Pronova BioPharma receives 2009 Frost & Sullivan Award for Excellence
in Financial & Risk Management
(Thomson Reuters ONE) - 8 September 2009, Lysaker, Norway: Pronova BioPharma ASA (OSE:PRON.OL) ("Pronova BioPharma" or "the company") today announces thatit has been awarded the 2009 Frost & Sullivan Excellence in Financial& Risk Management Award in the Global Heart Health Ingredients marketfor its lead product Omacor®/LovazaTM, the first and only EU- andFDA-approved omega-3 derived prescription drug.The Frost & Sullivan Excellence in Financial & Risk Management Awardsare presented annually to companies that demonstrate outstandingmanagement of current market conditions, besides preparing for thefuture, above others within their respective industries. This awardrecognises Pronova BioPharma's excellent product quality andfavourable customer opinions, continued strong customer demand forOmacor/Lovaza, innovation supporting next generation omega-3 derivedproducts (through ongoing collaborations in indications such as heartfailure, atrial fibrillation and cardiac disease in type II diabeticpatients) and sound operational and financial risk managementpractices."An outstanding business model resulting in strong operationalperformance coupled with excellence in working capital management hasbeen instrumental in enhancing the company's ROCE and ROE," saidShrikanth S, Senior Research Analyst and Team Leader, Business &Financial, Frost & Sullivan. "Pronova BioPharma has a vision tolaunch new areas of product application as well as new indicationsfor its API. Ongoing collaborations to develop the use of its API asa monotherapy for indications such as atrial fibrillation, heartfailure and as part of primary prevention of cardiac disease in typeII diabetic patients are being monitored. Moreover, the company isinvesting in projects and preclinical studies for next generationomega-3 derived products."Morten Jurs, CEO and President of Pronova BioPharma, said: "Thisaward is a tribute to the increasing global end-user demand forOmacor/Lovaza which has contributed to Pronova BioPharma's continuedexcellent revenue and EBITDA growth. We strive for operationalexcellence and our new plant in Kalundborg will significantly enhanceour ability to meet strong customer demand, with first commercialshipments anticipated in Q1 2010. With global sales reachingblockbuster level in Q2 2009, with a global run-rate in June ofapproximately USD 1.2 billion, we look forward to the continueduptake of this important product worldwide."--Ends--For further information, please contact:Hilde H. Steineger, Vice president IR and communications +47 48 00 4240Synne Røine, CFO +47 22 53 48 92About Frost & SullivanFrost & Sullivan, the Growth Consulting Company, partners withclients to accelerate their growth. The company's Growth PartnershipServices, Growth Consulting and Career Best Practices empower clientsto create a growth focused culture that generates, evaluates andimplements effective growth strategies. Frost & Sullivan employsover 45 years of experience in partnering with Global 1000 companies,emerging businesses and the investment community from more than 30offices on six continents. For more information about Frost &Sullivan's Growth Partnerships, visit http://www.frost.com.Award descriptionFrost & Sullivan Excellence in Financial & Risk Management Award ispresented to the company that best manages current market conditions,besides preparing for the future. The recipient has undertakenseveral risk management and mitigation practices by closelymonitoring earnings per share (EPS), coverage ratios, free cash flowmanagement, and efficient working capital management. The financialmanagement has created or maintained an organization that is highlyefficient with its resources. To be cost-competitive, the recipienthas made efforts to bring about improvements in manufacturingefficiencies by impressive growth in sales, increased margins, betterreturn on assets (ROA), and effective debt-equity management, addingvalue for investors.About Pronova BioPharmaPronova BioPharma is a global leader in the research, development andmanufacture of marine-originated omega-3 derived pharmaceuticalproducts. Pronova BioPharma's first commercialized product isbranded as Omacor® in a number of countries throughout Europe andAsia and as LovazaTM in the United States. The product ismanufactured at the Company's plant in Sandefjord, Norway using aunique and complex process. An additional manufacturing plant isunder construction in Kalundborg, Denmark and is expected to beoperational in first quarter 2010.Omacor/Lovaza is the first and only EU- and FDA-approved omega-3derived prescription drug. The drug is prescribed as an adjunct todiet for the treatment of elevated levels of triglycerides in humans,a condition known as hypertriglyceridemia (HTG), a form ofdyslipidemia (or disorder of lipid metabolism). Very hightriglycerides have been linked to a number of cardiovasculardiseases. Omacor is also approved in key European and certain Asianmarkets for the secondary prevention of post-myocardial infarction,or Post-MI, the period following the initial survival of a heartattack.Omacor/Lovaza has been demonstrated in a number of clinical trials tobe a potent triglyceride-lowering agent as a monotherapy. It hasbeen documented to be efficacious, safe, and highly complementary toother lipid-lowering agents, such as statins. In addition, PronovaBioPharma is involved in various projects to develop Omacor/Lovaza ina number of cardiovascular indications, including as a combinationtherapy with statins for mixed dyslipidemia which management believerepresents a major market opportunity for the Company.Pronova BioPharma's global network of license and distributionpartners includes: GlaxoSmithKline PLC (US), Takeda Pharmaceutical(Japan), Prospa (Italy) and Solvay (UK, Germany and others). Thecombined sales force from this network focused on the sale ofOmacor/Lovaza is approximately 2,650 sales representatives.Omacor/Lovaza was launched in 2005 in the US and in major Europeanmarkets, such as France and Spain. IMS Health reports that globalend-user sales of the product have increased from US$144 million in2005 to US$778 million in 2008. The current annual run rate forend-user sales is estimated at US$953 million (as of December 2008),and the Company estimates that approximately 750,000 patients arecurrently on a prescription for Omacor/Lovaza.Pronova BioPharma had revenues of NOK 1,302 million and EBITDA of NOK603 million in 2008. The company is listed at Oslo Børs. Seewww.pronova.com for more information.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 08.09.2009 - 16:58 Uhr
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