SECOND QUARTER AND FIRST HALF RESULTS 2011

Oslo, 26 August 2011: Bionor Pharma ASA (OSE: BIONOR) today announced financial results for second quarter 2011 and provided highlights of key developments during second quarter 2011 and current status and outlook.

Link til Q2 rapport


HIGHLIGHTS SECOND QUARTER 2011

• Received approval for clinical study of a nasal route of administration for Vacc-4x at the Oslo University Hospital

• Submission of patent applications in the US for both the humoral and the cell-mediated platform technologies.

• EBITDA Q2 2011 MNOK -10.3

• Cash holdings MNOK 144.2 by the end of Q2 2011


HIGHLIGHTS AFTER SECOND QUARTER 2011

• Agreement to use Revlimid®, a leading cancer drug, in combination with Vacc-4x in a new co-funded clinical study in HIV-patients

• A new Board of Directors elected

• Henrik Lund has left as the company’s CEO

• Positive immunological data (ELISPOT) from the Vacc-4x phase IIB study presented at the International AIDS Society meeting in Rome

KEY FIGURES

(In NOK 1000)   Q2 2011  Q2 2010   H1 2011   H1 2010   FY 2010 
 Revenue                                    645 3 013  108 094  5 508  12 591 
 Other operating expenses (net)  -10 976  -13 734  -21 824  -25 940  -47 838
 EBITDA  -10 331  -10 721  86 270  -20 432  -35 247
 Depreciation  -2 833  -3 628  -5 632  -4 973  -9 224
 EBIT  -13 165  -14 349 80 638   -25 405  -44 471


OUTLOOK

• Further analysis of immunological data from Vacc-4x phase IIB study are ongoing

• Ongoing evaluations of the potential of Vacc-4x as a vital component of a combination therapy

• The collaboration to study Vacc-4x in combination with Revlimid® is an important contribution to the further development programme of Vacc-4x

• Continued discussions with the objective to obtain a partner for the HIV-vaccine portfolio

• Preparation of “first time in man” for the second HIV-vaccine candidate, Vacc-C5, a humoral vaccine focused on combating HIV-infection by reducing hyper-activation of the immune system.