FWP Forward Pharma A/S

7
+0.03  (+0%)
Previous Close 6.97
Open 6.95
52 Week Low 5.801
52 Week High 10.15
Market Cap $49,132,209
Shares 7,018,887
Float 7,018,887
Enterprise Value $-29,393,275
Volume 50,459
Av. Daily Volume 172,342
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Latest News

  1. COPENHAGEN, Denmark, April 14, 2021 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("We," "Forward" or the "Company" and, together with its subsidiaries, the "Group"), today reported consolidated financial results for the year ended December 31, 2020. Our net loss for the year ended December 31, 2020 was $6.4 million, or $0.07 per share, versus a net loss of $4.2 million, or $0.04 per share for the year ended December 31, 2019. Our research and development and general and administrative costs decreased from $5.3 million for the year ended December 31, 2019 to $3.4 million for the year ended December 31, 2020. Our net loss for the year ended December 31, 2020 was unfavorably impacted by a significant non-cash foreign exchange loss of $3.0…

    COPENHAGEN, Denmark, April 14, 2021 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("We," "Forward" or the "Company" and, together with its subsidiaries, the "Group"), today reported consolidated financial results for the year ended December 31, 2020. Our net loss for the year ended December 31, 2020 was $6.4 million, or $0.07 per share, versus a net loss of $4.2 million, or $0.04 per share for the year ended December 31, 2019. Our research and development and general and administrative costs decreased from $5.3 million for the year ended December 31, 2019 to $3.4 million for the year ended December 31, 2020. Our net loss for the year ended December 31, 2020 was unfavorably impacted by a significant non-cash foreign exchange loss of $3.0 million that is primarily related to our U.S. Dollar cash holdings and the weakening of the U.S. Dollar compared to the Danish Kroner.



    "We continue to be well positioned financially as we enter into 2021 with cash holdings of $79.1 million and working capital of $78.6 million. We believe we have the financial strength to fund operations beyond 2021 and focus on the oral proceedings before the Technical Board of Appeals that are scheduled for September 6, 2021 after two postponements caused by the ongoing coronavirus pandemic," said Dr. Claus Bo Svendsen, Chief Executive Officer of Forward.

    Operating Results for the Year Ended December 31, 2020

    Research and development costs for the years ended December 31, 2020 and 2019 were $327,000 and $1.0 million, respectively. The decrease in research and development costs for the year ended December 31, 2020 is the result of lower costs incurred in connection with the EP2801355 patent ("355 Patent") opposition in Europe ("Opposition Proceeding") and lower share-based compensation.

    General and administrative costs for the years ended December 31, 2020 and 2019 were $3.1 million and $4.2 million, respectively. The decrease in general and administrative costs in the year ended December 31, 2020 resulted from lower share-based compensation.

    During the year ended December 31, 2020, the Group recognized a foreign exchange loss of $3.0 million, resulting primarily from the weakening of the U.S. Dollar compared to the Danish Kroner during the period. During the year ended December 31, 2019, the Group recognized a foreign exchange gain of $759,000, resulting primarily from the strengthening of the U.S. Dollar compared to the Danish Kroner during the period.

    Other finance (expense) income primarily includes bank fees, or negative interest, on Euro and Danish Kroner cash holdings net of interest income on U.S. Dollar cash holdings.

    Financial Position as of December 31, 2020

    As of December 31, 2020, we have $79.1 million in cash and cash equivalents and our working capital is $78.6 million. We believe we have sufficient liquidity to allow us to meet our planned operating activities in the normal course of business beyond the year ending December 31, 2021. Unforeseen events could negatively affect our ability to fund planned operations in the future.

    Update on Intellectual Property Proceedings

    On January 29, 2018, the Opposition Division of the European Patent Office ("EPO") concluded the oral proceedings concerning the ‘355 Patent. The Opposition Division revoked the ‘355 Patent after considering third-party oppositions from several opponents. On March 22, 2018, the Opposition Division issued its detailed reasons for the decision. On May 7, 2018, the Company appealed the Opposition Division's decision to the Technical Board of Appeal ("TBA") of the EPO and filed its detailed grounds of appeal on August 1, 2018. On July 8, 2019, the Company received notice from the EPO that the appeal would be heard by the TBA of the EPO on June 18, 2020 (the "2020 Hearing"). As a result of the ongoing coronavirus pandemic, the 2020 Hearing has been postponed twice and is now scheduled to occur on September 6, 2021. Management expects the TBA to issue a ruling on the same day as the hearing with a fully argued decision approximately two months following the hearing.

    If the Company receives a favorable ruling following the hearing, it is expected that the TBA will remand the case to the Opposition Division, in order for the Opposition Division to resolve the remaining elements of the original opposition. Management estimates that the Opposition Division would take approximately two to three years to resolve the remaining elements of the original opposition. However, delays can occur that would extend the time needed for the Opposition Division to reach a conclusion on the remaining elements of the original opposition. The Company is not entitled to any royalty payments from the License Agreement until and unless all remaining elements of the original opposition are resolved in the Company's favor. As such, the earliest time the Company may expect to receive any revenues from the License Agreement, if at all, is 2024.

    If the Company receives an unfavorable ruling following the hearing on September 6, 2021, it would, for all practical purposes, represent an unsuccessful outcome of the Opposition Proceeding, resulting in no royalties being due to the Company from Biogen based on Biogen's future net sales outside the United States, as defined in the License Agreement. The Company may request a rehearing of the September 6, 2021 hearing with the Enlarged Board of Appeal of the EPO in an effort to overturn the unfavorable outcome, but the likelihood of getting a rehearing is low. The denial of a request to rehear would end the Opposition Proceeding in favor of the opponents.

    Annual Report on Form 20-F

    Investors are encouraged to read Forward's Annual Report on Form 20-F that was filed today with the U.S. Securities and Exchange Commission. Forward's Annual Report includes important information about the Group that is not disclosed herein including, but not limited to, risk factors and our audited financial statements as of December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018.

     
    Forward Pharma A/S
    Condensed Consolidated Statement of Profit or Loss

     
    (in thousands, except per share amounts)

     
      
     Year Ended

     December 31,

      2020   2019 
            
    Research and development$(327) $(1,049)
    General and administrative (3,059)  (4,234)
    Operating loss (1) (3,386)  (5,283)
            
    Foreign exchange (loss) gain, net (2,970)  759 
    Other finance (expense) income, net (93)  303 
            
    Net loss$

    (6,449

    ) $(4,221)
            
    Net loss per share, basic and diluted$(0.07) $(0.04)
            
    Weighted average number of shares used to compute net loss per share basic and diluted 95,997   95,074 
            

    (1)   Non-cash share-based compensation included in operating expenses totaled $334,000 for the year ended December 31, 2020 and $2.1 million for the year ended December 31, 2019.



    Forward Pharma A/S

    Condensed Consolidated Statement of Financial Position
    (in thousands) 
          
      December 31,  December 31,
      2020  2019
    Assets:     
    Cash and cash equivalents$79,087 $77,598
    Other assets 627  567
    Total assets$79,714 $78,165
          
    Equity and Liabilities:     
    Shareholders' equity$78,644 $77,569
    Liabilities 1,070  596
    Total equity and liabilities$79,714 $78,165
          

    About Forward Pharma:

    Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The Company granted to Biogen an irrevocable license to all of its IP through the License Agreement and received from Biogen a non-refundable cash fee of $1.25 billion in February 2017, with the return of EUR 917.7 million to shareholders through a capital reduction in September 2017. The Company has the opportunity to receive royalties from Biogen on Biogen's net sales of Tecfidera® or other DMF products for multiple sclerosis outside the U.S., dependent on, among other things, a favorable outcome in Europe with respect to the ‘355 Patent Opposition Proceeding, including any appeal thereto.

    The principal executive offices are located at Østergade 24A, 1st floor, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on the Nasdaq Capital Market (FWP). For more information about the Company, please visit our website at http://www.forward-pharma.com.

    Forward Pharma A/S Investor Relations Contact:



    Forward Pharma A/S

    Claus Bo Svendsen, MD, PhD

    Chief Executive Officer

    Investor Relations

     

    Solebury Trout

    John Graziano

     

    +1 (646) 378 2942

    Forward Pharma A/S

    Forward Looking Statements:

    Certain statements in this press release may constitute "forward-looking statements" of Forward Pharma A/S within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as "believe," "expect," "anticipate," "estimate," "would," "may," "plan," and "potential." Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, risks related to the following: the satisfaction of certain conditions, and the accuracy of certain representations of the Company, in the Settlement and License Agreement entered into with subsidiaries of Biogen Inc. and certain other parties thereto; our ability to obtain, maintain, enforce and defend issued patents with royalty-bearing claims; our ability to prevail in or obtain a favorable decision in the ‘355 patent European Opposition Proceeding, after all appeals; the expected timing for key activities and an ultimate ruling in such legal proceedings; the issuance and term of our patents; future sales of Tecfidera®, including impact on such sales from competition, generic challenges, regulatory involvement and pricing pressures; the scope, validity and enforceability of our intellectual property rights in general and the impact on us of patents and other intellectual property rights of third parties; our ability to defend our tax filing positions; and the sufficiency of the Company's cash resources. Certain of these and other risk factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2020. We are providing this information as of the date of this release and do not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.



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  2. COPENHAGEN, Denmark, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("we," "Forward" or the "Company"), today announced that due to ongoing precautionary measures against the spread of the novel coronavirus ("COVID-19"), the Technical Board of Appeal (the "TBA") of the European Patent Office (the "EPO") again has rescheduled the oral hearing of the appeal against the decision of the Opposition Division that revoked the EP2801355 patent (the "'355 Patent"). The new hearing date is set for September 6, 2021.

    About Forward Pharma:
    Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The…

    COPENHAGEN, Denmark, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("we," "Forward" or the "Company"), today announced that due to ongoing precautionary measures against the spread of the novel coronavirus ("COVID-19"), the Technical Board of Appeal (the "TBA") of the European Patent Office (the "EPO") again has rescheduled the oral hearing of the appeal against the decision of the Opposition Division that revoked the EP2801355 patent (the "'355 Patent"). The new hearing date is set for September 6, 2021.

    About Forward Pharma:

    Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The Company granted to Biogen an irrevocable license to all of its IP through the License Agreement and received from Biogen a non-refundable cash fee of $1.25 billion in February 2017, with the return of EUR 917.7 million to shareholders through a capital reduction in September 2017. The Company has the opportunity to receive royalties from Biogen on Biogen's net sales of Tecfidera® or other DMF products for multiple sclerosis outside the U.S., dependent on, among other things, a favorable outcome in Europe with respect to the Opposition Proceeding, including any appeal thereto.

    Our principal executive offices are located at Østergade 24A, 1st floor, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on the Nasdaq Capital Market (FWP). For more information about the Company, please visit our website at http://www.forward-pharma.com.

    About the European Intellectual Property Proceedings

    On January 29, 2018, the Opposition Division of the EPO concluded the oral proceedings concerning the ‘355 Patent (the "Opposition Proceeding"). The Opposition Division revoked the ‘355 Patent after considering oppositions from several opponents. On March 22, 2018, the Opposition Division issued its detailed reasons for the decision. On May 7, 2018, the Company appealed the Opposition Division's decision to the TBA and filed its detailed grounds of appeal on August 1, 2018. The case was scheduled to be heard on February 2, 2021, but on January 12, 2021, the Company received notice from the EPO that, as a result of the ongoing COVID-19 pandemic, the appeal would be postponed to September 6, 2021. Management expects the TBA to issue a ruling on the same day as the hearing, with a fully reasoned decision approximately two months following the hearing.

    If the Company receives a favorable ruling following the TBA hearing, it is expected that the TBA will remit the case to the Opposition Division, in order for the Opposition Division to resolve the remaining elements of the original opposition. Management estimates that this process would take approximately two to three years. However, delays can occur that would extend the time needed for the Opposition Division to reach a conclusion on the remaining elements of the original opposition. The Company is not entitled to any royalty payments from the Settlement and License Agreement (the "License Agreement") by and among the Company and two wholly-owned subsidiaries of Biogen, Inc. (collectively, "Biogen") until and unless all remaining elements of the original opposition are resolved in the Company's favor. As such, the earliest time the Company may expect to receive any revenues from the License Agreement, if at all, is 2024.

    If the Company receives an unfavorable ruling following the TBA hearing, it would, for all practical purposes, represent an unsuccessful outcome of the Opposition Proceeding, resulting in no royalties being due to the Company from Biogen based on Biogen's future net sales outside the United States, as defined in the License Agreement. The Company may request a rehearing of the TBA hearing with the Enlarged Board of Appeal of the EPO in an effort to overturn an unfavorable outcome, but the likelihood of getting a rehearing is low. The denial of a request to rehear would end the Opposition Proceeding in favor of the opponents.

    Forward Pharma A/S Investor Relations Contact:

    Forward Pharma A/S

    Claus Bo Svendsen, MD, PhD

    Chief Executive Officer

    Investor Relations



    Solebury Trout

    John Graziano



    +1 (646) 378 2942

    Forward Pharma A/S

    Forward Looking Statements:

    Certain statements in this press release may constitute "forward-looking statements" of Forward Pharma A/S within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as "believe," "expect," "anticipate," "estimate," "would," "may," "plan," and "potential." Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, risks related to the following: our ability to obtain, maintain, enforce and defend issued patents with royalty-bearing claims; our ability to prevail in or obtain a favorable decision in the Opposition Proceeding, after all appeals; and the expected timing for key activities and an ultimate ruling in such legal proceedings. Certain of these and other risk factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2019. We are providing this information as of the date of this release and do not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.



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  3. COPENHAGEN, Denmark, May 12, 2020 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("we," "Forward" or the "Company"), today announced that due to current precautionary measures against the spread of the novel coronavirus ("COVID-19"), the Technical Board of Appeal (the "TBA") of the European Patent Office (the "EPO") has rescheduled the oral hearing of the appeal against the decision of the Opposition Division that revoked the EP2801355 patent (the "'355 Patent"). The new hearing date is February 2, 2021.

    About the European Intellectual Property Proceedings

    On January 29, 2018, the Opposition Division of the EPO concluded the oral proceedings concerning the ‘355 Patent (the "Opposition Proceeding"). The Opposition Division revoked the…

    COPENHAGEN, Denmark, May 12, 2020 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("we," "Forward" or the "Company"), today announced that due to current precautionary measures against the spread of the novel coronavirus ("COVID-19"), the Technical Board of Appeal (the "TBA") of the European Patent Office (the "EPO") has rescheduled the oral hearing of the appeal against the decision of the Opposition Division that revoked the EP2801355 patent (the "'355 Patent"). The new hearing date is February 2, 2021.

    About the European Intellectual Property Proceedings

    On January 29, 2018, the Opposition Division of the EPO concluded the oral proceedings concerning the ‘355 Patent (the "Opposition Proceeding"). The Opposition Division revoked the ‘355 Patent after considering oppositions from several opponents. On March 22, 2018, the Opposition Division issued its detailed reasons for the decision. On May 7, 2018, the Company appealed the Opposition Division's decision to the TBA and filed its detailed grounds of appeal on August 1, 2018. The case was scheduled to be heard on June 18, 2020, but on May 12, 2020, the Company received notice from the EPO that, as a result of the ongoing COVID-19 pandemic, the appeal would instead be heard by the TBA on February 2, 2021. Management expects the TBA to issue a ruling on the same day as the hearing, with a fully reasoned decision approximately two months following the hearing.

    If the Company receives a favorable ruling following the TBA hearing, it is expected that the TBA will remit the case to the Opposition Division, in order for the Opposition Division to resolve the remaining elements of the original opposition. Management estimates that this process would take approximately two to three years. However, delays can occur that would extend the time needed for the Opposition Division to reach a conclusion on the remaining elements of the original opposition. The Company is not entitled to any royalty payments from the Settlement and License Agreement (the "License Agreement") by and among the Company and two wholly-owned subsidiaries of Biogen, Inc. (collectively, "Biogen") until and unless all remaining elements of the original opposition are resolved in the Company's favor. As such, the earliest time the Company may expect to receive any revenues from the License Agreement, if at all, is 2024.

    If the Company receives an unfavorable ruling following the TBA hearing, it would, for all practical purposes, represent an unsuccessful outcome of the Opposition Proceeding, resulting in no royalties being due to the Company from Biogen based on Biogen's future net sales outside the United States, as defined in the License Agreement. The Company may request a rehearing of the TBA hearing with the Enlarged Board of Appeal of the EPO in an effort to overturn an unfavorable outcome, but the likelihood of getting a rehearing is low. The denial of a request to rehear would end the Opposition Proceeding in favor of the opponents.

    About Forward Pharma:
    Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The Company granted to Biogen an irrevocable license to all of its IP through the License Agreement and received from Biogen a non-refundable cash fee of $1.25 billion in February 2017, with the return of EUR 917.7 million to shareholders through a capital reduction in September 2017. The Company has the opportunity to receive royalties from Biogen on Biogen's net sales of Tecfidera® or other DMF products for multiple sclerosis outside the U.S., dependent on, among other things, a favorable outcome in Europe with respect to the Opposition Proceeding, including any appeal thereto.

    Our principal executive offices are located at Østergade 24A, 1st floor, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on the Nasdaq Capital Market (FWP). For more information about the Company, please visit our website at http://www.forward-pharma.com.

    Forward Pharma A/S Investor Relations Contact:

    Forward Pharma A/S
    Claus Bo Svendsen, MD, PhD
    Chief Executive Officer
    Investor Relations

    Solebury Trout
    John Graziano

    +1 (646) 378 2942

    Forward Pharma A/S

    Forward Looking Statements:

    Certain statements in this press release may constitute "forward-looking statements" of Forward Pharma A/S within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as "believe," "expect," "anticipate," "estimate," "would," "may," "plan," and "potential." Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, risks related to the following: our ability to obtain, maintain, enforce and defend issued patents with royalty-bearing claims; our ability to prevail in or obtain a favorable decision in the Opposition Proceeding, after all appeals; and the expected timing for key activities and an ultimate ruling in such legal proceedings. Certain of these and other risk factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2019. We are providing this information as of the date of this release and do not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

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  4. COPENHAGEN, Denmark, April 24, 2020 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("We," "Forward" or the "Company" and, together with its subsidiaries, the "Group"), today reported consolidated financial and operating results for the year ended December 31, 2019. Our net loss for the year ended December 31, 2019 was $(4.2) million, or $(0.04) per share, versus a net loss of $(8.7) million, or $(0.09) per share for the year ended December 31, 2018. Our research and development and general and administrative costs decreased from $12.3 million for the year ended December 31, 2018 to $5.3 million for the year ended December 31, 2019.

    "The operating results reported today favorably reflect our persistent efforts to reduce costs and streamline…

    COPENHAGEN, Denmark, April 24, 2020 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("We," "Forward" or the "Company" and, together with its subsidiaries, the "Group"), today reported consolidated financial and operating results for the year ended December 31, 2019. Our net loss for the year ended December 31, 2019 was $(4.2) million, or $(0.04) per share, versus a net loss of $(8.7) million, or $(0.09) per share for the year ended December 31, 2018. Our research and development and general and administrative costs decreased from $12.3 million for the year ended December 31, 2018 to $5.3 million for the year ended December 31, 2019.

    "The operating results reported today favorably reflect our persistent efforts to reduce costs and streamline our operations. We are well positioned financially to the start of the new year with significant cash reserves and working capital in excess of $77 million. Our primary focus remains on our intellectual property and we are working diligently to prepare for the oral hearing before the Technical Board of Appeal on the European EP2801355 patent to be held on June 18, 2020," said Dr. Claus Bo Svendsen, Chief Executive Officer of Forward.

    Operating Results for the Year Ended December 31, 2019

    Research and development costs for the years ended December 31, 2019 and 2018 were $1.0 million and $2.7 million, respectively. The decrease in research and development costs for the year ended December 31, 2019 of $1.7 million is the result of lower costs incurred in connection with the EP2801355 patent ("‘355 Patent") opposition in Europe ("Opposition Proceeding"), lower share-based compensation and the wind-down of our development efforts of FP187®.

    General and administrative costs for the years ended December 31, 2019 and 2018 were $4.2 million and $9.5 million, respectively. The decrease in general and administrative costs in the year ended December 31, 2019 of $5.3 million resulted primarily from a decrease in legal and accounting costs, lower patent advisory fees, lower share-based compensation and an overall reduction in overhead costs.

    During each of the years ended December 31, 2019 and 2018, the Group recognized foreign exchange gains of $759,000 and $2.7 million, respectively. The foreign exchange gains resulted from the strengthening of the United States Dollar compared to the Danish Kroner.

    Other income for the years ended December 31, 2019 and 2018 were $303,000 and $644,000, respectively. Other income primarily includes interest income from United States Dollar cash deposits, net of bank fees.

    Financial Position as of December 31, 2019

    As of December 31, 2019, we have $77.6 million in cash and cash equivalents and our working capital is $77.6 million. We believe we have sufficient liquidity to allow us to meet our planned operating activities in the normal course of business beyond the year ending December 31, 2020. Unforeseen events could, however, negatively affect our ability to fund planned operations in the future.

    Update on Intellectual Property Proceedings

    On January 29, 2018, the Opposition Division of the European Patent Office ("EPO") concluded the oral proceedings concerning the ‘355 Patent. The Opposition Division revoked the ‘355 Patent after considering third-party oppositions from several opponents. On March 22, 2018, the Opposition Division issued its detailed reasons for the decision. On May 7, 2018, the Company appealed the Opposition Division's decision to the Technical Board of Appeal of the EPO ("TBA") and filed its detailed grounds of appeal on August 1, 2018. On July 8, 2019, the Company received notice from the EPO that the appeal will be heard by the TBA on June 18, 2020. However, the hearing may be delayed as a result of the ongoing novel coronavirus 2019 ("COVID-19") pandemic and, if the hearing is delayed, a new hearing date is currently unknown. Management expects the TBA to issue a ruling on the same day as the hearing with a fully-argued decision approximately two months following the hearing.

    If the Company receives a favorable ruling following the hearing, it is expected that the TBA will remit the case to the Opposition Division, in order for the Opposition Division to resolve the remaining elements of the original opposition. Management estimates that this process would take approximately two to three years. However, delays can occur that would extend the time needed for the Opposition Division to reach a conclusion on the remaining elements of the original opposition. The Company is not entitled to any royalty payments from the Settlement and License Agreement by and among the Company and two wholly owned subsidiaries of Biogen, Inc. ("License Agreement") until and unless all remaining elements of the original opposition are resolved in the Company's favor. As such, the earliest time the Company may expect to receive any revenues from the License Agreement, if at all, is 2023. 

    If the Company receives an unfavorable ruling following the hearing, it would, for all practical purposes, represent an unsuccessful outcome of the Opposition Proceeding, resulting in no royalties being due to the Company from Biogen based on Biogen's future net sales outside the United States, as defined in the License Agreement. The Company may request a rehearing of the June 18, 2020 hearing with the Enlarged Board of Appeal of the EPO in an effort to overturn the unfavorable outcome, but the likelihood of getting a rehearing is low. The denial of a request to rehear would end the Opposition Proceeding in favor of the opponents.

    Annual Report on Form 20-F

    Investors are encouraged to read Forward's Annual Report on Form 20-F that was filed today with the U.S. Securities and Exchange Commission. Forward's Annual Report includes important information about the Group that is not disclosed herein including, but not limited to, risk factors and our audited financial statements as of December 31, 2019 and 2018 and for each of the years ended December 31, 2019, 2018 and 2017.

    Forward Pharma A/S
    Condensed Consolidated Statement of Profit or Loss    
    (USD in thousands, except per share amounts)    
                     
      Year Ended
      December 31, 
          2019   2018    
    Research and development costs      $(1,049)    $(2,748)    
    General and administrative costs     (4,234)   (9,535)    
    Operating (loss) (1)     (5,283)   (12,283)    
                   
    Exchange rate gain, net     759   2,713    
    Other finance income     303   644    
    (Loss) before taxes     (4,221)   (8,926)    
                   
    Income tax benefit     -   204    
          $(4,221)   $(8,722)    
    Net (loss)        
                   
    Net (loss) per share, basic and diluted (2)     $(0.04)   $(0.09)    
                   
    Weighted average number of shares used to compute net (loss) per share basic and diluted (2)     95,074   94,671    
                   

    (1) Non-cash share-based compensation included in operating expenses totaled $2.1 million for the year ended December 31, 2019 and $6.2 million for the year ended December 31, 2018.
    (2) Each American Depositary Share ("ADS") represented 2 ordinary shares until December 6, 2019 when the ADS ratio was changed to 14 ordinary shares per each ADS. Per share information included herein is computed based on one ordinary share.



    Forward Pharma A/S    
    Condensed Consolidated Statement of Financial Position
    (USD in thousands)    
               
        December 31,     December 31,
        2019
        2018
    Assets:          
    Cash and cash equivalents   $77,598       $82,542
    Other assets       567           790
    Total assets         $78,165           $83,332
               
    Equity and Liabilities:          
    Shareholders' equity   $77,569         $82,214
    Liabilities       596           1,118
    Total equity and liabilities         $78,165           $83,332
                             

    About Forward Pharma:
    Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The Company granted to Biogen an irrevocable license to all of its IP through the License Agreement and received from Biogen a non-refundable cash fee of $1.25 billion in February 2017, with the return of EUR 917.7 million to shareholders through a capital reduction in September 2017. The Company has the opportunity to receive royalties from Biogen on Biogen's net sales of Tecfidera® or other DMF products for multiple sclerosis outside the U.S., dependent on, among other things, a favorable outcome in Europe with respect to the Opposition Proceeding, including any appeal thereto.

    Our principal executive offices are located at Østergade 24A, 1st floor, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on the Nasdaq Capital Market (FWP). For more information about the Company, please visit our website at http://www.forward-pharma.com.

    Forward Pharma A/S Investor Relations Contact:

    Forward Pharma A/S
    Claus Bo Svendsen, MD, PhD
    Chief Executive Officer
    Investor Relations

    Solebury Trout
    John Graziano

    +1 (646) 378 2942

    Forward Pharma A/S

    Forward Looking Statements:

    Certain statements in this press release may constitute "forward-looking statements" of Forward Pharma A/S within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as "believe," "expect," "anticipate," "estimate," "would," "may," "plan," and "potential." Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, risks related to the following: the satisfaction of certain conditions, and the accuracy of certain representations of the Company, in the License Agreement entered into with subsidiaries of Biogen Inc. and certain other parties thereto; our ability to obtain, maintain, enforce and defend issued patents with royalty-bearing claims; our ability to prevail in or obtain a favorable decision in the Opposition Proceeding, after all appeals; the expected timing for key activities and an ultimate ruling in such legal proceedings; the issuance and term of our patents; future sales of Tecfidera®, including impact on such sales from competition, generic challenges, regulatory involvement and pricing pressures; the scope, validity and enforceability of our intellectual property rights in general and the impact on us of patents and other intellectual property rights of third parties; our ability to defend our tax filing positions; and the sufficiency of the Company's cash resources. Certain of these and other risk factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2019. We are providing this information as of the date of this release and do not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

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  5. COPENHAGEN, Denmark, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("Forward" or the "Company") today announced that its Board of Directors has approved a change in the number of its ordinary shares represented by American Depositary Shares ("ADSs"), issued by the Bank of New York Mellon as depositary, from two ordinary shares per ADS to 14 ordinary shares per ADS. The change in exchange ratio for the ADSs will have the same effect as a 1-for-7 reverse stock split of the ADSs. The ADSs will continue to trade on the Nasdaq Capital Market. Forward's ordinary shares will not be affected by the change, the change will have no effect on the total number of ordinary shares in the ADS program, nor will it affect the total market…

    COPENHAGEN, Denmark, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) ("Forward" or the "Company") today announced that its Board of Directors has approved a change in the number of its ordinary shares represented by American Depositary Shares ("ADSs"), issued by the Bank of New York Mellon as depositary, from two ordinary shares per ADS to 14 ordinary shares per ADS. The change in exchange ratio for the ADSs will have the same effect as a 1-for-7 reverse stock split of the ADSs. The ADSs will continue to trade on the Nasdaq Capital Market. Forward's ordinary shares will not be affected by the change, the change will have no effect on the total number of ordinary shares in the ADS program, nor will it affect the total market value of our ADS or the market cap of the Company.

    The new ADS to ordinary share ratio of 1-for-14 will be effective prior to the commencement of trading on the Nasdaq Capital Market on Friday, December 6, 2019. The change in ratio is intended to increase the per share trading price of the Company's ADSs to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.

    No fractional ADSs will be issued. Holders who would otherwise receive fractional ADSs will receive a cash payment in lieu of such fractional ADSs. The cash in lieu rate will be set when the depositary sells the ADSs that would otherwise have been issued as fractional ADSs in one or more market trades.

    ADS holders with ADSs held in book-entry form or through a bank, broker or other nominee are not required to take any action and will see the impact of the change to the ADS ratio reflected in their accounts after December 6, 2019. Beneficial holders may contact their bank, broker or nominee for more information. ADS holders with ADSs held in certificate form may exchange their certificates for book-entry ADSs resulting from the changed ADS ratio. Shortly after December 6, 2019, such ADS holders will receive a Letter of Transmittal and instructions for exchanging their certificates from the depositary.

    About Forward Pharma:

    Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The Company granted to Biogen an irrevocable license to all of its IP through the License Agreement and received from Biogen a non-refundable cash fee of $1.25 billion in February 2017, with the return of EUR 917.7 million to shareholders through a capital reduction in September 2017. The Company has the opportunity to receive royalties from Biogen on Biogen's net sales of Tecfidera® or other DMF products for multiple sclerosis outside the U.S., dependent on, among other things, a favorable outcome in Europe with respect to the ‘355 Patent Opposition Proceeding, including any appeal thereto.

    The principal executive offices are located at Østergade 24A, 1st Floor, 1100 Copenhagen K, Denmark and our ADSs are publicly traded on the Nasdaq Stock Market (FWP). For more information about the Company, please visit our website at http://www.forward-pharma.com.

    Forward Pharma A/S Investor Relations Contact:

    Forward Pharma A/S
    Claus Bo Svendsen, MD, PhD
    Chief Executive Officer

    Investor Relations

    Solebury Trout
    John Graziano
     
    +1 (646) 378 2942

    Forward Looking Statements:

    Certain statements in this press release may constitute "forward-looking statements" of Forward Pharma A/S within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as "believe," "expect," "anticipate," "estimate," "would," "may," "plan," and "potential." Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, risks related to the following: the ability of the Company to regain compliance with the Nasdaq Listing Rules, the satisfaction of certain conditions, and the accuracy of certain representations of the Company, in the Settlement and License Agreement entered into with subsidiaries of Biogen Inc. and certain other parties thereto; our ability to obtain, maintain, enforce and defend issued patents with royalty-bearing claims; our ability to prevail in or obtain a favorable decision in the ‘355 patent European Opposition Proceeding, after all appeals; the expected timing for key activities and an ultimate ruling in such legal proceedings; the issuance and term of our patents; future sales of Tecfidera®, including impact on such sales from competition, generic challenges, regulatory involvement and pricing pressures; the scope, validity and enforceability of our intellectual property rights in general and the impact on us of patents and other intellectual property rights of third parties; our ability to defend our tax filing positions; and the sufficiency of the Company's cash resources. Certain of these and other risk factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2018. We are providing this information as of the date of this release and do not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

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