Magnasense Interim Report July - September 2024
“We are expanding our product capabilities as well as advancing solutions that are directly aligned with our professional market focus in oral health.” Marco Witteveen, CEO of Magnasense AB
July – October 2024*
• Total income amounted to SEK 0M (0,2M)
• Loss before tax amounted to SEK -14,0M (-18,3M)
• Cash and cash equivalents at the end of the quarter was SEK 1,8M (23,4M)
• Earnings per share** SEK -0,32 (-0,61)
• Equity ratio*** at 30 September 2024 was -37 (12) %.
Significant events during the period
• Melissa Grant, Associate Professor at the University of Birmingham’s School of Dentistry, joined Magnasense’s Scientific Advisory Board.
• Aegirbio AB changed its name to Magnasense AB, to better reflect core assets and focus.
• Directed issues of 13,196,289 shares to Atlas Special Opportunities, including 12,249,215 shares following conversions of SEK 5,0M of loan notes, and a further issue of 947,074 transaction fee shares.
• Calls for payments of SEK 5,0M from Atlas Special Opportunities under Tranche 3 of the loan facility.
• Vicki Johnson joined Magnasense AB as Interim CFO, succeeding Christel Dahlberg.
• Payment period for business-critical supplier invoices totalling USD 970,000 extended (SEK 9,8M), with an agreement to issue 9.5 million warrants subject to approval at an EGM.
• A feasibility study to explore potential technology development opportunities with Salignostics Ltd was initiated.
• Filed a patent application for an advanced detection system designed to improve sensitivity and accuracy of magnetic test strips using superparamagnetic nanoparticles.
• Magnasense AB arranged short term loans totalling SEK 3,0M from board members.
Significant events after the period
• Directed issue to Atlas Special Opportunities of 13,090,908 shares being conversion of debt SEK 1,5M, and SEK 1,5M allotment of transaction fee shares.
* Compared to the same period in 2023
** Earnings per share: Profit for the period divided by the weighted average number of shares, which as of 2024-09-30 amounted to 35,388,621 shares before dilution. The corresponding number for the same period in the previous year was 24,575,099 shares.
** Equity ratio: Equity divided by total capital.