03: Annual report 2010
March 10 2011
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2010 fiscal year
·The group’s net revenues increased 25% in 2010 to a total of DKK 13.8 million, from DKK 11 million in 2009.The revenues are on a par with the most recently announced expectations.
·The financial result for 2010 was a loss of DKK 14.2 million, compared to a loss of DKK 16 million in 2009.The loss is in line with the most recently announced expectations.
·BioPorto’s renal injury assay—The NGAL Test™—was successfully launched in 2010 for research use, and was subsequently, in early 2011, CE-marked and thus also launched for diagnostic use in Europe. In March 2011, the test was also registered in Canada.
·To ensure quick direct access for The NGAL Test™ to most of the world market, BioPorto concluded a distribution agreement with Dako A/S.From now on The NGAL Test™ will be distributed by Dako and BioPorto’s own distributors to more than 80 countries.
·Moreover, BioPorto continued its collaboration discussions with multinational diagnostics companies that are interested in marketing the renal injury marker for their own analyzers.Several of these companies have received The NGAL Test™ for internal validation and adaptation to their respective analyzers.
·The NGAL cut-off patent for protecting NGAL as a method for detecting acute renal injury was issued in a number of additional countries, and the processing of the patent application has begun in the US.
·In March 2011, BioPorto concluded a non-exclusive licensing agreement with Instrumentation Laboratory concerning access to BioPorto’s NGAL IP rights.The agreement does not include the homogeneous assay format.
·The launch of a Pig NGAL kit brings the animal NGAL portfolio up to four products. It will be complete once a Monkey NGAL kit is launched in 2011.
·Major studies using BioPorto’s APC-PCI ELISA kit have been launched to validate the use of APC-PCI as biomarkers in patients with sepsis (blood poisoning) for the purpose of selecting patients who can be treated using an activated C-protein (the drug Xigris, marketed by Eli Lilly).
·A private placement was carried out by issuing convertible bonds for almost DKK 14 million.The bonds are quoted in the official list of NASDAQ OMX Copenhagen.The private placement generated proceeds of DKK 13.1 million for BioPorto.
Forecast for 2011
·As the NGAL Test™ is a brand-new immunoassay, the rapidity with which the market will be penetrated is uncertain.Accordingly, it is still too early for BioPorto to predict the level of sales for 2011.At present, the assay is in its introductory phase and is primarily being provided for validation and trial set-ups, which means the group is not expecting a high level of sales in the first half of 2011.Concurrent to becoming familiar with market developments, the company will report on its activities and sales.BioPorto expects the sales of the rest of its product portfolio to continue to grow.
·In the future, the group expects its financing to be secured through proceeds obtained by issuing the convertible bonds in 2010 and by increasing sales earnings, primarily from sales of The NGAL Test™.The group’s long-term financing structure is integrally related to sales of The NGAL Test™.
·In relation to the group’s IP rights to the NGAL measuring method, BioPorto expects to conclude agreements concerning other vendors’ use of these rights to develop and market the NGAL assay in other assay formats.
·The most important tasks for 2011 will be to continue and widen the registration of The NGAL Test™ for diagnostic use and the implementation of the assay in routine diagnostics.