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Bionor Q3-2016 Interim Financial Report

16 NOVEMBER 2016


In the third quarter of 2016, Bionor put all preparatory activities of the planned clinical program on hold and initiated a strategic review of Vacc-4x, and the clinical development plan to ensure it is up to date going forward. For this Bionor has engaged a group of highly experienced international HIV scientific, clinical and commercial experts to propose updated development plans going forward. This process is currently ongoing and is done in close collaboration with the company. The same expert group will be engaged in strategic partnership assessment once the strategic review process is concluded

  • On 18 August 2016, the company announced that it had raised a total of NOK 105 million in new equity by an agreement with certain new investors regarding full subscription of a NOK 52.5 million private placement, subject to approval at an extraordinary general meeting 9 September 2016, as well as a proposed, subsequent, fully underwritten rights offering of NOK 52.5 million.
  • On 9 September at an extraordinary general meeting the completion of the private placement of NOK 52.5 million was approved as well as a fully underwriting rights offering of NOK 52.5 million was approved.
  • New Chairman Einar J. Greve and new board members Øystein Stray Spetalen and Kristin Hellebust were elected at the EGM on 9 September 2016. Per S. Thoresen and Ingrid Leisner continue as Board members.
  • Further cost saving initiatives has been initiated by the Board and management, reducing the running cost for the company even further. Expecting, when fully implemented 1 January 2017, the core cost base to be reduced to a level below NOK 5 million per quarter.
  • Net cash flow in Q3 2016 was NOK 28.0 million (Q3 2015: NOK -19.8 million).
  • Cash and cash equivalents at 30 September 2016 was NOK 40.4 million (30 September 2015: NOK 35.7 million).

The Allocation of 525,000,000 new shares in the Rights Issue was approved by the Board of Directors on 4 October 2016. The Rights Issue raised gross proceeds of NOK 52.5 million.  The share capital increase pertaining to the Rights Issue has on 11 October been registered in the Norwegian Register of Business Enterprises.Cash and cash equivalent as per 16 November 2016 is NOK 87.3 million.On 14 October 2016 there was called for an extraordinary general meeting to be held on 7 November 2016. The proposed authorization to the board to increase the share capital with up to NOK 68,083,400 was approved subsequently on the extraordinary general meeting on 7 November 2016.

For the full year 2016, Bionor now expect a Core Cost Base of approx. NOK 55 million. Previously, in the Q2 2016 interim financial report, a Core cost base of NOK 52-59 million was expected. Currently, through expected savings the core cost base will amount to a level below NOK 5 million per quarter when fully implemented by 1 January 2017. Following the private placement of NOK 52.5 and subsequent fully underwritten rights offering of NOK 52.5 million, the company is fully funded under the current strategy for the next 12 months. The Core cost base is defined as Employee Benefit Expenses plus Other operating expenses.

Unni Hjelmaas, Acting CEO, +47 915 19 651,
Jens Krøis, CFO, +45 208 01 668,

This information is subject to the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.

Link to the Q3-report in pdf