Interim results for the third quarter 2009
(Thomson Reuters ONE) - (Tromsø/Oslo, 13 November, 2009) Treatment follow-up has now beencompleted and databases locked in both phase III studies for diabeticulcer. Biotec Pharmacon expects study results to be ready by the endof November. The completion of these studies represents a majormilestone for the company, and the results will be of crucialimportance for the future development of the SBG portfolio.Preparations are ongoing for submission of a Market AuthorisationApplication in Europe, planned for July 2010.The pharmaceutical activities are still in a development stage, andall revenue is currently being generated in the non-pharmaceuticalbusinesses in Biotec Marine Biochemicals and Immunocorp ConsumerHealth.Overall, the company reported revenue of NOK 11.1 million in thethird quarter 2009 (11.9) and NOK 34.8 million for the first ninemonths 2009 (37.6). The decline reflects lower revenue in theconsumer health segment, whereas sales are growing significantly inthe marine enzyme business. Non-pharmaceutical EBITDA was NOK -0.6million in the third quarter (1.0), and NOK -1.2 million for thefirst nine months (-3.2).Net costs related to Research and Pharmaceutical Development amountedto NOK 22.1 million in the third quarter (15.6) and NOK 58.1 millionfor the first nine months (36.1). The company confirms its full-yearcost estimate of NOK 85-90 million.Unallocated expenses amounted to NOK 7.1 million in the third quarter(4.3), mainly reflecting costs related to preparation for trial aswell as an out-of-court settlement before going to trial in a USpatent dispute. For the first nine months, unallocated costs amountedto NOK 8.2 million (9.4). Only minor further unallocated costs willincur in the fourth quarter and subsequent periods.Overall EBITDA was NOK -29.7 million in the third quarter (-18.8) andNOK -67.4 million for the first nine months (-48.7). Profit beforetax was NOK -30.1 million for continuing operations in the thirdquarter (-18.0) and NOK -66.8 million for the first nine months(-45.7).Net cash flow from operating activities was NOK -29.6 million in thethird quarter 2009, and NOK -71.0 million for the first nine months,mainly reflecting the high level of activities in pharmaceutical R&D.Biotec Pharmacon had no interest bearing debt and cash and cashequivalents of NOK 49.4 million at the end of the third quarter 2009.As previously announced the company is working to secure fundingthrough 2010. The company has obtained a lending commitment of NOK 15million from Innovation Norway, for which final terms and conditionsare yet to be settled. Biotec Pharmacon is also working withdifferent structural opportunities which are expected to untie fundscurrently tied up in its non-pharmaceutical activities, and isworking with advisors that will assist in preparing for potentialstructural transactions.Please find attached the full interim report for the third quarterand first nine months 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 third quarter and first nine months2009 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/1354792/328629.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.11.2009 - 08:15 Uhr
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