28: Interim financial report for Q3 2009
November 26 2009
Announcement no. 28
Interim Financial Report for Q3 2009 for the BioPorto Company
Summary of Q3
Positive developments in the patent situation combined with great interest in BioPorto’s new NGAL assay emphasize the Company’s strong position in the field of acute renal injury diagnostics. Capital was satisfactorily raised to ensure the Company’s activities up to the launch of the homogenous NGAL assay, The NGAL Test, in the first half of 2011.
·In September, BioPorto was notified, as anticipated, that CCH has withdrawn its legal action concerning the rights to BioPorto’s central NGAL cutoff patent. For this reason, the EPO has resumed the issuance process and on November 11 announced its decision to issue the patent in Europe.
·On September 25, BioPorto carried out a share issue.The share issue was over-subscribed, yielding net proceeds of DKK 14.7 million.
·The development of BioPorto’s homogenous NGAL assay has aroused great interest and was presented at Renal Week and MEDICA. BioPorto has entered into dialogue with prospective partners relating to marketing and distributing the assay.
·In July, BioPorto launched a Mouse NGAL ELISA Kit and, after the closing of the quarter, a Dog NGAL ELISA Kit, i.e. the third animal NGAL kit of the series. BioPorto has entered into a distribution agreement with ALPCO concerning marketing and sales of the animal NGAL portfolio in the US.
·Revenues generated in the first three quarters of 2009 rose by 13% to DKK 8.3 million (DKK 7.4 million). The revenues generated by the Company’s NGAL portfolio continue to show a very positive growth of 55%.
·The interim result shows a loss of DKK -12 million (DKK -11.5 million) for the first nine months of the year.
Forecasts for the 2009 fiscal year
·BioPorto is adjusting its revenue forecast for 2009 to DKK 11 million, down from the previously announced DKK 12–13.5 million, due to reduced sales of research products, especially in the US market. As a result the growth for the entire year is expected to be 10–15%.
·The forecast of a net loss before any licensing income is being adjusted to the level of DKK -15.5 million, from the previously announced level of DKK -12 million.
·BioPorto now intends to keep some of its NGAL IP rights, which means that a license will not be released for use for homogeneous immunoassays. Licensing agreements can be entered into in other areas and the Company is involved in negotiations with prospective buyers.
