Publicerat: 2019-05-15 08:30:00

PEPTONIC Medical AB: INTERIM REPORT Period from January 2019 to March 2019

2019 FIRST QUARTER (Jan-Mar)

  • Net sales of products KSEK 1,470 (0)
  • Gross profit KSEK 802 (0), Gross margin 55% (0%)
  • Operating loss KSEK -3,185 (-2,756) 
  • Loss per share SEK -0.04 (-0.06)


  • On January 10th, 2019 the Company announced that its self-care product for the treatment of vaginal atrophy and dryness - VagiVital® - has been approved for sale through Apoteket AB’s retail shops and on-line shop, by Apoteket Hjärtat for sale in its on-line pharmacy shop, and by Apoteksgruppen for sales in approximately forty of its franchise pharmacy shops throughout Sweden. Initially, VagiVital® will be available for purchase in the thirty largest pharmacy shops of Apoteket AB and in its on-line pharmacy ( from mid February 2019, and in Apoteket Hjärtat’s webshop from the beginning of February the latest. The Apoteksgruppen independent franchise pharmacies will decide individually on when to start offering the product in their shops.
  • On 18th January 2019, the Company announced that the Board of Directors have decided to issue 2,192,270 new shares to ReCall Capital Nordic AB. The proceeds to the Company amounted to 1.2 MSEK for this number of shares. This was the first transaction of the so called ‘on tap financing’arrangement with ReCall dated the 6th of November 2018.
  • On 28th January, 2019, the Company announced that the results of a recently conducted survey among women that have used VagiVital® indicate a very strong treatment effect. Of more than two hundered respondents of the survey, three out of four reported symptom relief, regardless for how long they had used VagiVital®. Of those women who had used VagiVital® for two months or longer, nine out of ten reported symptom relief. The survey was performed during the period of December 2018 to mid January 2019.
  • On 12th of February 2019, the Company announced that the Board of Directors have decided to issue 2,375,120 new shares to ReCall Capital Nordic AB. The proceeds to Company amounted to 1.5 MSEK for these shares . This was the second transaction of the so called ‘on tap financing’ arrangement with ReCall dated the 6th of November 2018.


  • On 10th April 2019, the Company announced that the Board of Directors have decided to issue 2,375,120 new shares to ReCall Capital Nordic AB. The proceeds to Company amounted to 1.5 MSEK for these shares . This was the third transaction of the so called ‘on tap financing’ arrangement with ReCall dated the 6th of November 2018.
  • On 18th April, the Company announced that its 2018 Annual Report is available on the Company’s website and on the website of Spotlight
  • On the 8th May 2019, the Company announced that during May Apoteket AB will expand the distribution of Peptonic’s self-care product VagiVital® from today’s 30 to 250 of its retail pharmacy shops in Sweden. Since February this year, VagiVital® can also be purchased on the Apotektet AB’s webshop ( In connection with this distribution expansion, Peptonic has received a purchase order from Apoteket AB worth 440,000 SEK.

From the CEO

Continued focus on the launch and marketing of VagiVitalâ summarizes the first quarter of the year in Peptonic. In addition to expanding the distribution to more pharmacies and e-commerce platforms, significant investments were made in bringing the VagiVitalâ message to the customers and users. The production of an appealing and captivating TV commercial was a major investment.

Judging by the monthly sales development, the marketing efforts seem to have been effective. The feedback from VagiVitalâ users has been very positive. A customer survey in January concluded that 89 percent of the respondents that had used VagiVitalâ  for two months or longer had experienced significant symptom relief. 85 percent of the respondents said that they would recommend the product to a friend. These positive responses by VagiVitalâ users give great confidence and guidance in view of future marketing activities.

Among pharmacy chains and e-commerce platforms the interest in VagiVitalâ has grown with time. At the end of the period VagiVitalâ could be purchased at these outlets; the 30 largest retail pharmacies of Apoteket AB and on Apoteket AB’s webshop, Apoteket Hjärtat’s webshop, Apoteksgruppen’s 40 franchise pharmacies (on order), and on the following on-line pharmacies;,, apotek365,, and Since then, the distribution has expanded further. Webshops for the Danish and Norwegian markets will open soon. This to facilitate entry of these markets in a similar manner as in Sweden, that is, through the pharmacy chains. Activities to create traffic to these webshops will be performed based on market size and discussions with potential local distributors.

The preparations for a clinical study with women that have undergone treatment for a hormone dependent cancer are under way. A large portion of these women are suffering from vaginal dryness, but they cannot use hormone based treatments. Hence, the objective of this study is to demonstrate that VagiVitalâ is a safe and effective alternative treatment to hormones. An application to the concerned ethics committee has been submitted.

We also plan to submit a 510k registration application to the US FDA before year end. A gap analysis has been completed to find out what additional documentation needs to be developed on VagiVitalâ before such submission.

The ’on-tap’ financing facility according to the Recall Capital agreement generated 2.7 MSEK during the period. According to this arrangement, Recall Capital sells shares, borrowed from Peptonic shareholders, on the market and the proceeds are transferred to the Company. Recall will then be compensated by shares issued directly to Recall.

Operating loss for the period was -3.185 MSEK. Sales generated 1.47 MSEK (including the order by Orion Pharma OY, Finland). Marketing costs, and cost of manufacturing, transportation and distribution amounted to approx. 2.8 MSEK.

Peptonic is in an exciting development phase and we have great expectations for the coming quarter – not least regarding the sales development of VagiVitalâ.

Stockholm, May 15th,  2019

Johan Inborr



Net sales – Net Sales of products for the first quarter were KSEK 1,470 (0). Other income for the first quarter were KSEK 18 (66).

Costs – Costs for the first quarter were KSEK -4,673 (-2,822). The costs that have significantly increased during the quarter are costs for sold goods and the launch costs.

Result – Loss before tax for the first quarter was KSEK -3,500 (-2,758). According to plan, costs for launch have been charged to the quarter, and the negative result has increased.

Financial position and liquidity – Liquid assets were KSEK 10,231 (3,369) as of March 31, 2019. During the quarter, the company received net SEK 2,700 (0) in newly issued capital. This through the agreement with ReCall Capital on lending of shares and issuing new shares, so called “on tap funding”. The cost of this has been about 6% of issued capital

Equity – PEPTONIC medical AB´s equity amounted to KSEK 54,451 (56,936) as of March 31, 2019, resulting in a solidity of 78 (92) percent. During January and February 2019, two targeted new issues were made to ReCall Capital, which provided the company with SEK 2.7 million after expenses.

Liabilities - The company"s liabilities amounted to SEK 14,923 thousand (4,992) as of March 31, 2019. The change is attributable to the fact that a bridge loan of SEK 10,500,000 was raised in 2018, that the accounts payable increased and that accrued expenses decreased during the year.

Organization – The average number of employees during the period was 2 (2). In addition to this, from 2018 there is a marketing manager and a quality manager hired as consultants. Furthermore, the accounts are posted at an accounting firm.

Share – Total numbers of shares in the company amounted to 90,595,990 (43,014,300) as of March 31, 2019.

3 months 3 months 12 months
Jan-Mar Jan-Mar Jan-Dec
KSEK Note 2019 2018 2018
Operating income
Sales of products 1,470 0 383
Other operating income 18 66 86
Total operating income 1,488 66 469
Operating expenses
Cost of goods -668 0 -150
Other external expenses 1 -2,852 -1,610 -9,544
Personnel costs -1,153 -1,193 -4,471
DepreciationOther operating costs 00 -190 -76-609
Total operating expensses -4,673 -2,822 -14,850
Operating loss -3,185 -2,756 -14,381
Net financial income/expense -315 -2 -560
Loss before taxes -3,500 -2,758 -14,941
Taxes - - -
Net loss for the period -3,500 -2,758 -14,941

Mar 31 Mar 31 Dec 31
KSEK  Note 2019 2018 2018
Non-Current assets
Intangeble assets 2 56,585 58,011 56,396
Tangeble assets 0 0 0
Financial assets - - -
Total non-current assets 56,585 58,011 56,396
Current assets
Stock 468 0 609
Other receivbles 1,889 385 587
Tax receivable - - -
Prepaid expenses and accrued income 201 163 204
Liquid assets 10,231 3,369 11,365
Total current assets 12,789 3,917 12,765
Total assets 69,374 61,928 69,161
Equity and liabilites
Ristricted equity
Share capital 9,060 4,301 8,603
Ongoing right issues - - -
Development Cost Fund 14,538 14,368 14,538
Non- restrictes equity
Share premiun reserv non-restricted 134,487 126,048 132,244
Profit or loss brought forward -100,134 -85,023 -85,193
Net loss for the period -3,500 -2,758 -14,941
Total equity 3 54,451 56,936 55,251
Current liabilites
Liabilities interest bearing 10,500 0 10,500
Trade payables 1,948 1,068 1,607
Other payables 444 182 319
Prepaid income and accrued expenses 2,031 3,742 1,484
Total current liabilites 14,923 4,992 13,910
Total equity and liabilities 69,374 61,928 69,161

KEY FIGURES 3 months 3 months 12 months
Jan-Mar2019 Jan-Mar2018 Jan-Dec2018

Sales goods, KSEK 1,470 0 383
Gross profit sales goods, KSEK 802 0 233
Gross margin, % 55 0 61
Operating profit, KSEK  -3,185 -2,756 -14,381
Return on equity,%  -26 -19 -26
Equity ratio,%  78 92 80
Earnings per share, SEK  -0.04 -0.06 -0.17
Liquidity per share, SEK  0.1 0.1 0.1
Equity per share, SEK  0.6 1.3 0.6
Share price per closing, SEK  0.649 0.695 0.500
Share price/Shareholders’ equity per share, SEK  1.08 0.53                0.78
Equity per share, SEK  90,595,990 43,014,300 86,028,600

This interim report has not been reviewed by the Company’s auditors.  

The Board of Directors and the CEO certifies that the interim report gives a fair overview of the business, position and profit or loss of the Company.


Quarterly report, 2                                                           August 16th 2019

Quarterly report, 3                                                           November 8th 2019

Year end report, 2018                                                      February 27th 2020

Stockholm, May 15th, 2019

Hans von Celsing, Chairmen of the Board                                                   Arne Ferstad, Board member

Marianne Östlund, Board member                                                               Leni Ekendahl, Board member

Johan Inborr, CEO

Note: This document has been prepared in both Swedish and English. The Swedish version shall govern in case of differences between the two documents. The document contains certain statements about the Company’s operating environment and future performance. These statements should only be regarded as reflective of prevailing interpretations. No guarantees can be made that these statements are free from errors.

For more information, please contact;

Johan Inborr, CEO

Mobile: +46 708 853 893


This information is information that Peptonic Medical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15th May 2019.

About VagiVital®

VagiVital®is a patent pending hormone free self-care product for the treatment of vaginal atrophy and vaginal dryness. The product has been tested in randomised clinical studies (vaginal atrophy) with very positive results both for objective (vaginal pH and proportion of superficial cells in the vaginal mucosa) and subjective (most bothersome symptoms, such as vaginal dryness, vaginal irritation/itching, dyspareunia and dysuria) parameters. The magnitude of symptom relief is on par with that demonstrated with e.g. prescription estrogen based products on the market today. It was very well tolerated and caused no serious adverse effects. 

VagiVital®was launched in Sweden as a non-prescription self-care product in July 2018 (see 

About Peptonic Medical

Peptonic Medical is an innovative Swedish medical development company. Its vision is to offer safe and effective treatments and relief for women specific diseases and medical conditions.

VagiVital®is a registered trademark of Peptonic Medical. The product is hormone free and is being commercialised for the non-prescription use for the treatment of vaginal atrophy (VA) and vaginal dryness. The pipeline of Peptonic Medical also includes Vagitocin®, which is an oxytocin-based vaginal gel for the treatment of VA. This product candidate is in clinical development phase 2. The development of Vagitocin® is on hold pending additional data on i.a. the mechanism of action.

Since July 2014, the Peptonic Medical share has been traded on the Spotlight Stock Exchange (, ticker: PMED) in Stockholm, Sweden. 

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