Iconovos expertise includes the development of inhaled pharmaceuticals, both in terms of inhaler design and drug substance formulation. The company offers several proprietary inhalers that enable the development of user-friendly and effective inhaled pharmaceuticals.
Collaboration with international pharmaceutical companies
Based on the inhaler platforms, complete inhalation products are developed in collaboration with international pharmaceutical companies, who then drive the product to market. The collaborations are established already in the early development phase and generate revenue for Iconovo during the development process, and normally also royalties after the product is launched, or alternatively profitable sales of the company's inhalers.
This approach allows Iconovo's partners to navigate the complex and costly development of inhalation products, with the goal of shortening development time and accelerating access to inhaled treatments for multiple indications.
Iconovo focuses both on the development of generic inhaled medicines for respiratory diseases, as well as completely new inhaled medicines and reformulations of existing medicines into inhalable form.
Symbicort project nears launch
The company's longest-running collaborative project is run together with American Amneal PharmaceuticalsThe project concerns the development of a generic version of AstraZeneca Symbicort (budesonide/formoterol), a market-leading treatment for asthma and COPD with sales of approximately USD 2,4 billion in 2023.
Amneal recently conducted a clinical pharmacokinetic pilot study demonstrating comparable bioavailability between ICOres budesonide/formoterol and Symbicort Turbuhaler. The product is therefore expected to meet the strict requirements for demonstrating bioequivalence in a registration study. Market launch is planned for 2026, which is expected to contribute to Iconovo achieving full-year profitability in the same year.
In addition to the project with Amneal, Iconovo has ongoing generics projects in collaboration with Intas Pharmaceuticals and BNC KoreaThe company has also established cooperation agreements with Affilogic and Bill & Melinda Gates Foundation for the development of new inhalation drugs, and Monash University and Kiox Pharmaceuticals for reformulated drugs.
Partner negotiations for ICOpre
At the same time, Iconovo is working to find a partner for its latest inhaler, ICOpre. It is designed to create generic versions of GSK Ellipta portfolio, which sold for about $5 billion last year.
The FDA has issued a positive opinion regarding generic interchangeability of ICOpre with the originator drug Breo Ellipta with respect to external design and handling. The FDA assesses that ICOpre and its current design can be used in a Abbreviated New Drug Application (ANDA) process in the United States.
The next step in the development will be to conduct a pharmacokinetic pilot study together with a partner. Negotiations and due diligence are currently underway on all steps in the development towards the final product.
Focus on easy-to-use semaglutide treatment
The company has also chosen to enter the super hot and growing obesity field by developing a user-friendly, intranasal semaglutide treatment for obesity. Semaglutide is a GLP-1 analogue and the active substance in Novo Nordisk blockbuster products wegovy and ozempic, which together generated sales of $18,4 billion in 2023.
According to Iconovo, nasal semaglutide treatment is more patient-friendly than the injections used today and could provide better compliance with treatment and earlier use in the treatment ladder and thus provide better long-term effect. Through administration with ICOone Nasal, a high absorption of the drug is expected as the drug can be absorbed via the large nasal mucosa of approximately 150 cm2.
Iconovo plans to advance the project to preclinical proof-of-concept while simultaneously initiating discussions with potential licensing partners. The company expects to be able to use a simplified regulatory process to obtain market approval in the US.
In addition, Iconovo has filed a broad patent application for inhaled GLP-1 products and sees further opportunities in more metabolic diseases, such as type 2 diabetes.
Patent expirations open up market opportunities
Overall, Iconovo addresses large markets and growing disease states, such as asthma, COPD and obesity. The patent expirations of today's market-leading products open up opportunities for Iconovo's generic versions and reformulations. The patents for semaglutide expire in Canada and China as early as 2026, and in Europe and the US in 2031. The patent for Symbicort has already expired and the next major patent expiration in the inhalation area is for the Ellipta portfolio, with Relvar/Breo being the first product to lose its patent in 2029 in the US and 2027 in the EU.
Issuance to support ongoing projects
To finance the ongoing projects, Iconovo is now carrying out a rights issue of units consisting of shares and warrants of series TO 1. If the issue is fully subscribed, Iconovo will initially receive SEK 28,7 million before issue costs of approximately SEK 2,3 million.
The issue is fully guaranteed by guarantee commitments from Iconovo's main owner Gerald Engstrom (via Fern Invest), heath and Bolite, as well as subscription intentions and subscription commitments from management, the board of directors and a number of major shareholders. The guarantee commitments amount to approximately SEK 13,9 million (48,6 percent), while subscription commitments and subscription intentions cover the remainder of the issue.
The net proceeds will be used primarily to complete the out-licensing process for ICOpre and support the project with Amneal. The money will also be used to finance the development of the intranasal semaglutide treatment.
In addition to the initial payment, the company can receive a maximum of SEK 27,6 million upon redemption of TO 1, which will take place in 2026. This money will primarily be used to continue supporting the ICOpre and ICOres projects, as well as to explore the possibilities for reformulations.
Summary of the offer
| Terms & conditions | One existing share in the company entitles to one unit right. Three unit rights entitle to subscription of one unit, consisting of one share and one warrant series TO 1. |
| Subscription period | 4 – 18 November |
| Subscription price | SEK 5,40 per unit, corresponding to SEK 5,40 per share |
| Useful life for TO 1 | A warrant of series TO 1 gives the right to subscribe for one new share in the company, at a subscription price of SEK 5,40 per share during the period March 2 – March 16, 2026. |
| Volume | Initially at most approximately SEK 28,7 million |
| Pre-money valuation | SEK 86 million |
| Subscription commitments, subscription intentions and guarantee commitments. | 100 percent |
Information and subscription
Interview with CEO Johan Wäborg
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