30/08/2018 03:00:00

NeuroSearch A/S – H1 report 2018

Related content
14 Sep - 
Major shareholder announcement
14 Sep - 
Report on Extraordinary General Meeting of NeuroSearch ..
08 Sep - 
NeuroSearch A/S receives notice of payment from Teva Ph..
Related debate
11 Aug - 
Hvori består fuglene?
11 Aug - 
Ja, sådan må det vist hænge sammen. Husk en fugl i hånd..
11 Aug - 
Du kan beholde dine aktier. NTG har ingen planer om at ..


30 August 2018

Below please find the H1 report 2018. The full report is available in the enclosed PDF file.

NeuroSearch posted an operating loss of DKK 2.8 million in H1 2018 (H2 2017: a loss of DKK 2.3 million).

NeuroSearch posted a net loss of DKK 3.0 million in H1 2018 (H1 2017: a net loss of DKK 2.5 million).

At 30 June 2018, cash and cash equivalents totalled DKK 70.4 million (30 June 2017: DKK 65.9 million).

Company update

On 15 May 2018 (company announcement no. 9-18), NeuroSearch entered into an agreement with, among others, Teva Pharmaceutical International GmbH (Teva), to release Teva from all outstanding obligations pursuant to the agreement from 2012 concerning the transfer of NeuroSearch’s rights in and to Pridopidine. According to the agreement now entered into, in the event that Teva prior to 31 October 2018 enters into an agreement with an identified third party relating to the sale and transfer of Teva’s rights in and to Pridopidine, then NeuroSearch will receive a cash payment of USD 450,000 (DKK 2.7 million). This agreement follows from Teva’s decision not to develop Pridopidine further following the failure by Pridopidine to meet its primary endpoints in Huntington’s Disease in a Phase II trial conducted by Teva, and potential interest in the asset by an identified third party.

In May and June, Nordic Transport Group Holding A/S (“NTG Holding”) and Gefion Group Investments A/S (“Gefion”) announced takeover offers to the shareholders of NeuroSearch (announcements 10-18, 11-18 and 12-18). The final outcome hereof is described in the section on events after the balance sheet date.

As of 31 December 2017, NeuroSearch calculated the value of its unrecognised tax loss carry forwards in the parent company at approximately DKK 1,714 million, and deductible timing differences at approximately DKK 77 million, or a total of approximately DKK 1,791 million. Under certain conditions, a potential buyer of NeuroSearch may be able to utilise the unrecognised tax assets in full or in part.

Financial outlook for 2018

On the basis of realised and expected costs in connection with NTG Holding’s and Gefion’s takeover offers and winding-up and transfer costs and costs for maintaining NeuroSearch’s stock exchange listing etc. until the end of 2018, the operating loss is estimated to be approximately DKK 5 million without completion of the agreement with Teva. Provided the agreement with Teva is finally completed, the financial performance will improve by USD 450,000.

Events after the balance sheet date

On 2 July 2018 (announcement no. 14-18), the Board of Directors of NeuroSearch published its statement relating to the two takeover offers from Gefion and NTG Holding, respectively.

On 9 August 2018 (announcement no. 15-18), Gefion announced that the acceptances of their conditional, voluntary takeover offer to the shareholders of NeuroSearch had been counted, and on the basis of the final counting of acceptances Gefion’s offer had lapsed.

On 13 August 2018 (announcement no. 17-18), NTG Holding announced the final results of its takeover offer. On the basis of the final calculation of received acceptances, NTG Holding had received acceptances representing 17.83 percent of the share capital and voting rights in NeuroSearch. Together with NTG Holding’s existing shareholding in NeuroSearch, after settlement of its offer NTG Holding held 5,534,028 shares corresponding to 22.54 percent of the entire share capital and all voting rights in NeuroSearch. The trading day for settlement of NTG Holding’s offer was 16 August 2018.

On 23 August 2018 (announcement no. 21-18), the Board of Directors convened an extraordinary general meeting in order to elect new board members. The extraordinary general meeting will take place on Friday, 14 September 2018 at 11 a.m. at Kromann Reumert, Sundkrogsgade 5, DK-2100 Copenhagen Ø.

Karin Garre                             Allan Andersen

 Chairman of the Board             CEO

Contact person

Allan Andersen, CEO, mobile+45 4016 3864

About NeuroSearch

NeuroSearch A/S (NEUR) is listed on NASDAQ Copenhagen A/S.


Primary Logo

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

Related news
21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
REVA Medical Presents Key Data Sets at the Transcatheter Cardiovascular Therapeutics Conference 2018
The Healing Light - Cold Laser Therapy Comes to Amazing Spine Care in Jacksonville, FL
CLASS ACTION UPDATE for USAT and OPK: Levi & Korsinsky, LLP Notifies Investors of Class Actions on Behalf of Shareholders
The Klein Law Firm Reminds Investors of Class Actions on Behalf of Shareholders of TRCO, COCP and ABBV
SHAREHOLDER ALERT: TSLA PDD AMPE LCI CBS ORCL SBGI SKX PM QRTEA: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines

Related stock quotes

NeuroSearch A/S 4.630 1.5% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Berlingske Media 2018  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
24 September 2018 01:44:49
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20180919.1 - EUROWEB5 - 2018-09-24 02:44:49 - 2018-09-24 01:44:49 - 1000 - Website: OKAY