Interim Financial Report for Q1 2009 for the BioPorto Group
Summary of Q1 2009
Developments for BioPorto in Q1 2009 were predominantly positive. Revenues rose
by 33% compared to the same quarter last year (comparative figures in
parentheses). Statements by major diagnostics companies that NGAL is the new
renal injury marker support BioPorto's expectations of the implementation of
NGAL as a routine immunoassay and improve the prospects of concluding the first
licensing agreement. At the same time however, BioPorto was inconvenienced by
litigation relating to the company's rights to hold the important NGAL cutoff
patent.
• BioPorto is the holder of IP rights to NGAL as an immunoassay method for
acute renal injury and is negotiating for the release of licensing access to
these rights.
• BioPorto has launched an APC-PCI ELISA Kit. Initial studies in this area have
prompted great expectations for the use of APC-PCI as a biomarker for sepsis
patients with a view to qualifying them for special treatment.
• Revenues in Q1 2009 rose by 33% to T.DKK 2,948 (T.DKK 2,221).
• The financial result for the period was a loss of T.DKK 3,613 (T.DKK 4,896
million).
• The European Patent Office (EPO) recommend that the issuance process for
BioPorto's NGAL cutoff patent be resumed, after having put the process on hold
following the filing of a claim by Cincinnati Children's Hospital.
• BioPorto has initiated a marketing campaign in China for the company's IVD
NGAL ELISA kit, initially by establishing new distributors in this market.
During a visit to distributors in May, the possibilities of collaborating on
product registration were also evaluated; this collaboration would be decisive
to sales for diagnostics use. The country's key opinion leaders are very
interested in the NGAL immunoassay, and the ELISA immunoassay format is widely
used by central laboratories at the hospitals.
Forecasts for the 2009 fiscal year upheld
• Final conclusion of the first licensing agreement for the company's IP rights
to the NGAL immunoassay method. The company's expectations of licensing income
running in the two-digit millions are upheld.
• BioPorto anticipates that product sales will continue to grow in 2009 by
around 25-35% and revenues are expected to be DKK 12-13.5 million, before
income from licensing sales.
• A net loss of around DKK 12 million, before possible licensing income, is
still expected.
About BioPorto
BioPorto develops and markets antibodies and antibody-based products, including
tests to diagnose human disease, both for the benefit of individual patients
and to promote efficiency in the health sector. The Company's developments
include a test (NGAL) to diagnose and monitor acute kidney damage. BioPorto's
strategy is to develop new methods based on its antibody portfolio that can be
patented and achieve a wide use in the diagnosis of various diseases. BioPorto
was founded in 2000 and has about 25 employees. The Company's shares are listed
on NASDAQ OMX Copenhagen (symbol: BIOPOR).
