Summary of Q1 2014
Strategic development
- Bioporto has signed an agreement with Abbott for cross-licenses to both parties' respective IP rights within NGAL.
- BioPorto and Phadia has reached a settlement in the case before the Supreme Court regarding the invalidation of Phadia’s patent, which specifies the use of HNL (another designation for NGAL) as a diagnostic marker for human diseases. Along with the settlement, BioPorto receives a license for Phadia’s patents regarding NGAL worldwide.
- The European Patent Office has approved BioPorto’s NGAL patent for the exclusion of acute kidney injury.
- After the period, on April 1, 2014, the European Patent Office has decided that BioPorto's NGAL cutoff patent does not meet the requirements for adequate description. The patent is thus deemed invalid, but in BioPorto’s assessment, the company still has a very strong patent portfolio.
Financial development
- Sales in the first quarter amounted to DKK 4.8 million. (Q1 2013: DKK 3.0 million).
- The loss in the first quarter was DKK -3.6 million. (Q1 2013: DKK -5.6 million).
- Sales of the group’s NGAL products for human diagnostics, including The NGAL Test™, amounted to DKK 0.7 million for the first 3 months of 2014 (2013: DKK 0.5 million). Of this, The NGAL Test™ amounted to DKK 0.4 mio.
Expectations for 2014 maintained
- BioPorto expects to generate revenue of around DKK 19-23 million in 2014, equivalent to a growth rate of 15-40%.
- A loss of around DKK 10-14 million is expected in 2014
Peter Mørch Eriksen, CEO, commented, "We are pleased with the first quarter, which shows great improvements compared to last year, fully in line with our ambitious goals and expectations both in terms of revenue growth and earnings. Strategically, we made a good start with the new initiatives and we can already tick off the first objectives. We have a strong belief that NGAL with the new strategic approach will spread to the healthcare system over the next years to the benefit of both doctors and patients and contribute to a better cost structure in the treatment. "
Investor Meeting
In connection with the publication of the interim report, BioPorto hosts an investor meeting on Wednesday, May 14, 2014 at 3 p.m. at the company’s address. Registration is required and can be made by email investor@bioporto.com by Monday May 12, 2014.
See the full report in the attached PDF
Further details:
Peter Mørch Eriksen, CEO
Christina Thomsen, Investor Relations
Tel.: +45 4529 0000
E-mail: investor@bioporto.com
