11: interim report Q1 2011
May 25 2011
Announcement no. 11
Interim Financial Report for Q1 2011 for the BioPorto Company
Summary of Q1 2011
In Q1 2011, BioPorto’s renal injury assay The NGAL Test™ achieved a CE mark and was registered in Canada and, as a result, the assay was launched for diagnostic use in Europe and Canada. Implementation in routine diagnostics complies with the company’s expectations and will be expressed in ongoing studies and validations involving the immunoassay.
·Revenues (including licensing income) in Q1 2011 increased 82% to DKK 6.4 million (DKK 3.5 million).
·The financial result for Q1 was DKK -1.8 million (DKK -3.5 million).
·At present, many hospitals are in the process of trying out The NGAL Test™ and, as part of this, immunoassays worth approximately DKK 1.5 million in sales revenues have been distributed. In Q1 2011, The NGAL Test™ generated sales totaling DKK 109,000, and the company does not expect significant sales until later in the year. The immunoassay is continuously being adapted to existing analyzers, and application protocols are now available for seven of the most widely used devices.
·In addition to establishing a network of national distributors, BioPorto is making an effort to establish partnerships with multinational diagnostics companies which market their own analyzers. Initial trials involving The NGAL Test™ have already been successfully completed on several of these diagnostics companies’ analyzers, and the next step in this partnership structuring process involves negotiations.
·BioPorto has concluded a non-exclusive licensing agreement with Instrumentation Laboratory concerning access to BioPorto’s NGAL IP rights. The agreement does not cover the homogeneous format and also allows BioPorto to enter into other licensing agreements.
·In April, BioPorto increased its capital stock by the nominal amount of DKK 951,180, as a result of warrants being exercised and convertible bonds being converted. A new warrants program has been set up whereby BioPorto’s staff and management are issued warrants equivalent to shares with a nominal value of DKK 1,534,500.
·BioPorto’s NGAL cut-off patent was issued in Israel in Q1 and in Japan in early May.
Forecast for 2011
·It is still too early for BioPorto to predict the sales revenues from The NGAL Test™ for 2011. At present, the assay is in its introductory phase and is primarily being provided for validation and trial set-ups, which is why BioPorto does not anticipate a high level of sales in the first half year of 2011. BioPorto expects sales of the rest of its product portfolio to continue to grow.
·BioPorto expects it’s financing to be secured by increasing sales revenues, primarily from The NGAL Test™.
·In relation to the group’s IP rights to the NGAL assay method – and in addition to the agreement with Instrumentation Laboratory – 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 in 2011 will be to continue to register and widen the registration of The NGAL Test™ for diagnostic use and to implement the assay in routine diagnostics.