The cash flow from current operations was negative in the amount of TSEK 3,751 (10,512).
The gross margin was 68.7% (62.8%).
Electrode sales volume increased by 16% and were 11,614 (9,982) units. Repeat sales of electrodes to existing customers increased by 11%.
Important events during the quarter
Overall sales increased by 21% (+13%, before currency effects). Sales in the US skin cancer market were 54% lower than Q1 2022 as Q1-22 included initial Nevisense system sales to US partners. Sales in Germany increased by 35% (26% in local currency). Sales within the skin barrier segment increased by 196%.
After the end of the year the board of directors of SciBase Holding AB (publ), by virtue of the authorization from the annual general meeting on 18 May 2022, resolved to carry out a fully guaranteed issue of new shares with preferential rights for existing shareholders of approximately SEK 79.6million before transaction costs. The board of directors assesses that, based on the current strategic plan, the capital injection is sufficient for at least the next 12-month period. The subscription price is SEK 1.55 per new share. The share capital increased by SEK 2,567,816.5 through the issue of 51,356,330 new shares. SciBase received the issue proceeds after the end of the quarter and after issue costs SciBase received approximately SEK 70 million.
SciBase has entered into a collaboration agreement with Schweiger Dermatology group (SDG) to pilot Nevisense in two New Jersey practices. Schweiger Dermatology Group is the largest dermatology practice group in the Northeastern US, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Connecticut.
Important events after the end of the period
Two Medicare Administrative Contractors (MACs): First Coast Service Options (First Coast) and Novitas Solutions (Novitas) released updated fee schedules for SciBase’s early detection test for melanoma (0658T). First Coast covers the state of Florida and Novitas covers the central and mid-Atlantic US and together they cover about one-third of the US Medicare population. The updated fee schedules, which now have been increased to levels seen as more appropriate by clinicians, are valid retroactively from January 1st.
The summons for the AGM 2023 was published.
The annual report for 2022 was published.
Financial overview
Apr 1, 2022 -
Jan 1 - Mar 31
Mar 31, 2023
Jan 1 - Dec 31
THE GROUP
2023
2022
Rolling-12
2022
Net sales, SEK ths
5 149
4 260
18 778
17 890
Gross margin, %
68,7%
62,8%
64,4%
62,8%
Equity/Asset ratio, %
77,9%
79,3%
78,4%
50,6%
Net indebtness, multiple
0,28
0,26
0,27
0,98
Cash equivalents, SEK ths
14 394
54 621
14 394
18 832
Cashflow from operating activities, SEK ths
-3 751
-10 512
-37 705
-44 466
Earnings per share (before and after dilution), SEK
-0,15
-0,14
-0,64
-0,63
Shareholder's equity per share, SEK
1,19
0,88
1,05
0,37
Average number of shares, 000'
72 426
68 475
69 463
68 475
Number of shares at closing of period, 000'*
119 831
68 475
119 831
68 475
Share price at end of period, SEK
1,80
4,70
1,80
3,82
Number of sold electrodes, pieces
11 614
9 982
43 344
41 712
Average number of employees
21
18
20
20
*Including BTA from ongoing new share issue
This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on May 10, 2023.
This year-end report has not been subject to review by the Company’s auditors
Contact person:
Michael Colérus, CFO, +46 70 341 34 72
For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase’s products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase’s technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
The information was submitted for publication, through the agency of the contact person set out above, at 10.00 CET on April 21, 2023.
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases.
The shareholders in SciBase Holding AB (publ), reg. no. 556773-4768 (the "Company"), are hereby given notice to attend the annual general meeting at 17:00 p.m. on Wednesday 17 May 2023 at Setterwalls Advokatbyrå's offices at address Sturegatan 10 in Stockholm.Registration for the meeting commences at 16:30 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:
(i) 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 9 May 2023 and
(ii) notify the Company of their attendance and any assistant no later than Thursday 11 May 2023. Notification can be made in writing to Setterwalls Advokatbyrå AB, Attn: Johan Tönnesen, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to [email protected].
Notification 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 9 May 2023. 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 Thursday 11 May 2023 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, http://investors.scibase.se/en/annual-general-meeting-2023.
The form may be submitted by post to Setterwalls Advokatbyrå AB, Attn: Johan Tönnesen, 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 Tuesday 16 May 2023 provided the shareholder has given notice of attendance for the general meeting no later than Thursday 11 May 2023. However, a complete postal vote which reaches Setterwalls Advokatbyrå AB no later than Thursday 11 May 2023 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 http://investors.scibase.se/en/annual-general-meeting-2023.
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; and
the 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 regarding changes to the articles of association.
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), Dharminder Chahal (appointed by VanHerk Group), Peter Elmvik (appointed by Stockholms Elbolag) and Iraj Arastoupour. 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
Olof Reinholdsson (lawyer at Setterwalls Advokatbyrå) 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 - 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 five (5) 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.
The nomination committee proposes that all current board members are to be re-elected and proposes no election of new board members. Furthermore, Tord Lendau is proposed to be re-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.
Additional information regarding the board members is available on the Company's website.
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 2024 (same principles as the previous year). The nomination committee for the annual general meeting 2024, which shall comprise 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 2023. 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 2024 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), 12 and 13 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 171,885,712 shall be carried forward in new account. Accordingly, no dividend is proposed.
Item 12 - Resolution regarding changes to the articles of association
The board of directors proposes that the annual general meeting resolves on changes to the articles of association so that the wording of section 4 in the articles of association is revised from "The Company's share capital shall be no less than SEK 1,500,000 and no more than SEK 6,000,000" to "The Company's share capital shall be no less than SEK 5,990,000 and no more than SEK 23,960,000" and that the wording of section 5 in the articles of association is revised from "The number of shares shall be no less than 30,000,000 and no more than 120,000,000" to "The number of shares shall be no less than 119,800,000and no more than 479,200,000". 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.
Item 13 - 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 and 13 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 no later than 26 April 2023. 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, April 2023
SciBase Holding AB (publ)
The board of directors
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [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 and Nevisense
SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here:http://investors.scibase.se/en/pressreleases
STOCKHOLM, SWEDEN, - April 4, 2023 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders announced today that two Medicare Administrative Contractors (MACs): First Coast Service Options (First Coast) and Novitas Solutions (Novitas) have published updated fee schedules for SciBase's early detection test for melanoma (0658T). First Coast covers the state of Florida and Novitas covers the central and mid-Atlantic US and together they cover about one-third of the US Medicare population. The updated fee schedules are valid retroactively from 1st January 2023 and are available on the MAC's respective webpages.
"We are very pleased with the new fee schedules and more importantly, the levels will be seen as appropriate by clinicians to support the expanded use of the Nevisense test for early melanoma detection at point of care. For SciBase this is a critical decision that paves the way for further US expansion - both within the two covered regions, but also into MACs that cover other parts of the US.
We are happy to know clinicians have found Nevisense clinically valuable and useful in the management of patients. For Medicare it can also result in savings due to earlier and more accurate melanoma detection. This has been a challenging process that has taken longer than anticipated and I applaud the patience of our users. The decisions mean that Medicare patients in these regions will now have better access to the latest technology and improved accuracy when their atypical lesions are being evaluated for suspicion of melanoma," said Simon Grant, Chief Executive Officer of SciBase.
This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on April 4, 2023.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
STOCKHOLM, SWEDEN, - March 29, 2023 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders announced today that they have entered into a collaboration agreement with Schweiger Dermatology group ("SDG") to pilot Nevisense in their Freehold, NJ office. Schweiger Dermatology Group is the largest dermatology practice group in the Northeastern US, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Connecticut. The agreement will provide Schweiger Dermatology Group's Freehold, New Jersey practice with Nevisense, the only FDA approved test for early melanoma detection at point-of-care.
"We are excited to integrate the Nevisense test during routine skin exams in our Freehold and Verona, New Jersey offices and offer our patients the latest technology for the earliest possible detection of melanoma. Melanoma is the deadliest form of skin cancer, but when detected early, treatment has a nearly 100% cure rate. Early testing and treatment are critical for improving survival rates. Providing our patients with the most advanced technology further supports our commitment to delivering the best care to our patients," said Dr. Jason H. Miller, Medical Director for New Jersey and Long Island for Schweiger Dermatology Group .
"We are very pleased to announce our collaboration with Schweiger Dermatology Group. In addition to the early detection benefits for patients, the partnership means clinicians at Schweiger Dermatology Group's Freehold and Verona, New Jersey offices will have access to state-of-the-art melanoma detection technology. For SciBase, we establish a further partner that helps introduce Nevisense to US payers." said Simon Grant, Chief Executive Officer of SciBase.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
About Schweiger Dermatology Group
Schweiger Dermatology Group was founded to help make excellent dermatology care accessible throughout the Northeast. In 2010, Dr. Eric Schweiger started the practice with a single location in Manhattan. When he saw the need for high-quality dermatology care that did not require weeks or months of waiting to see a qualified provider, his vision of a multi-location practice was born. Schweiger is now the largest dermatology practice group in the region, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Connecticut.
The board of directors of SciBase Holding AB (publ) ("SciBase" or the "Company") has today, by virtue of the authorization from the annual general meeting on 18 May 2022, resolved to carry out a fully guaranteed issue of new shares with preferential rights for existing shareholders (the "Rights Issue") of approximately SEK 79.6 million before transaction costs.
THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, BELARUS, CANADA, HONG KONG, JAPAN, NEW ZEALAND, RUSSIA, SWITZERLAND, SINGAPORE, SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO BUY SECURITIES IN SCIBASE HOLDING AB (PUBL). SEE ALSO THE SECTION “IMPORTANT INFORMATION” BELOW IN THIS DOCUMENT.
The board of directors of SciBase Holding AB (publ) ("SciBase" or the "Company") has today, by virtue of the authorization from the annual general meeting on 18 May 2022, resolved to carry out a fully guaranteed issue of new shares with preferential rights for existing shareholders (the "Rights Issue") of approximately SEK 79.6 million before transaction costs.
Summary
One (1) existing share in the Company entitles to nine (9) subscription rights. Twelve (12) subscription rights entitle to subscription of one (1) new share.
The subscription price is SEK 1.55 per new share.
The Rights Issue will provide SciBase with proceeds of approximately SEK 79.6 million before transaction costs.
The record date for the Rights Issue will be 3 March 2023 and the subscription period will commence on 7 March 2023 and run up to and including 21 March 2023.
The Company intends to use the net proceeds to finance reimbursement process and expansion in the U.S., and to develop new clinical applications and products within the skin barrier segment.
The Rights Issue is comprised of approximately 52 percent subscription commitments and of approximately 48 percent issue guarantees. Accordingly, the Rights Issue is fully guaranteed.
”SciBase’s 53 percent sales growth during 2022 illustrates the exciting phase the Company is in. As well as our core business growth we see exciting growth opportunities within our new applications, as evidenced by the recent J&J partnership within skin barrier.
This Rights Issue enables us to continue expansion in our key markets Germany and especially the US, and to accelerate development of our new applications. We would like to thank both existing shareholders and new investors for their trust in our operations and continued growth journey.”
Simon Grant, CEO, SciBase
Background and reason
SciBase is a MedTech company and a developer of AI-based solutions for skin related diseases. The Company develops products for the detection of both Melanoma and Non-melanoma skin cancer and for the evaluation of other skin diseases such as atopic dermatitis. By utilizing the products Nevisense and Nevisense Go as a platform the Company has, in addition to Melanoma, added other applications that utilize its proprietary Electrical Impedance Spectroscopy (EIS)-technology and consumable. Other applications include the detection of Non-melanoma skin cancer and the prediction and assessment of skin barrier related diseases such as atopic dermatitis.
2022 was a breakthrough year for SciBase where the Company achieved strong sales growth in key markets, made important strides in the U.S. and established the Company within the skin barrier application area. In the fourth quarter of 2022 the Company signed a strategic collaboration agreement with Johnson & Johnson Consumer Health. Sales growth is the key for SciBase and the Company has, as of today, had 10 consecutive quarters of sales growth (compared to the same periods in previous years). To continue the accelerated growth, SciBase prioritizes three key areas in line with the Company’s strategy: continued expansion in the U.S. through broader reimbursement, continued profitable sales growth in Germany, and the development of applications based on the evaluation of the skin barrier.
It is the Company's assessment that the existing working capital is not sufficient to run the business over the next twelve months. To ensure the Company has sufficient funds for ongoing operations and development for the next twelve months the board of directors has decided to carry out the Rights Issue. The Rights Issue of approximately SEK 79.6 million, before transaction related costs, will mainly finance expansion in the U.S., and the development of new clinical applications in the category skin barrier, including development of clinical products for the applications, towards specialists and potentially towards consumers directly.
Use of issue proceeds
Finance the Company’s strategic focus on broader public and private reimbursement in the U.S., approximately 10 percent.
Finance continued market expansion in the U.S. and Germany, approximately 40 percent.
Finance clinical- and product development within the skin barrier segment, approximately 20 percent.
Finance ongoing operations, such as research, development, sales, marketing and production, approximately 30 percent.
The Rights Issue
The board of directors of SciBase has today resolved to carry out an issue of new shares with preferential rights for existing shareholders of approximately SEK 79.6 million before transaction costs. Those who are registered as shareholders on the record date, 3 March 2023, have preferential right to subscribe for new shares in the Rights Issue in relation to the number of shares held on the record date. One (1) existing share in the Company entitles to nine (9) subscription rights. Twelve (12) subscription rights entitle to subscription of one (1) new share. In addition, investors are offered the possibility to subscribe for shares without subscription rights.
If not all newly issued shares are subscribed for by exercise of subscription rights, allotment of the remaining shares shall be made within the highest amount of the Rights Issue: firstly, to those who have subscribed for shares by exercise of subscription rights (regardless of whether they were shareholders on the record date or not) and who have applied for subscription of shares without exercise of subscription rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of subscription rights that each and every one of those, who have applied for subscription of shares without exercise of subscription rights, have exercised for subscription of shares; secondly, to those who have applied for subscription of shares without exercise of subscription rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of shares the subscriber in total has applied for subscription of; and thirdly, to those who have provided issue guarantees with regard to subscription of shares, in proportion to such issue guarantees. To the extent that allotment in any section above cannot be done pro rata, allotment shall be determined by drawing of lots.
The subscription price is SEK 1.55 per new share. Provided that the Rights Issue is fully subscribed, the share capital will increase by up to SEK 2,567,816.5 by a new issue of a maximum of 51,356,330 new shares. In the event of full subscription, the Rights Issue will provide SciBase with approximately SEK 79.6 million before deduction of issue costs. Shareholders who choose not to participate in the Rights Issue will, provided that the Rights Issue is fully subscribed, have their ownership diluted by approximately 42.9 percent, but are able to financially compensate for this dilution by selling their subscription rights.
Subscription of shares shall take place during the period from and including 7 March 2023 to and including 21 March 2023. The board has the right to extend the subscription and payment period. A possible extension of the subscription period shall be announced by press release no later than the last subscription day in the Rights Issue, i.e., 21 March 2023. Trading in subscription rights takes place on Nasdaq First North Growth Market during the period from and including 7 March 2023 to and including 16 March 2023 and trading in paid subscribed shares (Sw. Betalda tecknade aktier) during the period from and including 7 March 2023 until the Rights Issue has been registered with the Swedish Companies Registration Office (Sw. Bolagsverket).
Preliminary timetable
1 March 2023
Last day of trading in the SciBase share, including the right to subscribe for shares by exercising subscription rights
2 March 2023
First day of trading in the SciBase share, excluding the right to subscribe for shares by exercising subscription rights
3 March 2023
Record date for the right to subscribe for shares by exercising subscription rights
7 March 2023 – 16 March 2023
Trading in subscription rights
7 March 2023 – 21 March 2023
Subscription period
23 March 2023
Announcement of outcome of the Rights Issue
Complete terms and conditions and instructions for the Rights Issue as well as other information on the Company will be provided in the prospectus to be made public before the commencement of the subscription period.
Subscription commitments and issue guarantees
The Rights Issue is comprised of approximately 52 percent subscription commitments and of approximately 48 percent issue guarantees. Accordingly, the Rights Issue is fully guaranteed. Subscription commitments have been undertaken by, among others, the board members Tord Lendau, Matt Leavitt, Diana Ferro and Thomas Taapken and the management members Simon Grant, Michael Colérus, Per Svedenhag, Tobias Bergenblad, Linn Olsen and Alf Laurell as well as by the Company’s shareholder Van Herk Investments B.V., among others. Issue guarantees have been issued by external guarantors.
A guarantee commission will be paid for the issue guarantees, based on current market conditions, of eleven (11) percent of the guaranteed amount in cash consideration, or alternatively thirteen (13) percent of the guaranteed amount in the form of newly issued shares in the Company. The subscription price for any shares issued to issue guarantors shall correspond to the volume-weighted average share price (VWAP) for the Company's share on Nasdaq First North Growth Market during the subscription period in the Rights Issue (i.e. during the period 7 March - 21 March 2023), however not lower than the subscription price per share in the Rights Issue.
No consideration is to be paid for the subscription commitments that have been entered into.
The subscription commitments and issue guarantees are not secured through bank guarantees, restricted funds, pledged assets or similar arrangements. Further information on the parties who have entered into subscription and guarantee commitments will be presented in the prospectus to be made public before the commencement of the subscription period.
Lock up undertakings
Prior to the execution of the Rights Issue, the board of directors and management of the Company have entered into lock up undertakings, which, among other things and with customary exceptions, mean that they have undertaken not to sell financial instruments in the Company held prior to the Rights Issue for a period of 180 days from announcement of outcome in the Rights Issue.
Prospectus
A prospectus and notification form will be made available before the commencement of the subscription period on SciBase's website, http://investors.scibase.se.
Advisors
Vator Securities is the financial advisor and Advokatfirman Schjødt is the legal advisor to SciBase in connection with the Rights Issue.
Important information
Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in SciBase in any jurisdiction, either from SciBase or from anyone else.
This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. A prospectus will be prepared by the Company and published on the Company’s website after the prospectus has been reviewed and approved by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen).
This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Switzerland, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.
Forward-looking statements
This press release contains forward-looking statements related to the Company’s intentions, estimates or expectations with regard to the Company’s future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “implies,” “should,” “could” and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Nasdaq First North Growth Market Rulebook for Issuers of Shares.
This information is information that SciBase Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:45 CET on 13 February 2023.
SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com.All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases .
The board of directors of SciBase Holding AB (publ) ("Scibase" or the "Company") has prepared a prospectus in connection with the issue of shares with preferential rights for the Company's shareholders of approximately SEK 79.6 million (the "Rights Issue") announced by the Company through press release on February 13, 2023. The prospectus has today been approved and registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is available on the Company's website.
THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, BELARUS, CANADA, HONG KONG, JAPAN, NEW ZEALAND, RUSSIA, SWITZERLAND, SINGAPORE, SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO BUY SECURITIES IN SCIBASE HOLDING AB (PUBL). SEE ALSO THE SECTION "IMPORTANT INFORMATION" BELOW IN THIS DOCUMENT.
The prospectus regarding the Rights Issue has been approved and registered by the Swedish Financial Supervisory Authority and is now available on the Company's website (http://investors.scibase.se/en) and on Vator Securities' website (www.vatorsecurities.se). The prospectus will also be available on the Swedish Financial Supervisory Authority's website (www.fi.se).
Rights Issue preliminary timeline
March 1, 2023 Last day of trading in the SciBase share, including the right to subscribe for shares by exercising subscription rights
March 2, 2023 First day of trading in the SciBase share, excluding the right to subscribe for shares by exercising subscription rights
March 3, 2023 Record date for the right to subscribe for shares by exercising subscription rights
March 7 - 16, 2023 Trading in subscription rights
March 7 - 21, 2023 Subscription period (with or without pre-emptive rights)
Around March 23, 2023 Announcement of the outcome of the Rights Issue
Advisors
Vator Securities is the financial advisor and Advokatfirman Schjødt is the legal advisor to SciBase in connection with the Rights Issue.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [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 and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases .
Important information
Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in SciBase in any jurisdiction, either from SciBase or from anyone else.
This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. A prospectus regarding the rights issue described in this press release has been registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is available on the SciBase website, among other places.
This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Switzerland, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.
Forward-looking statements
This press release contains forward-looking statements related to the Company's intentions, estimates or expectations with regard to the Company's future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as "believes," "expects," "anticipates," "intends," "estimates," "will," "may," "implies," "should," "could" and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Nasdaq First North Growth Market Rulebook for Issuers of Shares.
The board of directors of SciBase Holding AB (publ) ("SciBase" or the "Company") today announces the outcome of the fully guaranteed rights issue of shares with preferential rights for SciBase's shareholders (the "Rights Issue") which was resolved upon by the board of directors on 13 February 2023 by virtue of the authorization from the annual general meeting on 18 May 2022. In total, 26,182,918 shares were subscribed for with support of subscription rights, corresponding to approximately 51 percent of the Rights Issue. 12,705,290 shares, corresponding to approximately 25 percent of the Rights Issue, have been allotted to persons who have subscribed for shares without support of subscription rights. Therefore, the issue guarantors are allotted approximately 24 percent of the Rights Issue. SciBase will receive approximately SEK 79.6 million before deduction for transaction costs.
THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, BELARUS, CANADA, HONG KONG, JAPAN, NEW ZEALAND, RUSSIA, SWITZERLAND, SINGAPORE, SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO BUY SECURITIES IN SCIBASE HOLDING AB (PUBL). SEE ALSO THE SECTION "IMPORTANT INFORMATION" BELOW IN THIS DOCUMENT.
"We are very happy with the subscription outcome, especially given the current challenging market environment. It is especially pleasing to see that the major shareholders have increased their ownership level. As a company we are at an interesting phase in our development, with many positive things happening and a busy year ahead of us. This funding will enable us to accelerate our activities, especially when it comes to our US sales and marketing and our barrier development", says Simon Grant CEO of SciBase.
In the Rights Issue, 51,356,330 shares are issued. Allotment of shares subscribed for without support of subscription rights as part of the Rights Issue has been made in accordance with the principles which are included in the prospectus that the Company published on 2 March 2023. Notice of the allotment is provided by means of a contract note, which is distributed to each subscriber. Shares shall be paid for in accordance with the instructions on the contract note. Nominee registered shareholders receive notice of the allotment in accordance with the procedures of the respective nominee. Only those who will receive allotment will be informed.
Following registration of the Rights Issue with the Swedish Companies Registration Office, the Company's share capital will increase by SEK 2,567,816.5 to a total of SEK 5,991,571.85. The number of shares in the Company will increase by 51,356,330 to a total of 119,831,437. This entails a dilution effect of approximately 42.9 percent. Trading in paid subscribed shares (BTAs) takes place on Nasdaq First North Growth Market up to approximately two banking days after the registration of the Rights Issue with the Swedish Companies Registration Office. Registration of the Rights Issue is estimated to take place around week 14 2023. Thereafter, BTA will be converted into shares.
A guarantee commission will be paid for the issue guarantees, of 11 percent of the guaranteed amount in cash consideration, or alternatively 13 percent of the guaranteed amount in the form of newly issued shares in the Company. The subscription price for shares that are issued as guarantee commission will amount to the volume-weighted average price (VWAP) of the Company's share on Nasdaq First North Growth Market during the subscription period for the Rights Issue (i.e. during the period 7 March - 21 March 2023), however not lower than the subscription price in the Rights Issue. Thus, the subscription price for any shares issued as guarantee commission will amount to SEK 1,55 per share. In the event that guarantors choose to receive guarantee commission in the form of newly issued shares, this will be announced by the Company through a separate press release.
Advisors
Vator Securities is the financial advisor and Advokatfirman Schjødt is the legal advisor to SciBase in connection with the Rights Issue.
Important information
Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in SciBase in any jurisdiction, either from SciBase or from anyone else.
This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction A prospectus regarding the Rights Issue described in this press release has been registered with the Swedish Financial Supervisory Authority on 2 March 2023 and is kept available at, inter alia, SciBase's website.
This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Switzerland, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.
Forward-looking statements
This press release contains forward-looking statements related to the Company's intentions, estimates or expectations with regard to the Company's future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as "believes," "expects," "anticipates," "intends," "estimates," "will," "may," "implies," "should," "could" and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Nasdaq First North Growth Market Rulebook for Issuers of Shares.
This information was submitted for publication, through the agency of the contact persons set out above, at 8.00 p.m. CET on March 23, 2023.
About SciBase and Nevisense
SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases.
The cash flow from current operations was negative in the amount of TSEK 14,593 (11,709).
The gross margin was 61.4% (52.8%).
Electrode sales volume increased by 43% and was 11,444 (8,024) units. Repeat sales of electrodes to existing customers increased by 30%.
January - December in figures
Net sales were TSEK 17,890 (11,727), +53%.
The loss after tax was TSEK 43,174 (41,778).
The loss per share was SEK 0.63 (0.67).
The cash flow from current operations was negative in the amount of TSEK 44,466 (39,501).
The gross margin was 62.8% (56.1%).
Electrode sales volume increased by 40% and was 41,712 (29,792) units. Repeat sales of electrodes to existing customers increased by 39%.
Important events during the quarter
Overall sales increased by 26% (+15%, before currency effects). Sales in the US skin cancer market were 70% lower than Q4 2021 due to a large initial 20 system sale to US partners. Sales in Germany increased by 67% (51% in local currency). Sales within the skin barrier segment increased by 135%.
Collaboration agreement signed with Johnson & Johnson Consumer Health to develop a screening product for infants based on skin barrier.
SciBase’s products for skin barrier included in large Australian birth cohort study.
New US study shows Nevisense significantly improves US clinician’s pigmented skin lesion decision- making beyond dermoscopy.
New article published at nature.com that discusses EIS as a potential clinical measure of skin barrier integrity.
A nominating committee for the Annual General Meeting in 2023 was appointed.
Important events after the end of the period
No significant events have occurred since the end of the period.
Oct 1 - Dec 31
Jan 1 - Dec 31
THE GROUP
2022
2021
2022
2021
Net sales, SEK ths
4 962
3 925
17 890
11 727
Gross margin, %
61,4%
52,8%
62,8%
56,1%
Equity/Asset ratio, %
50,6%
82,8%
50,6%
82,8%
Net indebtness, multiple
0,98
0,21
0,98
0,21
Cash equivalents, SEK ths
18 832
65 607
18 832
65 607
Cashflow from operating activities, SEK ths
-14 593
-11 709
-44 466
-39 501
Earnings per share (before and after dilution), SEK
-0,23
-0,20
-0,63
-0,67
Shareholder's equity per share, SEK
0,37
1,03
0,37
1,16
Average number of shares, 000'
68 475
68 475
68 475
62 739
Number of shares at closing of period, 000'
68 475
68 475
68 475
68 475
Share price at end of period, SEK
3,82
5,52
3,82
5,52
Number of sold electrodes, pieces
11 444
8 024
41 712
29 792
Average number of employees
21
18
20
17
This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on February 13, 2023.
This year-end report has not been subject to review by the Company’s auditors
Contact person:
Michael Colérus, CFO, +46 70 341 34 72
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase’s products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase’s technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
As the end of 2022 approaches, I'd like to take the opportunity to thank you all for your support for SciBase and review some of the highlights of an extremely eventful year.
2022 has been a breakthrough year for SciBase. We have seen impressive sales growth in key markets, important progress in the US and the establishment of our third application segment skin barrier in a year capped off by the signing of our agreement with J&J Consumer.
Probably the most pleasing single aspect of 2022 has been the considerable increase in the usage of our test by clinicians. We are averaging around 10,000 tests per quarter, which is more than 50% up on 2021. There have been several factors contributing to the growth
New customer growth. We saw a 50+% increase in the number of new customers compared to 2021, and a resurgence in the number of customers purchasing multiple units.
Our new NMSC application is now installed at about 50% of our German sites. The availability of NMSC has helped both drive new system sales and test usage.
Increased market presence. Our German and US sales teams both did a fantastic job in 2022 supporting customers, Marketing-wise we saw a successful return to in-person congresses, we launched a new expanded digital platform in Europe and we updated our positioning in the US.
We have seen good momentum this year, starting in Q1 with a price increase in Europe that, combined with the 'end' of Covid, appeared to `kick-start' a year of several sales records. We saw our largest ever electrode order ever of over 60 €k from a single clinic.
US sales growth and traction has also been very good, albeit from relatively low levels. The feedback we have received in general and that I have personally experienced from clinicians during 2022 confirms for me the broad need for Nevisense in the US. With 6-7,000 potential customers and high numbers of patients per clinic, the potential is clear.
We saw an increase in sales during the first three quarters of more than 290%, concentrated in two key regions - Florida and the North-East. Our key US objective is to secure broad reimbursement coverage and overall the progress has been good, with a second Medicare Administrative Contractor Novitas (covering the central US and mid-Atlantic regions) assigning payment to our test. There are many steps in the process and while progress with payer decisions has been slower than we had hoped, we await payment level updates around the end of the year.
Even with the reimbursement decision delays, we believe that our US penetration progress has been both positive and cost-effective. We look forward to a broader collaboration with our key US partner ADCS, while expanding geographically through further agreements with large dermatology practice groups. We remain the only product approved for point-of-care melanoma detection in the US and believe that the regulatory and clinical evidence requirements continue to provide an important barrier to any competitors wishing to enter this market.
In many ways, 2022 was the year that the broad potential of our new skin barrier application became apparent. We have known for some time that there is considerable interest from researchers and Industry. We know our platform of Electrical Impedance Spectroscopy and AI can be applied clinically in the field, having performed over 150,000 patient tests. We also know that we offer unique value when it comes to our ability to investigate the skin barrier. We have named our product for this application Nevisense AD (for atopic dermatitis), based on our Nevisense Go platform. Within this space we are focusing on three specific clinical applications where we see a clear path to market and where there is interest from both researchers and industry:
Infant AD prediction- strategic collaboration with J&J Consumer Health
Objective AD Assessment and management - imminent study start, US
In-home AD flare prediction and management - study ongoing in Germany
Research interest has continued to grow, as illustrated recently in our inclusion in the very large Origins study in Perth, Australia. With now over 20 studies either ongoing or just about to start we know that there is a significant research market for this application.The real scale of the skin barrier opportunity is however linked to clinical and consumer use of our technology. Our three indication studies within atopic dermatitis (eczema) all represent significant markets with unique clinical value and we believe that two of the three indications can lead to products with broad consumer potential.
To reach an agreement with J&J Consumer Health to partner in the development of an infant prediction screening product for AD was undoubtedly one of the highlights of the year. The goal is a product that can be used in the home. The value for a broad population of patients and parents of such a product would be considerable and the commercial potential for SciBase obvious. We look forward very much to that project, and to securing further Industry collaborations within skin barrier.
In terms of financial performance, we have seen several sales records this year and we have also achieved improved levels of gross margin. The operations team have delivered some exceptional improvements this year, including our first ever quarter with a gross margin above 70%, partly driven by increased prices. Our spending levels are slightly up on 2021, but with Germany being profitable as a market, our investment continues to be concentrated on the increased US marketing and development of the new applications, especially skin barrier.
All in all, it has been a really successful year for SciBase and I am very proud of the progress the team have delivered. I'd like to thank you again for your interest in SciBase during 2022 and the team wishes you all a very Merry Christmas, and a Happy New Year as we look forward to 2023.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
