Results for the second quarter and first half year 2009
(Thomson Reuters ONE) - (Tromsø/Oslo, 11 August, 2009) The biopharmaceutical company BiotecPharmacon awaits results of two phase III studies with SBG fordiabetic foot ulcer by the end of 2009, and has begun preparationsfor submission of a market authorisation application in Europe nextyear. The regulatory authority in the UK (MHRA) has allocated a slotin July 2010, and the UK will act as reference member state for adecentralized EU/EAA-wide procedure. Biotec Pharmacon is nearingcompletion of patient inclusion in a phase III study with SBG forprevention and treatment of oral mucositis, and expects results fromthis study in the first quarter 2010.The pharmaceutical activities are still in a development stage, andall revenue is currently being generated in the non-pharmaceuticalbusinesses in Immunocorp Health Care and Biotec Marine Biochemicals.Overall, the company reported revenue of NOK 11.4 million in thesecond quarter 2009 (14.3) and NOK 23.7 million in the first halfyear 2009 (26.2). The decline mainly reflects lower sales of skincareproducts, especially in the US market. Revenue increased sharply inthe marine enzyme business. Due to cost reductions, thenon-pharmaceutical EBITDA improved to NOK 0.2 million in the secondquarter (-1.1) and to NOK -0.6 million in the first half year (-3.8).Net costs related to Research and Pharmaceutical Development amountedto NOK 20.1 million in the second quarter (10.0) and NOK 36.0 millionin the first half year (21.0). The increase reflects that three phaseIII programs are nearing completion, and the company confirms itsfull-year cost estimate of NOK 85-90 million.Unallocated expenses amounted NOK -0.9 million in the second quarter(-3.5) and NOK -1.1 million for the first half year (-5.1). OverallEBITDA was thus NOK -20.8 million in the second quarter (-14.6) andNOK -37.7 million in the first half year (-29.9).Profit before tax was NOK -20.6 million for continuing business inthe second quarter (-13.4) and NOK -36.8 million in the first halfyear (-27.7).Net cash flow from operating activities was NOK -26.7 million in thesecond quarter and NOK -43.1 million in the first half year,reflecting the high level of activities in pharmaceutical Researchand Development. Biotec Pharmacon had no interest bearing debt andcash and cash equivalents of NOK 79.8 million at the end of the firsthalf 2009.Biotec Pharmacon will in the second half of the year continue itswork to increase its financial flexibility and secure funding through2010. The company is in the process of seeking additional fundingthrough available government backed loans and guarantees, and willalso consider options to untie funds currently tied up in itsnon-pharmaceutical activities. Biotec Pharmacon believes that maximumshareholders value is created if the company awaits the results fromthe phase III studies before entering into partnership deals.Please find attached the full interim report for the second quarterand first half year 2009.For further information, please contact:CEO Lars Viksmoen, mobile: +47 40 62 08 70CFO Jørn Lunde, mobile: +47 90 73 34 86The full interim report for the second quarter and first half year2009 is also available on www.newsweb.no and on www.biotec.no. Thecompany hosts a presentation of the interim results at 09:00 at VikaAtrium Konferansesenter (Thon Conference Vika Atrium), Munkedamsveien45, Oslo. The presentation will also be available on www.newsweb.noand on www.biotec.no.http://hugin.info/136141/R/1333816/316335.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.08.2009 - 08:12 Uhr
Sprache: Deutsch
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