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Bionor Pharma Reports Strengthening and Consolidation of Organization

(Wednesday 15 May 2013) Bionor Pharma ASA (OSE:BIONOR) today announced financial results for first quarter 2013,  and provided highlights of key operational developments during first quarter 2013, current status and outlook.

Webcast The Q1 report will be presented by webcast 15 May at 8.30 am CEST. Link for registering and access to the webcast: http://www.media-server.com/m/p/i6exvxen
See further information about the webcast and call numbers below.

Download the Q1 report and Q1 presentation.

Highlights
Operational Highlights Q1 2013
• Bionor Pharma strengthens management with appointment of new  CEO and CFO
• Key advisors retained in the areas of Medical Affairs & Intellectual Property 
• New combination patent application filed

Operational Highlights after Q1 2013
• Completion of patient enrollment in the Vacc-4x Reboost study and in part A of the Vacc-4x & Revlimid® study
• Relocation of Bionor Pharma’s Skien office to Oslo to consolidate and focus in house R&D resources and activities and solidify the organization 
• Professor Lars Østergaard, University of Aarhus, a leading HIV expert, to join Bionor Pharma’s Clinical Advisory Board
• Bionor Pharma’s Hypothesis for Immune Activation Mediated by the C5 Region of HIV Presented at Scientific Conference: “Immune Activation in HIV Infection: Basic Mechanisms and Clinical Implications” in Colorado, USA in April

Financial Highlights

In NOK thousands   Q1 2013 Q1 2012  FY 2012 
Revenue 332 996  4 224
EBITDA (16 180) (12 527)  (58 220)
Net Cash Flow (16 764) (41 088)  (35 227)
Net Cash * 89 184 93 988  106 016

*) Net cash is defined as the Group’s cash and cash equivalents adjusted for interest bearing debt

Strengthening of organization and focus on clinical studies

The first three months of 2013 brought new leadership to the company with the recruitment of both a new CEO and CFO. The new leadership is deemed of key importance in order to take the Company to its next stage which includes the execution of an optimal clinical, regulatory and commercial strategy. The Company has also secured the expertise advice of Ms Alison Blakey and Ms Gill Pearce to enforce its medical and IPR competency.

Bionor Pharma’s Skien office is decided to relocate to Oslo. The goal of the relocation is to focus the Company’s resources and solidify the organization for future growth. Bionor Pharma expects the relocation to be finalized by year end.

In addition, the first quarter has focused on the execution of the clinical programs with an emphasis on ensuring rapid recruitment of patients for all our clinical studies with the aim to provide data and results in as timely a manner as possible. Last patient in the Vacc-4x Reboost study has been recruited and in the Vacc-C5 study last patient is expected enrolled by end of May. The conclusion of enrollment of these studies substantiates reporting of the trials by Q1 2014.

Outlook
Vacc-4x + Revlimid phase II study: The part A dose review meeting will take place end of May 2013 and the placebo-controlled, randomized part B is expected to start by end of June. We expect data from this study to become available in H1 2014.

Vacc-4x Reboost phase II study: Last patient enrollment took place in April 2013. This means that all 33 patients will have completed their study period around year-end 2013, and we expect first data from this study to become available end of Q1 2014.

Vacc-C5 phase I/II study: Last patient is expected to be enrolled by end of May. We expect that all patients will have completed their study period by end of 2013. First results (interim data) may become available during H2 2013. We expect to able to release data from this phase I/II study in Q1 2014.

Nutraceutical Products: Discussions regarding divestment of the nutraceuticals business are ongoing. We expect to divest all remaining activities before end of 2013 or alternatively close all activity by year end 2013.

Cash Position: With the current planned activities the company is funded through Q3 2014.

Capital Markets Day 14 June at 10 am at the Hotel Continental

The Management of Bionor Pharma will give a detailed overview of the Company and an update on current and future activities. For registration, please contact Bionor Pharma: post@bionorpharma.com

Webcast

We are pleased to invite you to join in on our international webcast (and teleconference) for analysts, investors and other stakeholders 15 May at 08.30 CEST, where the progress and results will be presented by Bionor Pharma’s senior Management.

A live audio webcast of the presentation will be available one hour following the teleconference, on the Company’s webpage and
through this link: http://www.media-server.com/m/p/i6exvxen

Call numbers

It is also possible to call in (if a computer is not available, and for ability to ask questions). The numbers are: +44(0)20 3427 1900 (UK), +1646 254 3388 (US), +472316 2771 (Norway), +4532 71 16 59 (Denmark) or +46(0)8 5065 3936 (Sweden) and request to be connected to the Bionor Pharma’s teleconference (confirmation code 5253735). Please use a quiet room.

Schedule for the webcast /teleconference 15 May (CEST time)
08.25 -Log in to the webcast-link, and/or call
08.30 -Review of results by Bionor Pharma’s senior management, with Questions and Answers.

Information about Bionor Pharma is available at www.bionorpharma.com


Bionor Pharma ASA

Synne H Røine, CFO
Tel + 47 99 22 98 92

Hilde Aalling Syvertsen, Director Communications & Corporate Affairs 
Tel +47 23 01 09 60