Saniona AB (STO:SANION) reported on Wednesday net profit of SEK15.3m, or diluted EPS of SEK0.68, for the third quarter of 2018, from July 2018 to September 2018.

This was an improvement over a net loss of SEK13.4m, or SEK0.61 per diluted share, in Q3 2017.

Net revenues for the quarter were SEK44.6m, as compared with SEK4.2m in Q3 2017.

During the quarter, Saniona received a research milestone payment of SEK41.8m, as a result of the candidate selection by Boehringer Ingelheim. Under the agreement, Saniona may receive up to EUR90m in milestone payments. In addition, Saniona is entitled to tiered royalties on net sales of any potential products commercialised by Boehringer Ingelheim as a result of this collaboration.

As of 14 November 2018, Saniona has received a total of EUR9m under the collaboration.

Saniona is a research and development company focused on drugs for diseases of the central nervous system, autoimmune diseases, metabolic diseases and treatment of pain.

(EUR1.00=SEK10.27)