co.don AG: positive business performance in 2011
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co.don AG: positive business performance in 2011
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Brandenburg-based biotech company increases revenue despite difficult market
conditions
co.don AG, one of the leading companies in the production of autologous
cartilage cell transplants for articular and vertebral damage, can look back on
a successful financial year 2011. On the basis of preliminary figures, revenue
in Germany rose by around 28% (unaudited). Allowing for lost sales in foreign
markets, especially Italy and Greece, due to the economic climate, total revenue
growth of around 8% to EUR 2.3m (unaudited) was achieved in 2011. Product sales
volumes also rose sharply by a total of around 11% (unaudited), whereby the
sales increase in Germany was in excess of 26%.
Due to very substantial investment in two clinical trials, co.don AG will close
2011 with a negative operating result. This investment is justified by the
market authorisation for the whole EU that a successful trial would bring. The
patented procedure, which qualifies for reimbursement by health insurers in
Germany, has already been applied successfully thousands of times in Germany.
"Access to 30 European countries will lead to a completely new market
positioning and a massive increase in the potential market", explains CEO Dr
Andreas Baltrusch.
The fact that the trials are proceeding quickly and efficiently formed the basis
for the capital increase adopted by the Executive Board and Supervisory Board of
co.don AG in January 2011 and implemented in May 2011.
A simplified capital reduction and a 2:1 reverse share split was voted at the
ordinary shareholders' meeting of co.don AG held on 6 July 2011. The equity
transaction reduced share capital to EUR 7,108,584.00. The capital reduction was
entered in the commercial register on 26 August 2011 and serves to prepare
further equity transactions.
In mid 2011, co.don and its sales partner ORMED (now DJO GLOBAL), were able to
sign a supply contract with Asklepios Group, Germany's largest hospital
operator. This will enable patients with articular cartilage problems at the
Asklepios Clinics throughout Germany to be treated with the cell-based
biological drug ARTROCELL 3D(®) / co.don chondrosphere(®).
In November 2011 co.don AG was also awarded the Entrepreneurship Prize by the
East German Savings Bank Association. The prize is one of the most sought-after
awards in Eastern Germany and honours the performance and entrepreneurial
commitment of the innovative, Teltow-based biotech specialist for regenerative
medicine.
"Over 4,000 patients have already received articular and spinal disc treatment
and the success ratio is very high", said Dr Baltrusch. Public and private-
sector health insurers already reimburse the costs of treatment with this
method, which is much easier on the patient than other therapeutic options. More
than 175,000 knee replacements are carried out every year in Germany - a figure
which according to Baltrusch is much too high. "With our procedure", says co.don
CEO, "knees can be repaired gently and replacement surgery often averted."
About co.don(®) AG:
The company is based in Teltow, Brandenburg, and was founded in 1993. Since
2001 the bio-pharmaceutical specialist has been listed on the Frankfurt Stock
Exchange (ISIN: DE000A1K0227). co.don AG uses tissue engineering - the
cultivation and growth of autologous tissue cells - to develop innovative
products and therapeutic concepts for the orthopaedic and neurosurgical markets.
The cell-based biological drugs (autologous cell transplants for articular
cartilage and intervertebral disks) are produced without the use of antibiotics,
growth factors and genetic engineering. The Management Board of co.don® AG is
made up of Dr Andreas Baltrusch (CEO) and Ms Vilma Siodla (COO).
Further information is available from:www.codon.de
Press contact
BrunoMedia Communication GmbH
Gerd J. Gauger
Bonner Straße 328
50968 Cologne
Tel: 0221-348 038 10
Fax: 0221-348 038 70
Email: codon(at)brunomedia.de
Press release (PDF) :
http://hugin.info/132731/R/1584921/496004.pdf
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originality of the information contained therein.
Source: co.don AG via Thomson Reuters ONE
[HUG#1584921]
Unternehmensinformation / Kurzprofil:
Datum: 13.02.2012 - 10:22 Uhr
Sprache: Deutsch
News-ID 113628
Anzahl Zeichen: 5425
contact information:
Town:
Teltow
Kategorie:
Business News
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