Sensidose has developed a treatment principle for individualized and precise dosing of levodopa for the treatment of Parkinson's disease. By dosing a specific number of the company's microtablets, Flexilife, the treatment can be optimized and adapted for each patient. The individually adapted dosage means that patients have an increased quality of life and can manage longer without complicated and for society expensive surgical procedures. The tablets are dosed with the dosing machine MyFID'sif helps the patient get an exact dose at the right time.
The treatment is offered to patients through neurology clinics in the Scandinavian market, but Sensidose is preparing for expansion into more markets. In addition, the company is developing a new dosing device, Orafid, which is a mechanical dosing device that further simplifies treatment.
Best half year so far in terms of sales
The company's Q2 report shows that sales are increasing at a steady pace. Net sales in the second quarter amounted to SEK 1,88 million, which corresponds to an increase of 21 percent compared to the same period in 2021. For the first half of the year, sales increased by 32 percent, which means that 2022 is the company's best year to date.
»Sales growth is driven by increased demand now that healthcare is no longer hampered by the COVID-19 pandemic, as well as efficient management of the available dosing machines. According to the company, increased demand is seen in all Nordic markets.«
Back in May, Sensidose reported on the positive trend in sales, read the interview with the CEO Jack Spira here.
Stable cash flow after listing and issue
For the first half of the year, Sensidose reported an operating loss of SEK 4,3 million. According to the company, the result was burdened by, among other things, development costs and one-off costs linked to the listing on the Spotlight Stock Market May 12. CEO Jack Spira comments on the listing in the company's press release regarding the Q2 report:
Interest in the offering was positive, especially given the tough stock market climate that prevailed during the quarter. The attention from the listing has contributed to increased opportunities for recruiting competent personnel and greater awareness of the company.
Prior to the listing, the company conducted a fully subscribed rights issue which provided the company with SEK 21,2 million after issue costs. The company is therefore well positioned for continued expansion and product development. As of June 30, the company's liquid assets amounted to SEK 20,7 million.
Progress in the projects
During the year, Sensidose has also made progress in its planned geographic expansion into more markets. As part of this expansion plan, the company recently submitted an application for a subsidy of Flexilev to the Finnish Pharmaceutical Pricing BoardDuring the regulatory processing time, which is normally around 180 days, the company plans to prepare what is needed to launch and market the product to Finnish Parkinson's specialists and patient associations. The company also aims to submit an application for subsidy in Poland during the autumn.
In addition, development of the new manual dosing device Orafid continues. Several prototypes have been tested and are now approaching the final product. The company expects to be able to file a patent application for Orafid in the fall and then CE-mark and launch the product in 2023.
Component shortage to be resolved with reprogramming
However, the planned expansion has been slowed down due to the global semiconductor shortage, which has affected the production of the MyFID dosing device. As a result, there is currently a queue of patients who want to start treatment with Flexilev, but who have not yet been given access to the dosing device.
To resolve the issue, Sensidose decided to reprogram the software in MyFID to allow other components to be used. This work is expected to be completed during the current quarter.
CEO comments on sales and plans for the fall
Overall, the first half of the year has been an eventful period for Sensidose, with the company taking many important steps. The company's CEO Jack Spira has previously commented on the most important events during the period in an interview with BioStock.
This time we talk to Spira about his view on sales growth.
Jack, what do you have to say about the positive development in sales?
– It is gratifying that our treatment concept is appreciated and benefits patients. Healthcare is now back to a pre-corona-like everyday life, which makes it possible to implement treatment changes, such as using our concept. Internally, the sales increase has been achieved largely thanks to us becoming more efficient in terms of handling available MyFID dispensers.
»It is gratifying that our treatment concept is appreciated and benefits patients.«
You are well on your way to solving the component shortage problem – how is this expected to affect sales figures?
– Of course, an increased supply of dosing machines will lead to better sales figures. However, one should be aware that the treatment still requires initiation, start-up, training of patients by the healthcare system, etc. This means that better figures will come gradually. One should not expect that there will suddenly be a huge jump in the revenue curve in the short term even after we have solved the component shortage.
You have now submitted an application for a subsidy in Finland and are also planning to submit a similar application in Poland in the autumn. Could you tell us a little more about the importance of a subsidized price when introducing a medicine to the market?
– If we disregard some currently very cheap generic medicines, then there is no doubt that subsidizing medicines is very important so that treatment becomes available to everyone who needs it. So an approved subsidized price for the medicine is a necessity. The authority that determines this in the various countries needs to receive documentation in the application that provides support for them to be able to approve a subsidy at the price applied for.
You have also begun recruiting a COO/VP with a focus on business development and expansion. What qualities are you looking for?
– We envision a person who has knowledge and experience from the area, has and can work internationally and with a drive and positive forward-thinking attitude to take us out into the world!
What else can we expect from Sensidose this fall?
– We are now concentrating on delivering what we have talked about, i.e. increasing sales in existing markets, geographical expansion, strengthening the organization and developing the new manual dosing machine. I am convinced that we will communicate progress on all these fronts during the autumn.
»We are now concentrating on delivering what we have talked about, i.e. increasing sales in existing markets, geographical expansion, strengthening the organization and developing the new manual dosing machine.«
Approximately 300 patients in Scandinavia currently use Flexilev, while there are thousands of patients who should be eligible for your treatment - what are you doing to increase awareness among doctors and patients?
– It takes time to establish a new treatment method on the market and there are limitations in how we can market ourselves. Our most important ambassadors are the patients who feel good from our treatment and who can have an active life despite being in a phase of decline.
– We also see that our website www.sviktfas.se has increasing traffic and that knowledge about different treatment methods for Parkinson's is increasing on a general level.
