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Second quarter 2012 results

Oslo, 17 August 2012 - Bionor Pharma ASA today announced financial results for second quarter and first half of 2012 and provided highlights of key developments during second quarter and first half of 2012 and current status and outlook.

Oslo, 17 August 2012 - Bionor Pharma ASA today announced financial results for second quarter and first half  of 2012 and provided highlights of key developments during second quarter and first half of 2012 and current status and outlook.

Link to Q2-report.

Highlights second quarter 2012

  • Successful results from the study with nasal delivery of the HIV Vaccine Vacc-4x together with Endocine(TM).
  • Jerome Zeldis, MD, PhD  and Benedicte Fossum, B.Sc were elected as new board members.
  • The first study of Vacc-C5 was approved by Norwegian Medicines Agency.
  • Knut Helkås Dahl, Dr. Philos joined the company`s Scientific Advisory Board.
  • Several new patent applications were filed to strengthen the company`s general protection of its peptide based vaccines (Vacc-Flu, Vacc-HCV, Vacc-CMV, Vacc-HPV and Vacc-HIV).
  • A private placement was successfully closed, with gross proceeds of NOK 57.6 million.
  • EBITDA in Q2 2012 was MNOK -13.4 compared to MNOK -12.6 in Q1.

Highlights after second quarter 2012

  • Grants of NOK 10.48 million awarded from Research Council of Norway's GLOBVAC program.
  • Prof. Angus ("Gus") Dalgleish at St. George's University of London, joined the company`s Clinical Advisory Board (CAB).
  • Further immunological findings from the phase II study, presented at the symposium "Towards an HIV Cure" linked to the conference AIDS 2012 in Washington, show that Vacc-4x improves the quality of immune responses in HIV patients.
  • The clinical study combining Vacc-4x with the immune modulator Revlimid® (lenolidamide) was approved by German health authorities

KEY FIGURES

(In NOK 1000) Q2 2012 Q2 2011 H1 2012 H1 2011 FY 2011
Revenue                                676 645 1 672 108 094 109 499
Other operating expenses (net) -14 050 -10 976 -27 572 -21 824 -52 142
EBITDA -13 373 -10 331 -25 900 86 270 57 357
Depreciation -2 837 -2 833 -5 674 -5 632 -11 300
EBIT -16 210 -13 165 -31 574 80 638 46 057


OUTLOOK

  • Immunological analyses from the phase II study with Vacc-4x will be presented at the AIDS Vaccine 2012 conference to be held in Boston in September 2012.
  • Vacc-4x combined with Revlimid® (lenalidomide), for patients who fail to regain normal immune system, despite well controlled viral load by conventional HIV medicines has been approved to begin as announced 13 August, and will be conducted at four clinics in Germany.
  • Bionor's second HIV vaccine, Vacc-C5, is scheduled to start a first-in-man clinical study Q3 2012.
  • Subsequently Bionor intends to create Vacc-HIV, a combination of the Vacc-4x and Vacc-C5, with the potential to be a preventative vaccine.
  • Vacc-4x booster vaccination study, with patients who participated in the Vacc-4x phase II study, to determine whether additional immunization will further reduce the viral load anticipated study start is Q3.
  • A partnering process is initiated aimed at entering into a commercial agreement with an international pharma-/biotech partner for further clinical development through phase III, as well as approval by the regulatory authorities and subsequent commercialization.

For more information, see www.bionorpharma.com

Steen Krøyer, CEO, +47 23 01 09 60
Gunnar Flåten, SVP Finance & Administration, +47 35 90 85 03 / +47 91 31 64 79