Oslo, 15 November 2011: Bionor Pharma ASA (OSE: BIONOR) today announced financial results for third quarter 2011 and provided highlights of key developments during third quarter 2011 and current status and outlook.

Link til Q3 report

HIGHLIGHTS THIRD QUARTER 2011

• Signed on agreement on co-financed study combining Vacc-4x and Revlimid in treatment of HIV patients.

• Results from Vacc-4x phase IIB study presented at international meetings in Rome and Bangkok and at the GLOBVAC conference in Oslo

• New Board of Directors elected and new interim CEO appointed

• EBITDA Q3 2011 MNOK – 14.2

• Cash holdings MNOK 133.2 by end of Q3 2011

HIGHLIGHTS AFTER THIRD QUARTER 2011

• Clinical study of nasal administration for Vacc-4x started at Oslo University Hospital

• Bionor Pharma’s universal influenza vaccine Vacc-Flu was presented at Influenza Congress in Washington DC

• Bionor Pharma’s hepatitis C vaccine Vacc-HCV made ready for production and toxicology study

KEY FIGURES

(In NOK 1000)	Q3 2011	Q3 2010	9M 2011	9M 2010	FY 2010
Revenue	1 236	3 127	109 330	8 635	12 591
Other operating expenses (net)	-15 458	-8 827	-37 282	-34 767	-47 838
EBITDA	-14 222	-5 700	72 048	-26 132	-35 247
Depreciation	-2 834	-2 413	-8 466	-7 386	-9 224
Write-down of intangible asstes	-2 834	-84 658		-84 658
EBIT	-17 056	-92 771	80 638	-118 176	-44 471

OUTLOOK

• Conclusions from further analysis of immunological data from Vacc-4x phase IIB expected to be ready Q1 2012

• Clinical program on Vacc-4x and Vacc-C5 planned to document the “Functional cure” concept leading to the design of a phase III trial

• Ongoing discussions to obtain a partner for the HIV vaccine portfolio, before start of phase III

• Continued work in Vacc-HCV and Vacc-Flu to finish the preclinical documentation and get ready for the clinical phase together with a partner