XVIVO Announces a Write-Down Related to PrimECC of SEK 17 Million Not Affecting Cashflow or EBITDA
GOTHENBURG, SWEDEN / ACCESSWIRE / December 14, 2023 / XVIVO Perfusion AB (STO:XVIVO)(LSE:0RKL)(FRA:3XV) As communicated on July 12, 2023, XVIVO has decided to close its´ PrimECC study for further patient inclusions and to evaluate potential strategic opportunities. The decision has been made to write-down the PrimECC asset.
PrimECC is a solution used to prime the heart-lung machine before heart-surgery. It is a CE-marked and patent-protected product and is developed to reduce postoperative complications. In 2020 a study was initiated to expand and strengthen the clinical data for PrimECC. As communicated, the pace of patient recruitment to this study has not met expectations and as recruitment was not projected to be finalized within a reasonable period of time the study was closed.
XVIVO’s assessment of opportunities for the product has resulted in a decision to write down the asset in accordance with IFRS accounting standards. The write-down in the fourth quarter amounts to SEK 17 million not affecting cashflow or EBITDA.
“With the decision to write-down PrimECC, we will instead increase our focus on our core business within organ transplantation. There, significant opportunities deserve our full attention to fulfill our vision that ‘nobody should die waiting for a new organ'”, says Christoffer Rosenblad, XVIVO CEO.
December 14, 2023
Gothenburg
Christoffer Rosenblad, CEO
XVIVO Perfusion AB (publ)
For further information, please contact:
Christoffer Rosenblad, CEO, +46 73 519 21 59, e-mail: christoffer.rosenblad@xvivogroup.com
Kristoffer Nordström, CFO, +46 73 519 21 64, e-mail: kristoffer.nordstrom@xvivogroup.com
About Us
Founded in 1998, XVIVO is the only medical technology company dedicated to extending the life of all major organs – so transplant teams around the world can save more lives. Our solutions allow leading clinicians and researchers to push the boundaries of transplantation medicine. XVIVO is headquartered in Gothenburg, Sweden, and has offices and research sites on two continents. The company is listed on Nasdaq and has the ticker symbol XVIVO. More information can be found on the website www.xvivogroup.com.
This information is information that XVIVO Perfusion AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-12-14 17:32 CET.
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XVIVO announces a write-down related to PrimECC of SEK 17 million not affecting cashflow or EBITDA
SOURCE: XVIVO Perfusion AB
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