During the first quarter of the year, we continued our progress in achieving our strategic objectives and progressed rapidly with the formulating and
scaling of our nicotine pouch product. The manufacturing capability has been significantly increased and thereby paves the way for future collaborations and sales of our own products. I am pleased to report that we successfully softlaunched the product under the consumer brand småå®, after the close of the quarter. småå® is a new concept in white, tobacco-free nicotine pouches that enhances the experience for the consumer. The contents of the bags are designed with our patented bioceramic technology, which makes it possible to offer very small pouches with a significantly longer taste and nicotine experience. Seeing our first product now commercially available in selected stores and in our own online shop is gratifying, but more importantly, the feedback we are getting from customers will give us valuable learnings in our strive to further improve the customer experience. Thanks to the product’s discreet bags and its enhanced taste experience, we believe that småå® has potential to become a powerful alternative to smoking.
In March, the board made the decision to request the conversion of the entire outstanding loan of approximately 9.8 MSEK, into new shares of the company. This request aligns with the terms outlined in the agreement established with a consortium of creditors in November 2022. The EGM on 2 May resolved to authorize the board of directors to increase the Company’s share capital by issue of new shares. By this the company has the legal prerequisites in place to pursue its work of capitalizing the company.
Earlier in the quarter, we decided to move forward with formulation development to increase the initial release profile of buprenorphine in Empli03. We took that decision after final results from the exploratory pharmacokinetic study showed a steady extended-release profile. I also want to mention that we signed an agreement in January to collaborate with OnDosis to evaluate new oral delivery solutions for active ingredients, based on our two companies’ respective core competencies in formulation and dosing. We are enthusiastic about the projects at hand and the progress Emplicure is making as we leverage our own bioceramic technology to help patients and consumers live healthier lives.