Q3 2015 Interim Financial Report

Bionor Pharma ASA
Interim Financial Report
1 January – 30 September 2015

Oslo, 3 November 2015

In Q3 2015, Bionor’s Management and Board of Directors completed a strategic review of the company. Based on its assessment, Bionor believes it has first mover potential to advance a possible functional HIV cure with Vacc-4x at its core to expected major value inflection points and possible partnering.

  • The company revitalized its strategic focus on Vacc-4x and development plans based on a “Shock & Kill” clinical strategy
  • Bionor announced 16 July 2015 a new agreement with Celgene securing a continued supply of romidepsin for use in BIOSKILL (BIOnor Shock and KILL), a planned multi-center randomized, double-blind, placebo-controlled Phase II proof of concept clinical trial of Bionor’s proprietary therapeutic vaccine, Vacc-4x, together with romidepsin
  • In September 2015, the results from Part A of the REDUC clinical trial were published for the first time, in the peer-reviewed journal PLOS Pathogens. Full results from Part B of the REDUC trial are expected year-end 2015
  • After the balance sheet date, on 30 October 2015, Bionor announced a strategic augmentation of its Clinical Advisory Board to emphasize the company’s focus on functional HIV cure
  • Net cash flow in Q3 2015 was NOK -19.8 million (Q3 2014: NOK 35.5 million)
  • Cash and cash equivalents at 30 September 2015 was NOK 35.7 million (30 September 2014: NOK 103.7 million)
  • Bionor’s available funding will take the company to finalization of REDUC and preparation of the BIOSKILL trial. The company is currently working to strengthen its working capital situation 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 Core cost base is defined as Employee Benefit Expenses plus Other operating expenses less external R&D expenses.

David Horn Solomon, President and CEO commented:
I am satisfied that we now see the results of the last 9 months work to re-invigorate the company. Our strategy and long-term clinical development plans have been set, the preparation of BIOSKILL to further define our functional cure approach is close to complete, and we have attracted world-renowned HIV experts to our Clinical Advisory Board. These are all important milestones in maintaining Bionor’s first mover potential for advancing a possible functional HIV cure. We now look forward to the top line results from the critical REDUC Part B trial, which will allow us to execute BIOSKILL, and to implement the financial strategy required to meet the working capital needs of the company.

Teleconference 3 November 2015 at 13:00 CET
Bionor will host a conference call for analysts and investors 3 November 2015 at 13:00 CET at which David H. Solomon, CEO, and Jens Krøis, CFO, will provide an update of the business. To attend the conference, please use theparticipant code 8070043.

Norway: +47 2316 2729
Denmark: +45 38 32 28 69
United Kingdom: +44 20 3427 1914
USA: +1 646 254 3367
Sweden: +46 850 653 937

A presentation will be available on our website prior to the call. A webcast of the conference call will be available during and after the event. Link to webcast: http://edge.media-server.com/m/p/pv9gko9j.

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

A PDF of the full Q3 2015 Interim Financial Report is available here.
A PDF of the corresponding Q3 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 Fischer Ravn, VP Investor Relations & Communications, +45 2030 3903, jfr@bionorpharma.com

About Bionor
Bionor Pharma is a Norwegian biopharmaceutical company focused on advancing its proprietary therapeutic vaccine Vacc-4x in combination with other medicines toward a possible functional HIV cure. The company believes it has first mover potential based on clinical results to date and early adoption of now recognized clinical strategy. Bionor is currently planning BIOSKILL, a proof-of-concept Phase II clinical trial, which may lead to a major value inflection point and partnering opportunities. Bionor currently retains full ownership rights of Vacc-4x, i.e., the upside potential from partnering or licensing remain with the company. Bionor Pharma is based in Oslo, Norway, and also has offices in Copenhagen, Denmark and New York City, New York. Bionor is listed on Oslo Børs (OSE:BIONOR). More information about Bionor is available at www.bionorpharma.com.