Interim results for the second quarter 2010 for Biotec Pharmacon ASA
(Thomson Reuters ONE) -
Tromsø/Oslo, 9 August, 2010
§ Initial feedback from a recently finalized animal study on diabetic mice
indicates an effect of SBG (soluble beta glucan) in wounds supporting the
conclusion that the phase III failure was due to product instability in
PE-containers
§ Launch of the first SBG-wound healing product as a medical device seems
feasible but no definite decision has been taken so far
§ Good growth in revenues and profit for Marine Biochemicals
§ Recombinant SAP launched by Marine Biochemcials is expected to quickly
replace native SAP and further increase revenues and profit
§ Group obtained a NOK 10 million new line of credit supporting its solid
balance sheet
OUTLOOK
Beta-Glucans:
§ Further analysis of the results from the animal study are expected to give
clear indication as to the various product compositions' effect on wound healing
and may lead to new IP
§ Additional results from the animal and cell model studies will contribute to
the basis of making the strategic decision as to which product application that
will be the main priority short term
Marine Biochemicals:
§ Growth in revenues is expected to continue. The conversion to recombinant
SAP will increase profitability
§ The co-operation with the University of Tromsø is expected to lead to new
promising product candidates.
Financial position:
Overall EBITDA was NOK -5.3 million in the second quarter 2010, compared to NOK
-19.1 million in the second quarter 2009
The company is debt free and has NOK 26 million in cash. Completion of phase
III clinical trial costs and significant workforce reductions in the parent
company take the cash burn in the parent company down to less than NOK 3 mill
per month
Please find attached the full interim report for the second quarter 2010.
For further information, please contact:
Svein W. F. Lien - CEO: +47 92289323
Arvid Vangen - VP Finance: +47 95038794
The company hosts a presentation of the interim results on August 10(th) at
09:00 at Vika Atrium Konferansesenter (Thon Conference Vika Atrium),
Munkedamsveien 45, Oslo. The presentation will also be available as webcast with
log on at www.biotec.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1436751]
Interim Report Q2_2010:
http://hugin.info/136141/R/1436751/381711.pdf
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Source: Biotec Pharmacon ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2010 - 19:05 Uhr
Sprache: Deutsch
News-ID 39260
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contact information:
Town:
Tromsø
Kategorie:
Business News
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