Xlife Sciences (SIX: XLS) today reported on its operational progress in H1 2023 and published its key financial figures for the reporting period. Xlife Sciences’ full half-year report 2023 is available for download as a PDF document at https://www.xlifesciences.ch/en/news-and-key-figures in the “Financial Reports” section. 

Operational Highlights 

As of 30 June 2023, Xlife Sciences had 26 project companies. Among other things, these made the following operational progress during the reporting period: 

• FUSE-AI successfully completed two clinical trials with the Cantonal Hospital Aarau and the Universitätsklinikum Jena and was able to certify its in-house quality management according to ISO 13485. Approval of the Prostate.Carcinoma.ai software for safer and faster prostate screening in the EU (as a Class IIa medical device) and in the USA (according to the US FDA) has been initiated and is expected by the end of 2023. 

• Axenoll Life Sciences has been granted a strategically important patent from the European Patent Office for a method of generating biological tissue. The granted European patent protects a process developed by Axenoll for the generation of biological tissue. 

• inflamed pharma has started a research project with the Department of Neurology of Universitätsmedizin Göttingen to develop a potential therapy for amyotrophic lateral sclerosis (ALS), a chronic progressive degenerative disease of the nervous system. The basis for the research project is the procaine-based active substance ProcCluster® from inflamed pharma. ProcCluster® was also granted patents in China for the protection of the chemical substance. 

• saniva diagnostics received 513(g) approval from the US Food and Drug Administration (FDA) to market and sell its proprietary and patent protected NeuroMex screening device as a non-regulated medical device in the US. NeuroMex measures neurocognitive performance and is used to interpret the current state of this performance in patients. Recruitment for two clinical trials in Germany is ongoing; we expect their results in 2024. 

• novaxomx was able to present the first positive efficacy data on bone cells with exosomes in cell culture in cooperation with the Universitätsklinikum Jena. 

• Veraxa is currently in the process of in-licensing two new clinical antibodies in the field of oncology. In addition, Veraxa has greatly expanded its own pipeline of functional antibodies and so-called antibody-drug conjugates (ADC’s). 

Geographical expansion of business activities 

In addition, in mid-August, Xlife Sciences signed an agreement with the Department of Health – Abu Dhabi (DoH), the health authority of the Emirate of Abu Dhabi. This agreement aims to improve the lives of patients in the emirate and neighboring regions by focusing on three key pillars: strengthening and promoting innovation, leveraging our company’s business model, and conducting research and clinical trials. The collaboration enables the implementation of a financing structure funded by partners in the local ecosystem. This will support the growth of both existing Xlife Sciences projects and future innovations. 

The already established local subsidiary will be supported with efficient project transfers and rapid occupation of office and laboratory space in the course of 2023. The local partner ICEBERG Capital, which has the required license from the local regulatory authority, will establish a financing framework (fund) to support the start-ups, founders, and projects. A joint selection committee will be formed to evaluate start-ups for funding, provide incubation training and mentoring, and develop marketable solutions. 

The internationalization of Xlife Sciences is also to be continued through a stronger presence of our company in the USA and Asia, and the corresponding measures are to be implemented from 2024. 

Financial Key Figures 

• The provision of services to project companies generated revenues of CHF 347’979 in the first half of 2023 (as of 30 June 2023) (previous year's period: CHF 372’448). 

• The result (undiluted) per share was CHF -1.10 (previous year's period: CHF -1.48). 

• Total assets were CHF 477.9 million (previous year's period: CHF 470.8 million). 

• Shareholders' equity was CHF 332.6 million (previous year's period: CHF 315.6 million).  

• Cash and cash equivalents were CHF 512’002 at the end of June 2023 (end of June 2022: CHF 2.21 million). 

Xlife Sciences was able to further validate the company’s business model in the first half of 2023 through the sale of shares in Laxxon Medical. The exit pipeline continues to expand and work on further transactions is ongoing with high priority together with M&A and business development advisors. In the coming months, the remaining 54% of Xlife Science’s share in Laxxon Medical will also be sold in the coming months. 

Outlook 

Oliver R. Baumann, CEO of Xlife Sciences, commented: “The year 2023 has so far been characterized by volatile markets, concerns around inflation and rising interest rates, scenarios of a cooling economy and a market environment focused on profits rather than growth. The successes achieved in the first half of the year show that our company is well positioned for this challenging environment and the resulting opportunities. Until the end of the year, the focus will be on successfully partnering projects and thus creating added value for our investors. The timing is ideally suited for this, as two thirds of our portfolio have now reached “proof of concept” status. The ongoing process initiated by the Board of Directors to review strategic options is progressing according to plan; we currently expect to complete this process by the end of the year”. 

Financial calendar 

Annual Report 2023                                                                        23 April 2024

Annual Shareholders Meeting 2024                                                20 June 2024

Half-Year Report 2024                                                                     19 September 2024

Xlife Sciences AG, 
Talacker 35, 
8001 Zurich, 
Switzerland,
Phone +41 44 385 84 60
info@xlifesciences.ch, www.xlifesciences.ch, 
Commercial Register Zurich CHE-330.279.788 
Stock Exchange: SIX Swiss Exchange