Company announcement no. 8-2019

Birkerød, 29 April 2019

ViroGates A/S (Nasdaq First North Denmark: VIRO), who delivers blood test systems for emergency departments in hospitals, today reported financial results for the first quarter 2019 (1 January – 31 March).

Highlights in the first quarter of 2019

Financial highlights

  • Revenue grew by 93% to TDKK 1,105 (TDKK 574 in Q1 2018)
  • Net operating expenses of TDKK 4,848 (TDKK 3,231 in Q1 2018)
  • Net result of TDKK -3,675 (TDKK -2,312 in Q1 2018)
  • Cash position of TDKK 55,992 per 31 March 2019 (TDKK 10,264 end Q1 2018)

Operational highlights

  • ViroGates entered a co-development agreement with Austria-based GENSPEED Biotech GmbH to develop a combined suPAR and CRP Point of Care triage test for use in hospitals, general practitioners and ambulances (announced 20 February).
  • Completion of CE-IVD approval and launch of the suPARnostic® TurbiLatex product for use on the Roche Cobas c 502 module (announced 6 March) .
  • ViroGates completed the CE-IVD approval and launched the suPARnostic® TurbiLatex product for all commercially relevant Roche Diagnostics cobas instruments (announced 26 March).
  • After the balance sheet date, Amager Hospital, Denmark was announced as a new clinical routine customer (announced 25 April).

CEO Jakob Knudsen, says in a comment: ”In the first quarter of 2019, we expanded our international activities as a result of our commercial hires in the autumn of 2018. We expect to add more trial and clinical routine customers over the coming months since we now have local and more consistent sales efforts conducted in the major markets in Europe. We are also very satisfied, that we now have suPARnostic® TurbiLatex available for all commercially relevant Roche Diagnostics cobas instruments. We are confident, that the availability of suPARnostic® TurbiLatex on the cobas instruments will facilitate the decisions for hospitals to initiate use of our products in clinical routine use.”

The attached report, which is approved by the Board of Directors, is unaudited.

For further information contact:
CEO Jakob Knudsen:  Tel. (+45) 2113 1336, Email: jk@virogates.com

Certified Advisor
Västra Hamnen Corporate Finance, Per Lönn: Tel. (+46) 40 200 250, Email: per.lonn@vhcorp.se

About ViroGates
ViroGates is an international medtech company headquartered in Denmark. ViroGates develops and sells prognostic products to the healthcare sector. The products are used in hospital emergency services, in particular to make a clinical decision on hospitalization or discharge of emergency patients, which can lead to better clinical decisions, faster discharge and optimization of healthcare resources. The products can also be used for the prognosis of lifestyle-related diseases such as cardiovascular disease, type 2 diabetes, cancer, etc. The ViroGates test suPARnostic® measures the suPAR (Soluble urokinase Plasminogen Activator Receptor) protein in the bloodstream, and with the suPARnostic® Quick Triage test, hospital staff will get answers in just 20 minutes. The prognostic value of suPARnostic® is validated by more than 500 clinical trials and studies which included more than 350,000 blood samples.

Attachment