Rising sales for newly listed Sensidose
Sensidose, active in Parkinson’s disease, reports its best sales figures to date in the company’s history. Compared to the same period last year, sales increased by as much as 27 per cent. In addition, the company’s cash position was recently strengthened by approximately 21.5 million SEK in connection with the listing on Spotlight Stock Market, which means that the company is equipped for continued growth.
Sensidose sells and markets a treatment for patients with advanced Parkinson’s disease. The company’s prescription drug, Flexilev, is designed as micro tablets that are dispensed using the MyFID dosing device. This enables an individualised and fine-tuned medication for Parkinson’s patients who receive an optimised drug dose that leads to good control of symptoms.
Sensidose is also developing a completely new dosing device, ORAFID, which is aimed at patients in earlier stages of Parkinson’s disease – a significantly larger target group than the current product.
Sensidose ready for the next level
Following the fully subscribed listing issue, Sensidose has the resources to finance a geographical expansion of the existing product and, at the same time, develop the new dosing device ORAFID, which is scheduled to be launched at the end of 2023.
Increased sales compared to 2021
In connection with the listing, the company was able to announce that sales during the first four months of the year increased by 27 per cent compared to the same period in 2021. Sensidose CEO Jack Spira comments on the sales success:
»Sales tend to vary from quarter to quarter, but the sharp increase during January – April 2022 is an indication thatwe are in a positive trend and that it is our best year so far.«
However, he also emphasizes that there has been a component shortage that limits the company’s capacity to produce dosing devices, which means that there is a queue with patients who want to start treatment with Flexilev. The shortage of key components to MyFID has occurred due to disruptions in international supply chains, primarily semiconductors, which has affected the company’s sales performance since the second half of 2021. In addition, the number of doctor visits for the company’s original patients has decreased during the pandemic, which has limited the prescription of Flexilev.
Focus on expansion and product development
Sensidose is now working to solve the delivery problems so that more patients will have access to the company’s individualised treatment of Parkinson’s disease. The company also plans to increase sales in the existing market and to expand to more countries, primarily Finland and Poland, which they intend to be able to update the market about during the year. In parallel, they will continue to work on the development of the new dosing device ORAFID.
BioStock contacted Sensidose’s CEO Jack Spira to hear his thoughts on the sales record, outcome of the share issueand listing on Spotlight Stock Market.
What is your comment on the listing issue and the start of trading on Spotlight Stock Market?
– It is worth noting that the listing issue was largely subscribed for by existing owners who have followed thecompany for a long time and invested in Sensidose at higher levels. However, trading on the Spotlight Stock Market took place on May 12 when the world’s stock markets fell. Of course, the Sensidose share, which has since the listing been trading below the issue price, was affected by low sales, even though the company is one of few pharmaceutical companies with an attractive and growing Parkinson’s treatment on the market.
Despite the component shortage issues, you increased sales in the first four months of the year compared to the year before – could you tell us a little more about the sales figures?
– During the autumn and spring, we have concentrated on making sure that all the devices we have are available for the patients. Previously, we had devices lying around in the larger neurology clinics. We have now redistributed these, allowing more patients to start treatment, which is reflected in our figures.
»If the component shortage is relieved and we see more patient visits to the clinics, then there should be a strong sales development for the rest of the year. «
What indicates that the sales growth will continue?
– If the component shortage is relieved and we see more patient visits to the clinics, then there should be a strong sales development for the rest of the year.
– In addition to giving new patients access to our treatment, sales depend on what doses the patients need and, of course, that they continue with the treatment. We know that our treatment method works well and is appreciated by patients who use it for a long time. At the same time, we are dependent on solving the component shortage and allowing more patients and doctors to get in touch with MyFID and Flexilev in order to see a significant increase in sales.
– Moreover, I would like to emphasize that we see our mission as bigger than just increasing sales. Ultimately, it is about giving as many Parkinson’s patients as possible access to the best form of treatment for each individual and there we want to be the first choice for prescribers and patients in the wearing-off stage.
What can Sensidose do to reduce the impact of the component shortage?
– Concerning the component, we cannot do much more than maintain a close dialogue with producers and transporters. There are normally long lead times for these components and with the pandemic, lead times have been extended even more. However, it now looks to be going in the right direction and deliveries have started to catch up, so we hope to soon be able to see an end to this shortage. What we have done is that we have prepared ourselves to be able to produce and release devices as soon as possible when we have everything with us.
Have you seen any change in the awareness and interest in your Parkinson’s treatment in connection with the listing on the Spotlight Stock Market?
– As more patients try Flexilev and feel better from our treatment, we have noticed an increasing interest and demand for Flexilev and MyFID. So far, it is too early to see any change linked to the listing, but we hope that it will help more people to know and try our treatment in the future. However, what we have seen since we started the listing work, is an increase in visits to our websites – sensidose.se, MyFID.se, sviktfas.se – which is positive in itself.
»As more patients try Flexilev and feel better from our treatment, we have noticed an increasing interest and demand for Flexilev and MyFID. «
What can the market expect from Sensidose for the rest of the year?
– Of course, we are working to reach all the goals we have set, i.e., expand the existing market, geographical expansion and the development of ORAFID and expect to continuously convey news in these areas as the work progresses. We are aiming for the market to understand our business and want to be part of our journey aimed at reducing symptoms and increasing the quality of life for Parkinson’s patients.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
