FOURTH QUARTER AND FULL YEAR RESULTS 2010
Oslo, Norway, 15 February 2011
Bionor Pharma ASA (OSE: BIONOR) today announced financial results for fourth quarter 2010 and provided highlights of key developments during 2010 and current status and outlook.
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HIGHLIGHTS FOURTH QUARTER 2010
• In the phase IIB study, a statistically significant reduction of viral load was shown in immunized HIV-patients compared
to placebo and pre-ART levels. This is the first time a reduction in viral load in HIV-patients on ART-therapy has been demonstrated
for a therapeutic vaccine in a placebo-controlled study, despite failure to meet the primary endpoints, which were related
to immune status.
• Reversal of Vacc-4x write-down in Q3 of MNOK 84.7.
• Filing of patent applications for the main technology platforms (cell-mediated and humoral).
• Divestment of the Nutrilett trademarks to Axellus for a consideration of MNOK 110.
• EBITDA Q4 2010 of MNOK -9.1.
• Cash holdings MNOK 57.9 by the end of Q4 2010, in addition to MNOK 110 in cash early January from the sale of the Nutrilett trademarks.
|Q4 2010||Q4 2009||(In NOK 1000)||FY 2010||FY 2009|
|3 956||2 611||Revenue||12 591||20 668|
|-13 012||-2 101||Other operating expenses (net)||-47 779||-17 993|
|-9 056||510||EBITDA||-35 188||2 675|
|-2 594||-89||Depreciation||-9 980||-353|
|84 658||Write-down of intangible assets|
|73 008||421||EBIT||-45 168||2 322|
STATUS AND OUTLOOK
• Ongoing read-out of immunological data, which are expected to be published in Q2.
• Strategic repositioning of Vacc-4x on basis of the clinical data from the phase IIB study and discussions with potential private and public explorative partners.
• Planning of additional clinical trials with main focus on combination therapy and functional cure.
• Preparation of “first time in man” for the second HIV-vaccine candidate, Vacc-C5, a humoral vaccine focused on combating HIV-infection by reducing hyper-activation of the immune system.
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ABOUT BIONOR PHARMA
Bionor Pharma is an innovative listed Norwegian biotech company developing therapeutic and preventive synthetic peptide vaccines for chronic viral infections. The company designs synthetic peptides from low-mutating parts of the virus, modified to improve immunogenicity, with the aim of improving efficacy and safety profiles.
HIV is the first disease targeted, with advanced cell-mediated and humoral vaccine candidates in clinical and pre-clinical development. The lead HIV-vaccine candidate, Vacc-4x, is a cell-mediated therapeutic vaccine being the first to show statistically significant reduction in viral load in a placebo-controlled study of HIV-patients on ART-therapy.
The technology platform technology is broadly applicable, and the company has a humoral HIV-vaccine vaccine candidate, Vacc-C5 approaching clinical phase and also vaccine candidates in pre-clinical development for several other chronic infections, such as Hepatitis C, Human Papilloma Virus and Influenza.
Bionor Pharma also operates a nutraceutical business consisting of soy-based products for weight management and general health.