Achiko AG / Key word(s): Half Year Results
Achiko AG Announces Half-Year Results per June 30 2020
- The outbreak of the Covid-19 pandemic towards the end of first quarter 2020 limited Achiko's ability to execute on its business strategy
- Achiko responded by developing a Covid-19 testing and ecosystem platform Teman Sehat, and by securing a complementary testing technology codenamed "Gumnuts" to build a pandemic management ecosystem
- Initial clinical trials of Gumnuts generated positive in vitro results. Next phase is clinical validation trials while applying for approvals in the U.S. and Asia in parallel
- Increasing interest from Central America, Africa, South and South East Asia in Gumnuts
Zurich, 28 September 2020 - Achiko AG (SWX:ACHI, ISIN CH0522213468) announced its financial results for the period of 6 months to 30 June 2020, and progress since then.
The first half of the year was characterised by the strategic focus on the new Covid-19 testing technology and the development of the Covid-19 ecosystem platform Teman Sehat on top of its fintech and payment service platform. The Company generated revenue of USD 2.7m and a loss of USD 5m in the first half of 2020. The loss is mainly driven by higher (i) share option expenses of USD 3.2m million due to increased number of vested shares, (ii) professional fees and (iii) salaries and wages due to the organisational build-up for the preparation of the Covid-19 ecosystem platform and test kit technology businesses. Revenue of the new businesses have not been generated in the first six months of 2020.
The Company has responded to the change in several ways beside the development of Teman Sehat and the test kit technology businesses. Achiko secured the exclusive commercialisation rights to Gumnuts, a novel DNA Aptamer based solution for Covid-19 testing. The Company entered into agreements with different investors and secured financing with share subscriptions and convertible notes including (i) a subscription with PT Media Nusantara Citra Tbk of USD 2m, (ii) a convertible note with Negma Group Ltd of USD 2m and (iii) other financing measures have been committed with the Company in the process of issuing shares from the authorised share capital in which payables are partly converted into shares. Achiko has also disposed its convertible note from PT Empat Kali Indonesia in August 2020 and has received its initial investment of USD 0.1m. In addition, Achiko replaced its CEO and CFO end of July 2020 and initiated an amendment of the organisation to implement the new businesses.
Teman Sehat now has over 40,000 registered users and is used in over 800 locations since the launch in June and roll out in July in Pekanbaru, Indonesia. The Company recently signed a contract with UltraVouchers, which, if successful, gives places such as shopping malls, hospitals, schools, parks and the like the ability to monetise check-ins through microtransactions and coupons. The Company is looking to expand the footprint of Teman Sehat to other locations in Indonesia and beyond, coupled along with Gumnuts.
Gumnuts is a novel Covid-19 testing technology licensed from Regenacellx.sl. Led by Dr. Michael Edel, Chief Scientist and developer of Gumnuts, the technology may transform the approach to tackling the Covid-19 pandemic with a very low cost, simple and convenient saliva-based test delivering results under 5 minutes. The testing technology is the subject of a provisional patent, has successfully been tested in-vitro, and Achiko is now proceeding to clinical evaluation trials, sourcing manufacturing locations, proceeding to respective approvals in Asia, Europe and the Americas and developing a sales and marketing pipeline. The Company is looking forward to consolidating recent gains and updating its compliance obligations.
The 2020 half-year report is available in the Media and Investor section of the website https://www.achiko.com
About Achiko AG
Through innovations in technology and regulation along with the company's unique operating footprint from Europe to Asia, Achiko seeks to transform markets and bring unique value to its customers, people, and shareholders. Achiko's core platform consists of user registration and payment services which are accessible to application developers. A messaging service and other community based social features are being launched in late 2020. Achiko supports innovations in healthcare through its Teman Sehat ("Health Buddy") ecosystem, its Gumnuts novel saliva Covid-19 testing technology based on DNA aptamers developed with Regenacellx.sl, as well as consumer payments and finance and games and entertainment.
Further information about the Teman Sehat ecosystem can be found at https://www.temansehat.co
Further information about Regenacellx.sl can be found at https://regenacellx.com
End of ad hoc announcement
SIX Swiss Exchange
EQS News ID:
End of Announcement
EQS Group News Service