Skip to content

iCoat Medical publishes Interim Report Q3 2022


Financial overview July-September (compared to corresponding period the previous year)

  • The quarterly loss amounted to -2,047 KSEK (-831)
  • Cash and cash equivalents amounted to 15,232 KSEK (31,312) at the end of the period
  • Cash flow during the quarter amounted to -3,656 KSEK (31,185)
  • Equity amounted to 30,874 KSEK (38,123) at the end of the period and total assets amounted to 32,785 KSEK (39,134)
  • Equity/Assets-ratio amounted to 94% (97%) at the end of the period

Financial overview January-September (compared to corresponding period the previous year)

  • The period’s loss amounted to -6,575 KSEK (-1,302)
  • Cash and cash equivalents amounted to 15,232 KSEK (31,312) at the end of the period
  • Cashflow during the period amounted to 15,232 KSEK (31,312)
  • Equity amounted to 30,874 KSEK (38,123) at the end of the period and total assets amounted to 32,785 KSEK (39,134)
  • Equity/Assets-ratio amounted to 94% (97%) at the end of the period

Significant events July-September

  • Pre-clinical studies for TUM012 in heart transplantation and heart surgery were initiated in September.
  • Alireza Biglarnia, Chief Medical Officer, presented the company’s research at the 29th International Congress for the Transplant Society in Buenos Aires, Argentina, in September.

Significant event after the period

  • The application for Orphan Drug Designation in the US for the company’s product candidate TUM012 was approved by FDA in October.
  • Since the start in April until end of October, more than 50 percent of patients have been included in iCoat Medical’s First-in-Human study (phase I) ATMIRe for the product candidate TUM012 without any serious or significant side effects. The study is expected to be completed during the first half of 2023.


Dear shareholder,

The third quarter has been characterized by high intensity and continued progress for iCoat Medical. During the period we have continued to make important progress in the development of our product candidate TUM012 with the purpose of protecting organs in connection to transplantation. All organs that are transplanted run the risk of Ischemia Reperfusion Injury since cells suffer from a lack of oxygen and thereby the immune system is activated and it attacks and damages these cells. TUM012 protects ischemic cells from the immune system and thereby reduces the risk of inflammation and organ rejection. Its use improves patient outcome, increases availability of marginalized organs for transplantation and reduces societal costs associated with kidney failure.

Our ongoing First-in-Human study (phase I) ATMIRe reported its first interims data, showing that none of the patients had any negative side effects from our product TUM012 and after the period more than 50 percent of patients that will be included in the study had been treated without any negative side effects. While ATMIRe progresses, the business has already begun planning for a coming phase II study for use of TUM012 in kidney transplants and also begun preparing pre-clinical studies with a focus on the use of TUM012 in heart transplant and open heart surgery. This broadened focus is the result of our belief that TUM012 has great potential to create medical benefits in connection to other procedures as well, not just kidney tranplants, in which Ischemia Reperfusion Injury is a problem.

The business climate remains challenging for many companies and this is also true for iCoat Medical. Rising inflation and a more troublesome geopolitical development has to some extent meant higher purchasing prices for iCoat Medical, it has simply become a bit more expensive to carry out our research and development. However, iCoat Medical runs a focused and cost efficient operation thanks to our academic collaborations and close relations to Skåne’s University Hospital in Malmö.

iCoat Medical continues to run a solid business, despite recent economical and geopolitical developments, and we continue to make progress according to our plans. Initial results from the clinical study ATMIRe looks promising and we expect to complete the study in the first half-year of 2023. At the same time, work continues to evaluate TUM012 and TUM020 also for other medical conditions and organ transplants.

I look forward to continuously updating you on the company’s development and clinical results going forward.

Peder Waern
CEO, iCoat Medical AB

Interim Report Q3 2022
In addition to the English version of the Interim Report, a Swedish version is also attached to this press release.

For additional information, please contact:
Peder Waern, CEO – iCoat Medical AB
Mattias Springare, CFO – iCoat Medical AB

About iCoat Medical
iCoat Medical is a clinical stage, pharmaceutical company focusing on reducing and preventing ischemia reperfusion injuries by developing novel pharmaceutical products. The company is one of the world’s leading R&D-centered organizations within innate immunology and is systematically expanding its pipeline using its proprietary coating-technology platform. iCoat Medical’s lead candidate TUM012 is developed to improve the outcome of organ transplantations. The company’s unique ex-vivo coating of the grafts has the ambition of being an integral part in the transplant procedures of tomorrow. iCoat Medical has operations in Uppsala, Lund and Malmö, and is headquartered in Stockholm.