In pandemic times, Fluicell takes important leaps forward
Since the launch of Biopixlar® in November last year, we have faced a great number of challenges. During this period, we have not only experienced a covid-19 pandemic, financial and political instability and allegations of patent infringement, but we also had to challenge what we perceive to be a lack of understanding for our company and its potential. Despite all these challenges, many of which are still ongoing, Fluicell is, with a wide margin, about to do its best year ever. Taken as a whole, we therefore see 2020 as a highly successful year for us. Through the progress that we have made and through the ongoing advancement of Biopixlar®, Fluicell is today a company with an enormous potential to impact the lives of patients all over the world.
The quarterly result of 278 KSEK (569 KSEK) is in line with our expectations. Q3 has historically been a slow period for us and this year, our expectations we lowered even further due to the effects of the covid-19 pandemic. We are now seeing an increase in the sales activities and the interest for Biopixlar® is record high. We have, during this quarter, further developed our digital sales platforms in order to accelerate sales and to face travel restrictions preventing direct interaction with customers. The work that we have done is the reason that we today are involved in a great number of sales discussions. Many of these discussions are with world leading and high-profile research institutions and companies. In our opinion, there is no doubt that the Company’s sales will increase significantly.
Despite the high level of competition, we have recently won a EU Horizon grant of 31 MSEK, which is shared with our project partners and where Fluicell’s part of the grant amounts to 5.2 MSEK. In the project, Biopixlar® plays a central role in the development of three dimensional renal tissue. After the covid-19 pandemic became a reality, Fluicell has been involved in a series of soft financing applications and this is the first result that we see from that effort.
In July, Fluicell acquired 26 MSEK through a share issue and in September we raised additional capital through a directed share issue to professional investor amounting to approximately 4 MSEK. This is a clear indication of an increased interest in the company and gives us a solid ground to continue to improve our sales organization and our business development.
During Q3, our R&D department has put a great effort into bringing scientific advances linked to Biopixlar® to the public. This resulted in the publishing of a peer reviewed article in Scientific Reports on November 10. The article is an important milestone in the market establishment of Biopixlar® and a clear confirmation from the research community of ability of our innovative technology to advance bioprinting into the future.
In addition to all activities mentioned above, work with the rest of our product portfolio is advancing steadily. Worth special mention is the distribution agreement that we signed with Swift Analytical in August that makes them distributors of BioPen in the UK. We are very happy for this deal since it strengthens our commercial infrastructure and improves our sales capacity in the important British market.
In some regards, the pandemic has made the work we do at Fluicell harder. Despite this, we have managed to take advantage of the changed circumstances to improve and sharpen our strategies, not least in terms of marketing and everyday interaction with customers. A highly relevant example of this was the installation that took place digitally in early October, when we performed a live installation of our first sold Biopixlar® instrument with our customer in New Zealand.
Finally, I would like to thank all coworkers for their valuable contributions towards maximizing the exposure of Fluicell during the past quarter. With new sales strategies in place, we are ready to release the underlying potential in the company.
Victoire Viannay, November 19, 2020
This CEO Newsletter is a version of the CEO words that is also published today as part of the 2020 Q3 interim report.
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