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Fourth Quarter and Full-Year Results 2012

Oslo, 15 February 2013 - Bionor Pharma ASA today announced financial results for fourth quarter and full year 2012 and provided highlights of key developments during fourth quarter 2012 and current status and outlook.

Link to Q4-report

Highlights fourth quarter 2012 and significant post period events

  • Progress of the 3 clinical studies in Q4:
     - Phase II study with Vacc-4x in combination with Celgene`s immune modulator Revlimid® (Lenalidomide) - enrollment of patients started in November 2012
     - Phase II Reboost study with Vacc-4x in patients from the phase II study - patient screening initiated
     - Phase I/II study with Vacc-C5 - enrollment of patients for this “first time in man” study started in October
  • Nasal administration phase I/II study with Vacc-4x:
    The principal investigator at OUS, Prof. Dag Kvale says: “Results from initial analyses of the immune response data from the placebo-controlled study with Vacc-4x, using Endocine™ as adjuvant, in the nose indicate potential for induction of immune responses locally, systemically and even at distant mucosal surfaces. These results open for nasal vaccines as a promising new and convenient administration form with potential even for mucosal protection”.

• EBITDA in Q4 2012 was MNOK -19.8 compared to MNOK -14.7 in Q4 2011.

• Cash holdings end of Q4 2012 was MNOK 108.9.

• In January 2013 Anker Lundemose, MD PhD was appointed as President and CEO effective 1 March 2013.  He has comprehensive international experience and has been responsible for successful mergers and acquisitions within biotech, venture investments, and licensing.

 

KEY FIGURES

(In NOK 1000) Q4 2012 Q4 2011 FY 2012 FY 2011  
Revenue                             1 674 169 4 224  109 499 (*)
Other operating expenses (net) -21 488 -14 824 -62 423 -52 142  
EBITDA -19 813 -14 655 -58 199 57 357  
Depreciation -3 030 -2 834 -11 594 -11 300  
EBIT -22 844 -17 489 -69 793 46 057  

(*) Includes the sale of the Nutrilett ® trademark in Q1 2011.


OUTLOOK AND GUIDANCE

  • First results (interim data) from the open ongoing clinical studies (Vacc-4x reboost and Vacc-C5) could be available in H2 2013 and final reports are expected by H1 2014.
  • The business development activities will be enhanced, and the organization will be strengthened to meet the demands for the BD process going forward.
  • Total operating expenses for the full year 2013 are estimated at MNOK 70 – 80. Funding of planned scientific and business related activities is secured until mid-2014

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