Coegin Pharma AB (publ) publishes its quarterly report for the second quarter of 2024

Summary of quarterly report
During the second quarter, Coegin Pharma has made significant progress in the launch preparations of its hair growth project, FOL005. The company obtained an INCI name, which is crucial for selling cosmetic products globally, and signed an MoU with Chinese Zhejiang Sukean Pharmaceutical.

Second quarter
The group's net revenue amounted to 0 (0) TSEK.
The group's operating profit amounted to -4 486 (-6 562) TSEK.
The group's earnings per share before dilution amounted to -0,22 (-0,70) SEK.
The group's earnings per share after dilution amounted to -0,22 (-0,70) SEK.
The group's cash at the end of the period amounted to 13 768 (10 870) TSEK.

First half-year
The group's net revenue amounted to 0 (0) TSEK.
The group's operating profit amounted to -10 611 (-12 883) TSEK.
The group's earnings per share before dilution amounted to -0,71 (-1,44) SEK.
The group's earnings per share after dilution amounted to -0,71 (-1,44) SEK. 

Significant events during the second quarter
2024-04-15 Jens Eriksson was appointed as the permanent CEO of Coegin Pharma.
2024-04-18 Coegin Pharma published notice of annual general meeting.
2024-05-13 Coegin Pharma informed that the company had signed an MoU with Zhejiang Sukean Pharmaceutical.
2024-05-23 Coegin Pharma published the communiqué from the annual general meeting in Coegin Pharma AB.
2024-05-31 Coegin Pharma obtained an INCI name for FOL005 and reached an important milestone in the hair growth project.

Significant events after the end of the period
2024-07-01 Coegin Pharma announced that the company's share has been dual-listed on Börse Stuttgart.
2024-07-03 Coegin Pharma informed that groundbreaking research on FOL026 is published in a prestigious journal.
2024-08-07 Coegin Pharma announced that the company has entered into an exclusive agreement with the University of Bradford to commercialise groundbreaking pigmentation peptides.
2024-08-12 Coegin Pharma announced an expanded project portfolio with skin pigmentation peptides for self-tanning.

Letter from the CEO
During the second quarter, we continued to make significant progress in the development and pre-marketing activities of our hair growth project. We reached a very important milestone when we received an INCI name (International Nomenclature of Cosmetic Ingredients), which is crucial to be able to market and sell cosmetic products globally. I am personally very pleased with the name and will communicate it shortly, once we have secured trademark protection in relevant markets.

We have several ongoing discussions with potential partners, and in April, we announced that we had signed an MoU with Zhejiang Sukean Pharmaceutical. This MoU is an important step towards initiating a collaboration for the product registration of FOL005 in China. Sukean is a significant player with the resources to reach pharmacies across China, as well as a team of specialists in online sales. I look forward to formalizing a closer collaboration with them.

After the end of the quarter, we had the pleasure of announcing the collaboration with the University of Bradford regarding exclusive rights to license and commercialise the new, unique pigmentation peptide platform. These pigmentation peptides are very exciting and have the potential to revolutionise the skin and hair pigmentation market. For Coegin Pharma, this is a major and important step forward as we expand our cosmetic business area with a new peptide platform that offers the opportunity for rapid product launch and cash flow. We will prioritise self-tanning products, as this is a huge market with a strong demand for new, safe solutions to achieve a tan without sun exposure.

In the beginning of July, we also announced that our share has been dual-listed on German Börse Stuttgart. We now reach more international investors and will begin our international communication efforts this autumn.

Once again, I would like to thank both old and new shareholders for your trust and support, especially following my appointment as permanent CEO. It is a great honour, and I look forward to continuing to lead Coegin Pharma during this exciting time.

For the complete quarterly report, please visit Coegin Pharma's website at coeginpharma.com or refer to the attached file.

For further information, please contact:
Jens Eriksson, CEO
Email: [email protected]
Phone: +46 72 221 24 21

This document is a translation of the original Swedish press release. In case of any discrepancies, the Swedish version shall prevail.

About Coegin Pharma
Coegin Pharma is a Swedish biotech company with dermacosmetic innovations for hair growth and skin pigmentation, alongside groundbreaking drug candidates for the treatment of myocardial infarction and leukemia. Coegin is planning for the launch of its first product series for hair growth in 2025, followed by a skin pigmentation product in 2026. 

Coegin Pharma's shares are listed on NGM Nordic SME and Börse Stuttgart, and the company have a registered office in Lund, Sweden. 

For more information, please visit: coeginpharma.com/en