Spermosens AB (publ) INTERIM REPORT JANUARY - JUNE 2024

The revised strategy positions Spermosens optimally to unlock the full potential of its groundbreaking product.

Spermosens AB's interim report for the period January - June 2024, is now available on the Company's website and attached to this press release.

1 JANUARY – 30 JUNE 2024

SIGNIFICANT EVENTS DURING THE QUARTER 
 

• Spermosens receives patent approval in Singapore
• The rights issue carried out during the month of April provided the company with SEK 24.2 million before issue costs, which amount to approximately SEK 7.0 million
• Spermosens appoints Tore Duvold as new CEO
• Spermosens announced a revised strategy focusing on initiating a significant clinical study, enhancing global business development for its JUNO-Checked product, and optimizing operations for increased efficiency and cost reduction

 

 

SIGNIFICANT EVENTS AFTER THE END OF THE INTERIM PERIOD

• Spermosens has entered into an agreement with US based ScanMed Partners to identify and attract strategic and commercial partners in North America with special focus on the US market.

 

FINANCIAL INFORMATION

 

CEO COMMENTS

The combination of declining birth rates and rising infertility presents one of the major challenges our time. Many countries struggle to find the right balance between economic development, social support, and healthcare improvements. Addressing infertility as part of the broader demographic strategy can reduce the decline in birth rates. The global birth rate challenge is not just a demographic challenge. It is a complex problem that touches on every aspect of society. At Spermosens, we are dedicated to finding solutions that can help increase birth rates and reduce the burden on couples struggling to conceive. Our innovative approaches aim to offer hope and support to those facing fertility challenges.

 

We recently revised our strategy to accelerate the development and commercialisation of our unique JUNO-Checked product designed to address male infertility.  The revised strategy takes offset in a clinical study designed to demonstrate the diagnostic value of Juno-Checked, to find the right strategic partners in the space of fertility solutions and reduce costs.

 

We are anticipating an eventful autumn as we initiate our clinical study at the Reproductive Medicine Center (RMC) in Malmö, which holds the potential to significantly enhance the value of JUNO-Checked and Spermosens. Our primary goal is to demonstrate the diagnostic efficacy of our product in assessing male infertility, making JUNO-Checked an important tool for patients, gynaecologists, fertility clinics, and sperm banks alike.

 

We are making good progress in preparing for the upcoming clinical trial, with plans to enroll the first patients in Q3. This study will provide us with continuous, valuable data, including the potential correlation between sperm binding capacity to the egg and fertility rates, as well as comparisons to traditional semen analyses, such as sperm count, motility, morphology and DNA fragmentation. Building on groundbreaking research, we hypothesize that sperm binding to the egg via the JUNO protein could emerge as the preferred method for predicting fertilization potential and become an indispensable for assessing male infertility.

 

We are also accelerating our business development efforts to establish strong partnerships with companies specializing in fertility solutions. Our focus is on partnering with organizations that have the capability to finalize the development of a commercially viable product and leverage robust sales channels, as well as with strategic investors who bring expertise in the infertility space. Recently, we signed a business development agreement with U.S.-based Scan MedPartners, who assist us in identifying partners across North America. This fall, we will further expand our business development initiatives into key geographies, aiming to secure the optimal business models, product launches and sales strategies tailored to the specific needs of each market.

 

As part of our revised strategy, we have implemented measures to reduce our burn rate by sharply focusing on the upcoming clinical trial and targeted business development efforts. These measures will lower our capital requirements compared to previous projections. However, our current working capital remains limited, and we are actively pursuing financing solutions to ensure the successful execution of the clinical trial and business development.

 

Our core mission is to help couples having their own babies. I am confident that our revised strategy will position Spermosens optimally to unlock the full potential of our groundbreaking product, which addresses one of the most pressing challenges of our time: the decline in birth rates. As we move forward, I very much look forward to the coming months, which we hope will offer valuable clinical data and lead to productive partnerships and license agreements. A successful execution of our strategy will bring significant value to both patients and shareholders.

 

Tore Duvold, CEO of Spermosens AB

Lund, August 2024

 

This disclosure contains information that Spermosens is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 20-08-2024 20:00 CET.