Appendix 4C and Report on Quarterly Activities

31-Jan-2020

Sienna Cancer Diagnostics Ltd (ASX:SDX), releases its cash flow report for the December 2019 quarter (Appendix 4C) and provides an update on the key areas of activity during the quarter ended 31 December 2019.

ASX RELEASE

APPENDIX 4C AND REPORT ON QUARTERLY ACTIVITIES

Melbourne, Australia, 30 January 2020:  Sienna Cancer Diagnostics Ltd (ASX:SDX) (“Sienna” or “the Company”), releases its cash flow report for the December 2019 quarter (Appendix 4C) and provides an update on the key areas of activity during the quarter ended 31 December 2019.

 

Principal Activities

Sienna is a medical technology company that develops and commercialises diagnostic tests to assist in the early and accurate diagnosis of cancer, allowing improved treatment and patient outcomes. Sienna’s first product, a test that aids in the diagnosis of bladder cancer, hTERT, has been launched and is being commercialised through a growing network of distribution partners globally.

In April 2019, Sienna entered the global liquid biopsy market via the strategic acquisition of a “Molecular Net” technology called SIEN-NETTM. The first commercial embodiment of SIEN-NET is EXO-NET™, which has been specifically designed to capture and enrich a patient sample for cancer-associated exosomes. According to a new report by Grand View Research Inc, the global market for cancer diagnostics based on isolating and testing exosomes is expected to reach USD 2.28 billion by 2030. EXO-NET has the potential to become a key technology in this significant, growing market.

Key areas of activity during the second quarter of the 2020 financial year related to:

  • Developing the SIEN-NET platform – Sienna announced two Australian collaborations: with Minomic International for the development of a novel liquid biopsy diagnostic test for pancreatic cancer, and with Vivazome for the development of an exosome-based therapy to treat Critical Limb Ischemia (CLI). Both projects have the potential to deliver significant value through licensing revenues, including possible upfront and milestone payments, in areas where there is an urgent need for medical innovation.
  • Boosting the growth of hTERT revenue – In early January Sienna announced a number of strategies designed to drive hTERT revenue growth in 2020, including:
    • Formation of a Clinical Advisory Board – Sienna today announced the first appointment to its Advisory Board, US based Urologist, Dr Raoul Concepcion. The Company expects to announce further appointments of members in the near future.
    • Introducing an effective market-based pricing strategy – Sienna has been working with our US distributor on a more flexible approach to pricing for hTERT. The Company believes this will significantly improve adoption and sales of the test.
    • Pursuing appointment of distributors in the key EU markets of Germany, France, Italy and Spain – Sienna has advanced discussions with a number of reputable distribution partners.
    • Initiation of a hTERT Clinical Study in South Korea in collaboration with the Seoul National University Hospital – this study should be a key driver for product adoption in this important market.
  • Raising further capital via a share placement to institutional and sophisticated investors and rights issue offer to existing shareholders. A total of $1.9 million (before expenses) was raised during the quarter ended 31 December 2019. At the date of this announcement, a total of $3.7 million (before expenses) has been raised.


Commentary on Appendix 4C Cash Flow Report
As reported when Sienna released the Appendix 4C for the quarter ended 30 September 2019, the Company had three payments from its U.S. distributor due to be received within the September quarter. The last payment was received one day after the end of the quarter, on 1 October 2019. This amount is included in the figure reported in ‘Receipts from customers’ for the quarter ended December 2019; therefore, the December quarter includes the receipt of four payments from Sienna’s U.S. distributor.

The December 2019 report includes funds received from the recent capital raising initiatives - a Share Placement to institutional and sophisticated investors and a Rights Issue Offer. A total of 47,348,164 new ordinary shares were issued via the Placement, and the first tranche of shares, 7,616,789, via the Rights Issue Offer, raising $1,923,773 before directly related expenses.

 

ENDS

 

For further information, please contact:

Carl Stubbings, CEO/Managing Director

Sienna Cancer Diagnostics Ltd

cstubbings@siennadiagnostics.com.au

+61 3 8288 2141

Tony Di Pietro, CFO & Company Secretary

Sienna Cancer Diagnostics Ltd

tdipietro@siennadiagnostics.com.au

+61 3 8288 2141

 

The release of this announcement was authorised by Tony Di Pietro, Company Secretary.


 

About Sienna Cancer Diagnostics

Sienna Cancer Diagnostics Ltd is an Australian medical technology company with operations in the United States, Europe, Asia, Latin America and Australia. Sienna’s strengths lie in the identification, development and commercialisation of novel IVD technologies that satisfy an unmet clinical / market need. The Company has taken its first product, an IVD test for the biomarker hTERT, from research, through development, manufacturing, product registration, and market launch through a growing network of distribution partners.

The Company is focused on growing revenues from the existing product, increasing market access through new distribution partners, extending the applications for their hTERT test, and expanding their product offerings with the addition of new technologies into the product development pipeline.

Sienna’s most recent technology acquisition was a unique technology for the capture and isolation of target analytes in liquid biopsy samples. The sample preparation technology, known as SIEN-NET™, can more accurately and rapidly prepare samples for the liquid biopsy testing of a range of clinically useful biomarkers including exosomes, lipids, proteins, and other molecular targets of interest.

Forward Looking Statements

This announcement may contain forward-looking statements, which include all matters that are not historical facts. These forward-looking statements speak only as at the date of this announcement. These statements, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by forward-looking statements. Without limitation, indications of, and guidance on, future earnings and financial position and performance are examples of forward-looking statements. No representation, warranty or assurance (express or implied) is given or made by Sienna that the forward-looking statements contained in this announcement are accurate, complete, reliable, or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, each of Sienna, its related companies and their respective directors, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward-looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

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