H1 2015 Interim Financial Report

Bionor Pharma ASA
Interim Financial Report
1 January – 30 June 2015
Unaudited

Oslo, 12 August 2015

HIGHLIGHTS Q2 2015 

In Q2 2015 Bionor made important steps towards creating a leading peptide vaccine company dedicated to improving the lives of those with HIV infection:

  • Bionor announced 4 May 2015 promising results from an interim analysis of the functional cure HIV study REDUC Part B indicating killing of reactivated HIV and reduction in latent viral reservoir when patients receive the therapeutic vaccine Vacc-4x prior to romidepsin (Istodax®). Full results from the REDUC study are expected in H2 2015
  • Bionor announced 5 May 2015 the assembly of a successful clinical study advisory board meeting with the participation of some of the world’s most prominent scientific experts in HIV cure research. The purpose of the meeting was to seek advice on the design of a proof of concept clinical Phase II study of Vacc-4x together with a latency reversing agent
  • Net loss in Q2 2015 amounted to NOK -21.3 million (Q2 2014: NOK -17.0 million)
  • Net cash flow in Q2 2015 was NOK -19.7 million (Q2 2014: NOK -21.0 million)
  • Cash and cash equivalents at 30 June 2015 was NOK 55.5 million (30 June 2014: NOK 68.1 million)
  • Bionor announced 16 July 2015, after the balance sheet date, a new agreement with Celgene securing a continued supply of romidepsin for use in a planned multicenter clinical Phase II study of Bionor’s most advanced and proprietary vaccine, Vacc-4x, together with romidepsin
  • Management is currently exploring funding options beyond 2015 either by equity, debt, bonds, or a combination thereof

Bionor maintains its financial guidance for 2015
For the full year 2015, Bionor expects the core cost base to be in the range of NOK 55 – 63 million. The company’s core cost base refers to all costs that are required to run the business, excluding costs for clinical studies that can vary over time.

David Horn Solomon, President and CEO commented:
“The last four months have truly been eventful and encouraging. We announced promising interim results from Part B of the REDUC study, we hosted a very successful meeting with world leading HIV cure experts, and shortly after the end of the second quarter, we finalized a new agreement with Celgene for the continued supply of romidepsin for our ongoing clinical trials. With these accomplishments, we are well underway in the planningof a full scale, international Phase II study with the aim to obtain significant proof that a Kick and Kill strategy combining Vacc-4x with activation of latent HIV reservoirs is the likely path to a functional cure for HIV.”

Teleconference 12 August 2015 at 09:30am CEST
Bionor will host a conference call for analysts and investors 12 August 2015 at 09:30am CEST at which David H. Solomon, CEO and Jens Krøis, CFO will provide an update of the business. To attend the conference, please use the participant code 8020617.

Denmark: +45 32 71 16 59
United Kingdom: +44 20 3427 1905
USA: +1 646 254 3388
Norway: +47 2316 2787
Sweden: +46 850 653 938

A presentation will be available on our website one hour prior to the call. A webcast of the conference call will be available during and after the event. Please refer to separate notice from 5 August 2015 for details.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

A PDF of the full H1 2015 Interim Financial Report is available here
A PDF of the corresponding H1 2015 presentation is available here

Further information
David H. Solomon, President and CEO, +45 3333 9997, dhs@bionorpharma.com
Jens Krøis, CFO, +45 2080 1668, jk@bionorpharma.com
Jørgen F. Ravn, VP Investor Relations & Communications, +45 2030 3903, jfr@bionorpharma.com

About Bionor
Bionor Pharma ASA is a leading biotechnology company advancing a potential first therapeutic vaccine towards a functional cure for HIV. The company's focus is the research and development of peptide-based vaccines against viral diseases, primarily HIV. Bionor’s most advanced product candidate is Vacc-4x, which is also the most advanced therapeutic vaccine in the HIV space and has demonstrated a reduction of viral load in a large, randomized, controlled Phase II trial, as well as safety and tolerability. Bionor’s current clinical focus is to explore whether Vacc-4x, used with other medicines as a combination therapy, can reduce the viral load even further, and the company, through collaboration with Celgene, is investigating Vacc-4x and the HDAC inhibitor romidepsin in the REDUC study.

Bionor is headquartered in Oslo and is listed on the Oslo stock exchange, under the ticker BIONOR. More information about Bionor is available at www.bionorpharma.com.