CEO Mats Grahn presents Immunovia
Immunovia was founded on the hypothesis that blood contains enough information to detect any disease – even at the earliest stages. However, turning this insight into useful tools for the clinician, we believe requires not only new technology, but a whole new approach to assay development, an approach based on cutting-edge bioinformatics and machine learning.
In a world characterized by uncertainty, in the midst of a global pandemic with unpredictable market conditions and continued shutdowns and restrictions in the USA, we began Q2 well-prepared to launch IMMray™ PanCan-d.
During Q2, we successfully handled COVID-19 challenges beyond our control, strengthened the company’s economic position, began the expansion of our sales, marketing, and customer service organizations, and are now, despite the COVID-19 pandemic, aiming to launch the first-ever test for early detection of pancreatic cancer during Q4 2020.
During the entire quarter, we provided continuous updates on our focused measures to minimize the impact of the COVID-19 pandemic on our employees, the company, and our commercialization efforts. As we announced in May, we were forced to adjust the company’s timeline and launch date for IMMray™ PanCan-d to Q4 2020, due to the shutdown of the state of Massachusetts, which directly impacted important activities at our laboratory in Marlborough, MA. We were able to reopen the Marlborough laboratory on May 25, 2020, and we have since been able to continue working with the greatest possible speed, energy, and enthusiasm.
On June 4th, we successfully implemented one of the largest capital raises ever for a nonUSA-based diagnostic company. Immunovia announced a directed new share issue of approximately SEK 400 million. The capital from this new directed share issue is now being used for commercialization activities in conjunction with the launch of IMMray™ PanCan-d, our top priority. These activities include the hiring of additional highly skilled employees to the company’s sales, marketing, and customer service teams. In addition, and equally as important, these funds will be used to increase Immunovia’s activities surrounding cost reimbursement for our product from insurance systems around the world. This capital raise allows Immunovia to take the next step in establishing itself as a world leader in the early detection of complex illnesses such as cancer and autoimmune disease. It also allows the company to be more resilient against any market volatility and ensures that we can fully commit to our launch preparations and commercialization. It was highly satisfying to be able to welcome new Swedish and International investors who support Immunovia’s long-term value creation.
We ended the quarter with our first virtual investment day, which included presentations by Immunovia’s chairman, Carl Borrebaeck; CEO, Mats Grahn; Chief Commercial Officer, Laura Chirica; Senior VP Sales North America, Michael Pettigrew; and Dr. Thomas King, Medical Director as well as a comprehensive and interactive Q&A session with Immunovia’s stakeholders. A highlight of the event was a virtual tour of our Marlborough laboratory. A recording of the event can be found on our website.
Hiring is ongoing and marketing activities have begun according to plan. After the end of the quarter, Immunovia’s Dr. Thomas King and Laura Chirica presented a virtual update of the IMMray™ PanCan-d test to the European Pancreatic Club’s annual meeting for leading clinics, one of the most important conferences in the field of pancreatic cancer. In addition, we launched Immunovia Walk Around the World to raise awareness of pancreatic cancer, and participation thus far has been high. Anyone can take part in this event on our website.
We are incredibly proud of what we have achieved, not only during Q2 2020 but of how Immunovia has grown from its very inception. From the first academic study, through the development stage to marketing, we created IMMray™ PanCan-d — an advanced and thorough diagnostic test for early diagnosis of pancreatic cancer — and simultaneously industrialized the IMMray™ platform and built a complete infrastructure and a world-class organization in record time. There are very few companies that can claim to have accomplished this.
I am thouroughly convinced that we will achieve our goal of becoming the dominant market leader in blood-based diagnosis of pancreatic cancer. As we announced at the end of the quarter, Immunovia is aiming for a long-term market penetration of 30 percent after cost reimbursement has been obtained from the insurance systems in our largest markets. The addressable market for IMMray™ PanCan-d is calculated at over USD 4 billion in the EU and USA for the three risk groups that the company targets: hereditary/familial, early symptoms, and recently diagnosed diabetes over the age of 50. We look forward to continuing to work with healthcare organizations around the world to improve the situation of the affected patient groups.
On behalf of the board and the entire Immunovia team, we thank you for your continued support of Immunovia’s effort to positively impact the lives of those at risk of pancreatic cancer.
We are launching IMMray™ PanCan-d in Q4 of this year!
CEO, Immunovia AB