30/08/2018 03:00:00

NeuroSearch A/S – H1 report 2018

Announcement

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.

Attachment

Primary Logo

Related content
17 Dec - 
NeuroSearch – financial calendar for 2019
14 Sep - 
Major shareholder announcement
14 Sep - 
Report on Extraordinary General Meeting of NeuroSearch ..
Del

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
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

Related news
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..

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Bavarian Nordic Announces Initiation of Phase 1/2a Clinical Trial of Therapeutic HPV Vaccine Regimen in Collaboration with Janssen
2
Bragar Eagel & Squire, P.C. is Investigating Domino’s Pizza, Inc. (DPZ) on Behalf of Stockholders and Encourages DPZ Investors to Contact the Firm
3
Melinta Therapeutics Announces One-for-Five Reverse Stock Split
4
Odyssey Moon Extends Its Heartfelt Congratulations to SpaceIL for the Successful Launch of the First Non-Governmental Spacecraft to the Moon
5
Bragar Eagel & Squire, P.C. is Investigating Vanda Pharmaceuticals Inc. (VNDA) on Behalf of Stockholders and Encourages VNDA Investors to Contact the Firm

Related stock quotes

NeuroSearch A/S 4,420 -1.3% Stock price decreasing

Copyright Berlingske Media 2019  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.
 
22 February 2019 13:29:25
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20190215.1 - EUROWEB5 - 2019-02-22 14:29:25 - 2019-02-22 13:29:25 - 1000 - Website: OKAY