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Third quarter 2012 results

Oslo, 9 November 2012 - Bionor Pharma ASA today announced financial results for third quarter 2012 and provided highlights of key developments during third quarter 2012 and current status and outlook.

Oslo, 9 November 2012 - Bionor Pharma ASA today announced financial results for third quarter 2012 and provided highlights of key developments during third quarter 2012 and current status and outlook.

Link to Q3-report.

Highlights third quarter 2012

  • Grants of NOK 10.48 million awarded from Research Council of Norway’s GLOBVAC program to support Vacc-4x reboost study.
  • Prof Angus “Gus” Dalgleish at St. George’s University of London, joined the Clinical Advisory Board (CAB).
  • Further immunological findings from the phase II study, presented at the symposium "Towards an HIV Cure" linked to the conference AIDS 2012 in Washington, show that Vacc-4x improves the quality of immune responses in HIV patients.
  • The clinical study combining Vacc-4x with the immune modulator Revlimid® (lenalidomide) was approved by German health authorities.
  • Immunological data presented at AIDS vaccine 2012 conference in Boston.
  • EBITDA in Q3 2012 was MNOK -12.5 compared to MNOK -13.4 in Q2.
  • Cash holdings of MNOK 126.7.

Highlights after third quarter 2012

  • The first German patient started treatment in the clinical study combining Vacc-4x with the immune modulator Revlimid® (lenalidomide).
  • In October, the first Norwegian patients started treatment in the phase I/II clinical study with Vacc-C5 at Oslo University Hospital.
  • Research on Vacc-4x and Vacc-C5 presented at the Annual Meeting of Institute of Human Virology in Baltimore.

KEY FIGURES

(In NOK 1000) Q3 2012 Q3 2011 9M 2012 9M 2011 FY 2011
Revenue                              878 1 236 2 550 109 330 (*) 109 499
Other operating expenses (net) -13 364 -15 458 -40 936 -37 282 -52 142
EBITDA -12 486 -14 222 -38 386 72 048 57 357
Depreciation -2 890 -2 834 -8 564 -8 466 -11 300
EBIT -15 376 -17 056 -46 950 63 582 46 057

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


OUTLOOK

The clinical program is on track. All three clinical studies will be enrolling by end of Q4 2012.

  • Enrolling of patients has commenced in an open dosing phase of the study where the patients receive Vacc-4x together with three different doses of Revlimid® (lenalidomide).
  • Enrolling of patient expects to start in Q4 2012 in the multicenter study to reboost patients from the multinational phase II study with Vacc-4x.
  • Enrolling of patients at Oslo University Hospital has started for Bionor's second HIV vaccine, Vacc-C5.
  • Subsequently Bionor intends to create Vacc-HIV, a combination of Vacc-4x and Vacc-C5, that has the potential to be a preventative vaccine.
  • A partnering process is initiated aimed at entering into a commercial agreement with an international pharma-/biotech partner. A team of experienced Business Development Executives from the US is engaged to assist the company in this process during 2013.
  • The company will attend several international meetings during the next 6 months to present the company’s research portfolio to potential partners.

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