2cureX publishes interim report for the first half year of 2024
2cureX AB (“2cureX”) hereby publishes the interim report for the first half year of 2024. The interim report is available as an attached document as well as on the company’s website (https://www.2curex.com). A short summary of the report follows below.
CEO Ole Thastrup comments:
A NEW PATH
The first half of 2024 was transformative for 2cureX, marked by strategic leadership changes and a decisive pivot in our business model. Despite challenges, the company embraced new opportunities, restructuring into two focused entities. Publicly listed 2cureX AB will drive a fresh Direct-to-Patient strategy and explore technology acquisitions, while privately held 2cureX A/S will concentrate on advancing product development. This innovative approach has secured significant financing and positioning us for growth in Functional Precision Oncology. We are confident that these changes will enhance patient outcomes, accelerate value creation, and deliver long-term benefits to our shareholders.
Since its IPO in 2017, 2cureX has operated as a holding company with subsidiaries in Denmark and Germany. In June 2024, 2cureX AB took a major step forward by issuing 7 500 000 new shares to an investment consortium led by the Kinled Group. This, along with a €3 million loan, will fuel 2cureX AB's growth in Functional Precision Oncology. A key strategic shift followed with the sale of its Danish subsidiary, 2cureX A/S, though both entities will maintain a collaborative partnership. These actions reflect 2cureX's commitment to advancing cancer treatment through innovative functional approaches, positioning the company for future success.
With this significant restructuring 2cureX can address the challenges in commercializing IndiTreat®. The split into two independent entities ensures that 2cureX AB remains publicly listed and focusing on a robust commercial strategy to become a leader in Functional Precision Oncology by expanding direct-to-patient offerings. 2cureX A/S, operating privately, will drive product development, including CE-IVDR certification and new cancer tests. The two entities will collaborate closely, combining commercial and innovation efforts. Additionally, the Board of Directors will expand, bringing expertise in direct-to-patient business models to strengthen 2cureX AB’s growth strategy.
Financial overview
The issuing of 7 500 000 new shares has been paid in full in August 2024, with a total of 2 690 KSEK, and the sale of 2cureX A/S has been executed with full payment of 5 617 KSEK, also received in August 2024. This, together with the €3 million loan has secured the path forward and ensured the funds to keep the operations going forward.”
First half year of 2024 (2024-01-01 until 2024-06-30) – the group
Net turnover for the period was 0 KSEK (80 KSEK).
Other operating income was 500 KSEK (1 391 KSEK)
The result before tax was -9 560 KSEK (-15 729 KSEK)
The result per share* was -0.54 SEK (-0.89 SEK)
The solidity** was 40 % (92 %).
The cash and bank were 3 130 KSEK (26 293 KSEK).
*Earnings per share: Profit for the period divided by the average number of shares. Average number of shares in the first half of 2024: 17 602 916 shares. Total number of shares in 2cureX AB on June 30st, 2024: 17 602 916 shares.
**Equity ratio: Shareholder’s equity divided by total capital.