antibodies and announced the addition of three new anti-cancer targets to our pipeline. Then in August, we announced an exclusive license agreement with RubrYc Therapeutics for a second generation anti-CD25 antibody for the treatment of solid tumors. This collaboration also provides us access to RubrYc’s AI-driven antibody discovery platform, which should enable iBio to develop multiple novel immuno-oncology targets. Coupled with our FastPharming and Glycaneering Technologies, we believe iBio is now well positioned to capture discovery and development synergies across these proprietary platforms, enabling us to further build our pipeline of differentiated, next-gen oncology therapeutics.”
“Although we are pleased to have executed on our November promise to build a high-value oncology portfolio, we are even more pleased to deliver results in other areas of our Biopharmaceutical segment, especially our next-generation COVID-19 vaccine, IBIO-202. We believe that there is a critical need to design new vaccines that can target regions of the virus aside from the frequently mutating spike protein, in order to address the looming risk of an escape variant. IBIO-202 could potentially represent one such option, given that it targets the more highly conserved nucleocapsid protein of SARS-CoV-2, and in preclinical models of disease, drove robust memory T cell responses. We look forward to updating investors on IBIO-202 after we receive feedback on our pre-IND package, which was submitted earlier this month.”
“While we were aggressively building our Biopharmaceutical segment and recruiting our new Management Team in FY21, we also grew our Bioprocess segment. Revenues in the Services business were up 50% over prior year. We also established a new ‘Products’ business unit to further exploit our FastPharming System and capabilities to deliver greener products to researchers and biomanufacturers. All things considered, this past year was one of exceptional achievement towards creating a multifaceted business that fully leverages our technologies and capabilities to help iBio and our customers address unmet medical needs in the fields of oncology, fibrosis, and infectious diseases.”
Fiscal Fourth Quarter and Recent Business Developments:
BIOPHARMACEUTICAL SEGMENT
Therapeutics
- In June 2021, iBio established a new drug discovery team based in San Diego.
- In July 2021, iBio added three new antibody programs to its oncology drug discovery pipeline.
- In August 2021, the Company signed a definitive worldwide exclusive license agreement with RubrYc Therapeutics, Inc., for a monoclonal antibody candidate designed to deplete immunosuppressive regulatory T cells from the tumor microenvironment. Additionally, iBio acquired an equity stake in RubrYc along with an option to license antibodies developed with RubrYc’s artificial intelligence (“AI”)-based antibody discovery platform.
- iBio continues pre-clinical development of IBIO-100. The Company expects to initiate IND-enabling studies during FY2022.
- For regulatory and business reasons, the Company discontinued development of its discovery-stage ACE2-Fc project.
Vaccines
- In July 2021, the Company reported robust, antigen-specific, memory T-cell responses from preclinical studies of IBIO-202.
- In September 2021, iBio submitted a pre-IND package for IBIO-202 with the expectation that a nucleocapsid-based protein subunit vaccine could address several unmet needs that remain with first-generation vaccines targeting the spike protein.
- The Company is continuing to develop its Classical Swine Fever Vaccine, IBIO-400, while concurrently seeking regulatory clearances for the animal health markets.
BIOPROCESS SEGMENT
Services
- In May 2021, iBio announced that it concluded its lawsuit with Fraunhofer USA, Inc. One outcome of the settlement was that iBio received a $1.8 million fee in exchange for a license to Fraunhofer for use of certain iBio trade secrets relating to the FastPharming System. The Company expects to recognize the license fee as Services revenues in the future. Another outcome of the case was that iBio realized, net of legal fees and other expenses, Settlement Income of $10.2 million.
- The Company also announced in May an expanded menu of Bioanalytical Services, including intact protein analysis, new proteomic assays, and middle-down characterization for monoclonal antibodies.
Products
- In June 2021, iBio launched a new line of growth factors, cytokines and lectins via its new e-shop. The Company plans to add more FastPharming-produced recombinant proteins to the catalog over time, including monoclonal antibodies for research that are scalable for cGMP bioprocessing uses.
Fiscal Fourth Quarter and Recent Corporate Developments:
- Throughout fiscal 2021 and FY22 year-to-date, iBio increased its bench strength and enhanced its leadership team to support its growth strategy. Overall staffing grew by approximately 60% to 87 employees, with new hiring focused in the areas of drug discovery, process development, and finance. Between December and March, the Executive Team was increased from one member to five.
- In June 2021, the Company further strengthened its Board of Directors with the appointment of Evert (Eef) Schimmelpennink, who has a strong history of success leading companies with novel protein expression platforms to develop and commercialize biopharmaceutical products.
- In August 2021, iBio appointed William D. (Chip) Clark to its Board, adding deep expertise in business management and immuno-oncology. Also in August, Seymour Flug resigned from the Board.
- iBio recently presented at the UBS Global Healthcare Virtual Conference and the H.C. Wainwright 23rd Annual Global Investment Conference. Today, the Company is scheduled to participate in a fireside chat at the Cantor Virtual Global Healthcare Conference.
Financial Results:
Revenues for the fiscal year ended June 30, 2021, were $2.4 million, an increase of 50% over fiscal 2020. In the fourth quarter ended June 30, 2021, revenue was $0.5 million, a decrease of $0.6 million from Q4 FY2020, and a decrease of $0.3 million from Q3 FY2021. Significant quarter-to-quarter revenue variability is commonplace for early-stage pharma services companies, given the relatively small number of contracts and timing of revenue recognition. Based upon the current outlook, iBio expects a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021, followed by higher growth in the second half of fiscal 2022. Irrespective of quarterly fluctuations, continued year-on-year revenue growth is anticipated as the Bioprocess businesses continue to attract interest from organizations wishing to rapidly develop biologics using more sustainable manufacturing methods.
R&D and G&A expenses for the fourth quarter and full fiscal year 2021 increased significantly over the comparable periods in fiscal year 2020. R&D expense was up $6.4 million to $10.0 million in fiscal 2021, with an increase of $2.5 million to $3.1 million in the fourth quarter. G&A expense was up $10.6 million to $22.0 million in fiscal 2021, rising $3.5 million to $6.6 million in the fourth quarter. The growth in R&D and G&A reflects the strategy to invest in iBio’s proprietary biopharmaceutical pipeline and platform technology. Across R&D and G&A, the company invested in additional staff and made external investments to implement its strategy. While iBio expects R&D and G&A will continue to grow in fiscal 2022, it anticipates a slower growth rate compared to fiscal 2021.
In the fourth quarter of fiscal 2021, iBio recorded $10.2 million in Settlement Income, reflecting the value of settlement of litigation with Fraunhofer. While iBio recognized this income in fiscal 2021, actual payment by Fraunhofer will be made in two separate payments of $5.1 million each in March 2022 and March 2023. Fraunhofer also agreed to pay iBio $1.8 million for a license to iBio’s intellectual property. Revenue for that license will be recognized when Fraunhofer pays for the license in two installments of $0.9 million each, expected in March 2022 and March 2023.
iBio’s consolidated net loss for fiscal 2021 ending June 30, 2021, was $23.2 million, an increase of $6.8 million compared to 2020. The increase in consolidated net loss would have been greater except for the Settlement Income of $10.2 million recognized in the fourth quarter of 2021. iBio had a consolidated net gain of $0.1 million in the fourth quarter because of the Settlement Income versus a consolidated net loss in Q4 FY2020 of $3.5 million.
iBio had $97.0 million in cash, marketable securities, and investments in debt securities as of June 30, 2021. iBio used $30.1 million in net cash for operating activities in fiscal 2021 versus net cash used in operating activities of $13.3 million in 2020. Based on current plans, iBio believes the current cash position is sufficient to fund operations through the first calendar quarter of 2023.
Webcast and Conference Call
iBio management will host a webcast and conference call at 8:30 a.m. Eastern Time today, September 27, 2021, to discuss these results and provide a corporate update.
The live and archived webcast may be accessed on the Company’s website at www.ibioinc.com under “News and Events” in the Investors section. The live call can be accessed by dialing (833) 672-0651 (domestic) or (929) 517-0227 (international) and referencing conference code: 7159935.
About iBio, Inc.
iBio is a developer of next-generation biopharmaceuticals and a pioneer in sustainable, plant-based biologics manufacturing. Its FastPharming System® combines vertical farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, antigens, and other proteins. iBio is developing proprietary biopharmaceuticals for the treatment of cancers, as well as fibrotic and infectious diseases. The Company’s subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with Glycaneering Development Services™ for advanced recombinant protein design. For more information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding access to RubrYc’s AI-driven anti-body discovery platform enabling the Company to develop multiple novel immune-oncology targets, the Company being positioned to capture discovery and development synergies across its FastPharming® and Glycaneering™ proprietary platforms, enabling it to further build its pipeline of differentiated, next-gen oncology therapeutics, the critical need to design new vaccines that target regions of SARS-CoV-2 aside from the frequently mutating spike proteins and the potential of IBIO-202 with respect thereto, initiating IND-enabling studies of IBIO-100 for systemic scleroderma during FY2022, the expectation that a nucleocapsid-based protein subunit vaccine could address several unmet needs that remain with first-generation vaccines targeting the spike protein, plans to add more FastPharming-produced recombinant proteins to the Company’s catalog over time, including monoclonal antibodies for research that are scalable for cGMP bioprocessing uses, the expectation of a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021, followed by higher growth in the second half of fiscal 2022 and continued year-on-year revenue growth, expectation of continued growth of R&D and G&A in fiscal 2022 at a slower growth rate compared to fiscal 2021, current cash position being sufficient to fund operations through the first calendar quarter of 2023. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to successfully implement its development plans including development of multiple novel immune-oncology targets, development of IBIO-202 to successfully target regions of the SARS-Co-V-2 aside from the frequently mutating spike proteins, initiation of IND-enabling studies of IBIO-100 for systemic scleroderma during FY2022 and the addition of FastPharming-produced recombinant proteins to its catalog, its ability to obtain regulatory approvals for commercialization of its product candidates, including its COVID-19 vaccines, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products; its ability to maintain its license agreements; the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities and whether the Company will incur unforeseen expenses or liabilities or other market factors, successful compliance with governmental regulations applicable to its manufacturing facilities, competition, its ability to retain its key employees or maintain its NYSE American listing, its ability to increase its authorized shares, and the other factors discussed in the Company’s filings with the SEC including the Company’s most recent Annual Report on Form 10-K and the Company’s subsequent filings with the SEC on Forms 10-Q and 8-K. Additional information will be set forth in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contact:
Stephen Kilmer
iBio, Inc.
Investor Relations
(646) 274-3580
[email protected]
iBio, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, except share and per share amounts)
| June 30, 2021 | June 30, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 77,404 | $ | 55,112 | ||||
| Accounts receivable – trade | 426 | 75 | ||||||
| Settlement receivable – current portion | 5,100 | — | ||||||
| Subscription receivable | — | 5,549 | ||||||
| Investments in debt securities | 19,570 | — | ||||||
| Work in progress | 27 | 798 | ||||||
| Prepaid expenses and other current assets | 2,070 | 214 | ||||||
| Total Current Assets | 104,597 | 61,748 | ||||||
| Note receivable and accrued interest | 1,556 | — | ||||||
| Settlement receivable – noncurrent portion | 5,100 | — | ||||||
| Finance lease right-of-use assets, net of accumulated amortization | 26,111 | 27,616 | ||||||
| Fixed assets, net of accumulated depreciation | 8,628 | 3,657 | ||||||
| Intangible assets, net of accumulated amortization | 952 | 1,144 | ||||||
| Security deposits | 24 | 24 | ||||||
| Total Assets | $ | 146,968 | 94,189 | |||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable (related parties of $0 and $6 as of June 30, 2021 and 2020, respectively) | $ | 2,254 | $ | 1,759 | ||||
| Accrued expenses (related party of $701 and $705 as of June 30, 2021 and 2020, respectively) | 3,001 | 1,105 | ||||||
| Finance lease obligations – current portion | 367 | 301 | ||||||
| Note payable – PPP loan – current portion | 600 | 261 | ||||||
| Deferred revenue / Contract liabilities | 423 | 1,810 | ||||||
| Total Current Liabilities | 6,645 | 5,236 | ||||||
| Note payable – PPP loan – net of current portion | — | 339 | ||||||
| Finance lease obligations – net of current portion | 31,755 | 32,007 | ||||||
| Total Liabilities | 38,400 | 37,582 | ||||||
| Commitments and Contingencies | ||||||||
| Equity | ||||||||
| iBio, Inc. Stockholders’ Equity: | ||||||||
| Common stock – $0.001 par value; 275,000,000 shares authorized at June 30, 2021 and 2020; 217,873,094 and 140,071,110 shares issued and outstanding as of June 30, 2021 and 2020, respectively | 217 | 140 | ||||||
| Additional paid-in capital | 282,058 | 206,931 | ||||||
| Accumulated other comprehensive loss | (63 | ) | (33 | ) | ||||
| Accumulated deficit | (173,627 | ) | (150,420 | ) | ||||
| Total iBio, Inc. Stockholders’ Equity | 108,585 | 56,618 | ||||||
| Noncontrolling interest | (17 | ) | (11 | ) | ||||
| Total Equity | 108,568 | 56,607 | ||||||
| Total Liabilities and Equity | $ | 146,968 | 94,189 | |||||
iBio, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Loss
(In Thousands, except per share amounts)
| Years Ended | ||||||||
| June 30, | ||||||||
| 2021 | 2020 | |||||||
| Revenues | $ | 2,371 | $ | 1,638 | ||||
| Cost of goods sold | 1,462 | 703 | ||||||
| Gross profit | 909 | 935 | ||||||
| Operating expenses: | ||||||||
| Research and development (related party of $0 and $97) | 9,989 | 3,573 | ||||||
| General and administrative (related party of $1,587 and $1,143) | 22,031 | 11,365 | ||||||
| Total operating expenses | 32,020 | 14,938 | ||||||
| Operating loss | (31,111 | ) | (14,003 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 140 | 15 | ||||||
| Interest expense (related party of $2,446 and $2,466) | (2,454 | ) | (2,466 | ) | ||||
| Royalty income | 12 | 10 | ||||||
| Settlement income | 10,200 | — | ||||||
| Total other income (expense) | 7,898 | (2,441 | ) | |||||
| Consolidated net loss | (23,213 | ) | (16,444 | ) | ||||
| Net loss attributable to noncontrolling interest | 6 | 5 | ||||||
| Net loss attributable to iBio, Inc. | (23,207 | ) | (16,439 | ) | ||||
| Deemed dividends – down round of Series A Preferred and Series B Preferred | — | (21,560 | ) | |||||
| Preferred stock dividends – iBio CMO Tracking Stock | (260 | ) | (261 | ) | ||||
| Net loss attributable to iBio, Inc. stockholders | $ | (23,467 | ) | $ | (38,260 | ) | ||
| Comprehensive loss: | ||||||||
| Consolidated net loss | $ | (23,213 | ) | $ | (16,444 | ) | ||
| Other comprehensive loss – unrealized loss on debt securities | (29 | ) | — | |||||
| Other comprehensive loss – foreign currency translation adjustments | (1 | ) | (2 | ) | ||||
| Comprehensive loss | $ | (23,243 | ) | $ | (16,446 | ) | ||
| Loss per common share attributable to iBio, Inc. stockholders – basic and diluted | $ | (0.12 | ) | $ | (0.61 | ) | ||
| Weighted-average common shares outstanding – basic and diluted | 195,620 | 62,795 | ||||||
Artificial Intelligence
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STOCKHOLM, May 13, 2024 /PRNewswire/ — The shareholders in SciBase Holding AB (publ), reg. no. 556773-4768 (the “Company”), are hereby given notice to attend the annual general meeting at 15:00 p.m. on Thursday 13 June 2024 at Setterwalls Advokatbyrå’s offices at address Sturegatan 10 in Stockholm. Registration for the meeting commences at 14:45 p.m. The board of directors has decided, pursuant to Chapter 7, Section 4a of the Swedish Companies Act and the Company’s articles of association, to apply the possibility of postal voting in conjunction with the general meeting (see “Postal voting” below for more information).
Notice
Shareholders wishing to participate at the meeting must:
be entered in the shareholders’ register, kept by Euroclear Sweden AB (the Swedish Central Securities Depository & Clearing Organisation), on the record day, which is Tuesday 4 June 2024, andnotify the Company of their attendance and any assistant no later than Friday 7 June 2024. Notification can be made in writing to Setterwalls Advokatbyrå AB, Attn: Eric Torstensson, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to [email protected] shall include full name, personal identification number or corporate registration number, address, daytime telephone number and, if appropriate, information about representative, proxy, and assistants. The number of assistants may not be more than two. In order to facilitate entry to the meeting, notification should, where appropriate, be ac-companied by powers of attorney, registration certificates and other documents of authority.
Nominee registered shares
In order to be entitled to participate and vote at the meeting, shareholders who have their shares registered in the name of a nominee must have their shares registered in their own name, so that the shareholder will be included in the transcription of the share register as of Tuesday 4 June 2024. Such registration may be temporary (so-called voting rights registration) and is requested to the nominee in accordance with the nominee’s routines at such time in advance as the nominee determines. Voting rights registrations made by the nominee no later than Friday 7 June 2024 will be taken into account in the preparation of the share register.
Postal voting
The board of directors has decided, pursuant to Chapter 7, Section 4a of the Swedish Companies Act and the Company’s articles of association, to apply the possibility of postal voting in conjunction with the general meeting. A special form shall be used for postal voting. The form will be available on the Company’s website, https://investors.scibase.se/en/governance/annual-general-meeting.
The form may be submitted by post to Setterwalls Advokatbyrå AB, Attn: Eric Torstensson, P.O. Box 1050, 101 39 Stockholm or via e-mail to [email protected]. The completed voting form must be received by Setterwalls Advokatbyrå AB no later than Wednesday 12 June 2024 provided the shareholder has given notice of attendance at the general meeting no later than Friday 7 June 2024. However, a complete postal vote which reaches Setterwalls Advokatbyrå AB no later than Friday 7 June 2024 shall also be considered the shareholder’s notice of attendance at the meeting (by postal voting).
The shareholder may not provide special instructions or conditions in the voting form. If so, the vote (i.e. the postal vote in its entirety) is invalid. Further instructions and conditions are included in the form for postal voting.
Proxy voting
A shareholder represented by proxy shall issue a power of attorney which shall be dated and signed by the shareholder. If the shareholder postal votes by proxy, the power of attorney shall be enclosed to the form. If issued by a legal entity, the power of attorney shall also be accompanied by registration certificate or, if not applicable, equivalent documents of authority. Power of attorney forms will be available on the Company’s website https://investors.scibase.se/en/annual-general-meeting-2024.
Processing of personal data
For information regarding how your personal data is processed in connection with the annual general meeting, please refer to the privacy policy on Euroclear Sweden AB’s website, https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.
Proposed agenda
Opening of the meeting and election of chairman of the meeting.Preparation and approval of the voting list.Approval of the agenda.Election of one person who shall approve the minutes of the meeting.Determination of whether the meeting has been duly convened.Submission of the annual report and the auditor’s report as well as of the consolidated financial statements and the auditor’s report on the group.Resolution in respect of:adoption of the profit and loss statement and the balance sheet as well as of the consolidated profit and loss statement and the consolidated balance sheet; allocation of the Company’s results according to the adopted balance sheet; andthe members of the board of directors’ and the CEO’s discharge from liability.Resolution regarding the number of members and, where applicable, deputies of the board of directors and number of auditors and, where applicable, deputy auditors.Determination of the fees payable to the members of the board of directors and the auditors.Election of members of the board of directors and auditor.Resolution on principles for the appointment of a nomination committee.Resolution on an authorisation for the board of directors to resolve upon issues of shares, warrants and convertibles.Closing of the meeting.The nomination committee’s proposed resolutions
The nomination committee is composed of the chairman of the board of directors of the Company (i.e. Tord Lendau), Thomas Axelsson (appointed by Gell Group), Dharminder Chahal (appointed by VanHerk Group), and Peter Elmvik (appointed by Stockholms Elbolag). The nomination committee has presented the following proposed resolutions in relation to items 1 and 8-11 in the proposed agenda.
Item 1 – Election of chairman
Axel Helle (lawyer at Setterwalls Advokatbyrå AB) is proposed as chairman of the meeting, or if he is unable to attend the meeting, any other person proposed by the board of directors.
Items 8-10 – Resolution regarding the number and election of and remuneration to the board of directors and auditors
The nomination committee proposes that the board of directors, until the end of the next annual general meeting, shall consist of four (4) ordinary members without deputy members. Furthermore, it is proposed that a registered accounting firm shall be elected as auditor.
The nomination committee furthermore proposes that the fees payable to the board of directors for the period until the end of the next annual general meeting shall be SEK 200,000 for the chairman of the board and SEK 150,000 to each of the other ordinary board members (who are not employed by a larger shareholder in the Company). It is proposed that the Company’s auditor shall be paid in accordance with approved invoices.
The board of directors today consists of the following five (5) ordinary members without deputy members: Tord Lendau (chairman), Diana Ferro, Thomas Taapken, Matt Leavitt och Jvalini Dwarkasing.
Tord Lendau has declined re-election after ten years as chairman of the board of directors. Matt Leavitt and Jvalini Dwarkasing have also declined re-election. However, Matt Leavitt will continue to assist the Company on a consultancy basis.
The nomination committee proposes that Diana Ferro and Thomas Taapken are re-elected and that Jesper Høiland and Robert Molander are new-elected as ordinary board members. Furthermore, Jesper Høiland is proposed to be new-elected as chairman of the board of directors.
The registered accounting firm PricewaterhouseCoopers AB (PwC) is proposed to be re-elected as auditor. The accounting firm has informed that Magnus Lagerberg will remain as principally responsible auditor.
The nomination committee has, as the basis for its proposal, regarding the composition of the board of directors, discussed the Company’s future needs and reviewed the annual evaluation of the board of directors and its work and interviewed several candidates. The nomination committee has thoroughly discussed the requirements for competence, experience and background that are placed on the board of directors of Scibase, considering, among other things, the Company’s strategic development, governance and control. Independence issues have been highlighted, as well as the requirement for versatility and breadth in the board. The nomination committee makes the assessment that the proposed board members, considering the Company’s needs, operations, stage of development and other circumstances, would give the board of directors a good and appropriate composition.
Below is a summarized description of the proposed new board members’ education, experience, other assignments, and independence. Further information about all proposed board members will be made available on the Company’s website.
Jesper Høiland
Education: MSc and BSc, Copenhagen Business School.
Experience: Jesper has over 25 years of experience from senior positions in global pharmaceutical companies such as Ascendis Pharma (CCO), Radius Health (CEO) and Novo Nordisk (President and EVP for the US with a particular focus on pricing, product launches and infrastructure building). Jesper has previously been a board member of Concert Pharma and Leo Pharma. Jesper has lived and worked in the US, Switzerland, Denmark, Australia, France, Belgium and Canada for the past 30 years.
Other current assignments: Strategic advisor to pharmaceutical and medical device companies. Member of the board of directors and the audit committee of ALK.
Independence: Jesper is independent in relation to the Company and its management as well as to major shareholders.
Robert Molander
Education: MBA in Marketing and Finance, Washington University, John M. Olin School of Business and dual BA degrees in Economics and International Studies, Miami University.
Experience: Senior executive and advisor with over 25 years of expertise in life science commercialization, primarily based in the United States. Robert has successfully led companies such as Novartis, Pfizer, Shionogi, and Trialbee through product launches, business development and scaling commercial operations. Robert has previously been Chief Commercial Officer at Infant Bacterial Therapeutics AB and Trialbee AB and a board member of Infant Bacterial Therapeutics AB.
Other current assignments: Board member of Xspray Pharma AB, CEO of Stratfox Healthcare Group LLC.
Independence: Robert is independent in relation to the Company and its management and to major shareholders.
Item 11 – Resolution on principles for the appointment of a nomination committee
The nomination committee proposes the following decision for appointment of a nomination committee for the annual general meeting 2025 (same principles as the previous year). The nomination committee for the annual general meeting 2025, which shall be comprised of four members, shall be appointed by way of that the chairman of the board of directors will consult with the three largest shareholders of the Company at the end of the third quarter of 2024. These shareholders will be requested to each appoint one member who, together with the chairman of the board of directors, will form the nomination committee. The composition of the nomination committee shall be publicly announced no later than six months prior to the annual general meeting. The nomination committee, whose mandate period applies until the time a new nomination committee has constituted itself, shall appoint a chairman among its members. The nomination committee shall prior to the annual general meeting 2025 prepare and submit proposals regarding the election of the chairman of the annual general meeting, the number of board members and, where applicable, deputy members, the number of auditors and, where applicable, deputy auditors, the election of board members, chairman and, where applicable, deputy members, auditor and, where applicable, deputy auditors, remuneration for the board of directors and the auditor, as well as guidelines for the appointment of the nomination committee for the following annual general meeting. The nomination committee’s proposals shall be presented in the notice to a general meeting where election of board members and auditor shall take place and on the Company’s website. Should a member of the nomination committee resign from its assignment, a replacement shall be sought from the shareholder that appointed the departing member. Should a shareholder that has appointed a member of the nomination committee substantially decrease its ownership in the Company, the next shareholder in size order shall, if the nomination committee so resolves, be requested to appoint a member to the nomination committee.
The board of directors’ proposed resolutions
The board of directors of the Company has presented the following proposed resolutions in relation to items 7(ii), and 12 in the proposed agenda.
Item 7 (ii) – Allocation of the Company’s results according to the adopted balance sheet
The board of directors proposes that SEK 202,523,429 shall be carried forward in new account. Accordingly, no dividend is proposed.
Item 12 – Resolution regarding authorisation for the board of directors to resolve upon issues of shares, warrants and convertibles
The board of directors proposes that the annual general meeting resolves to authorize the board of directors to, until the next annual general meeting, on one or more occasions, decide upon issuances of new shares, issuance of warrants and/or convertibles. New issues of shares and issues of warrants and/or convertibles may occur with or without preferential rights for shareholders of the Company and may be made either in cash and/or by way of set-off or contribution in kind or otherwise be conditional. Through issuances resolved upon with support from the authorisation – with deviation from the shareholders’ preferential rights – the number of shares issued, or number of shares created in connection with exercise of warrants or conversion of convertibles, shall correspond to not more than a 20 per cent dilution of the share capital and the number of shares and votes in the Company after such issue(s). The chairman of the board of directors, the CEO or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office.
Majority requirements
Resolution in accordance with the board of director’s proposal in accordance with item 12 on the agenda requires that the general meeting’s resolution is supported by shareholders representing at least two thirds of the shares represented at the general meeting as well as of the votes cast.
Shareholders’ right to request information
The board of directors and the CEO shall, if any shareholder so requests and the board of directors believe that it can be done without material damage to the Company, provide information regarding circumstances that may affect the assessment of an item on the agenda, of the Company’s, or a subsidiary’s economic situation and of the Company’s relations with other group companies on the general meeting.
Documentation
The financial accounts and auditor’s report will be kept available at the Company’s office and on the Company’s website www.scibase.com. Copies of such documents will be sent free of charge to shareholders who so request and state their postal address. The proposals of the board of directors and the nomination committee are set out in full in the notice.
Stockholm, May 2024SciBase Holding AB (publ)The board of directors
For more information, please contact:Pia Renaudin, CEO SciBaseTel: +46 73 206 98 02Email: [email protected]
Certified Adviser: Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
The information was submitted, through the agency of the contact person set out above, for publication at the time stated by Scibase’s news distributor Cision upon publication of this press release
About SciBase
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: https://investors.scibase.se/en/pressreleases.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/notice-to-attend-the-annual-general-meeting-in-scibase-holding-ab–publ-,c3977598
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SciBase Holding AB (publ) – Notice to attend AGM 2024 (ENG)
View original content:https://www.prnewswire.co.uk/news-releases/notice-to-attend-the-annual-general-meeting-in-scibase-holding-ab-publ-302143390.html
Artificial Intelligence
Netcompany secures high-profile digital transformation contract with HM Revenue & Customs (HMRC)
Netcompany wins one of four new build contracts for HMRC. The European IT services company will focus on modernising core digital customer services for HMRC’s Customer Services Group. The contract term is three years with options for two, one-year extensions. The estimated contract spend is £120–£135m over the course of the 5-year term.
LONDON, May 13, 2024 /PRNewswire/ — Netcompany has won a significant new build contract for His Majesty’s Revenue and Customs (HMRC). It will provide digital transformation services to HMRC’s Customer Services Group (CSG), including the Customer Compliance Group (CCG). Netcompany was selected following a competitive procurement process.
“We are proud and honoured to be selected to bring our expertise and knowledge to bear in helping enable HMRC’s digitalisation journey,” says André Rogaczewski, CEO, Netcompany. “Improving citizen experience through responsible digitalisation of public services is a core part of our DNA. Through this partnership, Netcompany looks forward to working with HMRC to help realise their digital transformation aspirations, resulting in both better customer services and value to the taxpayer.”
The contract Netcompany has been awarded to deliver aims to simplify access and management of citizens’ tax affairs, through one personalised digital account. The contract was won through the first phase of competitions run under Crown Commercial Service’s (CCS) Digital and Legacy Application Services (DALAS) framework, Lot 2a – Large Scale Digital, Integration and Development Services.
About Netcompany
Founded in Denmark in 2000, Netcompany is a fast-growing, multinational company, working across 10 countries, with a team of more than 7,700 skilled professionals, who drive sustainable digitisation, consistently improving outcomes for our customers and citizens. Netcompany provides mission-critical IT solutions for societal and business needs, aiding our clients in their digital evolution towards a more efficient and sustainable future. Netcompany UK has extensive experience of working across the public sector, including NHS England, Ministry of Defence, Home Office, HMRC, Department for Education, Department for Environment, Food & Rural Affairs, as well as extensive private sector experience.
About Crown Commercial Service
Crown Commercial Service (CCS) is an Executive Agency of the Cabinet Office, supporting the public sector to achieve maximum commercial value when procuring common goods and services.
To find out more about CCS, visit: www.crowncommercial.gov.ukFollow us on Twitter: @gov_procurementLinkedIn: www.linkedin.com/company/2827044
Logo: https://mma.prnewswire.com/media/2410706/Netcompany_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/netcompany-secures-high-profile-digital-transformation-contract-with-hm-revenue–customs-hmrc-302143350.html
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