UPPSALA, Sweden, February 27, 2002 (PRIMEZONE) -- BioPhausia reports year-end results and significant events.
-- Sales amounted to SEK 2.071.000 (SEK 975.000)
-- Rights for RescueFlow(r) acquired in the Nordic countries
-- New approvals for RescueFlow(r) in Europe
-- Distribution agreement for RescueFlow(r) in Asia
-- Positive results from pre-clinical studies within BP 04 project
-- Patents for BP 04 in the USA and Australia
-- Saving plans are implemented
-- The net result for the fiscal year amounted to a loss of SEK
23.818.000 (loss SEK 24.765.000); SEK 12.744.000 (SEK 12.034.000)
of which were research and development costs.
Important events after the close of the period
-- Patents in 17 European countries for BP 04
-- Distribution agreement for RescueFlow(r) in the Netherlands
-- 85% subscription in the new share issue which provides the company
with approximately MSEK 30
Acquisition of rights for RescueFlow(r) in the Nordic countries BioPhausia has signed an agreement with Pharmalink AB regarding acquisition of RescueFlow(r) in the Nordic countries. Pharmalink acquired in 1999 exclusive license rights for RescueFlow(r) in the Nordic countries, rights which are now reverted to BioPhausia. Through this acquisition BioPhausia now controls RescueFlow(r) on the home market, an advantage for the company when marketing RescueFlow(r) internationally.
New approvals for RescueFlow(r)
Subsequent to the mutual recognition procedure in Europe, and according to decision made on November 28 2001, RescueFlow(r) will be granted approval for marketing and sales in Italy, Spain, Portugal, Luxemburg and Iceland. The company adheres to its previously stated plan for registrations.
Distribution agreement for RescueFlow(r) in Asia
BioPhausia has signed a distribution agreement for RescueFlow(r) with Yungjin Pharmaceuticals Co., Ltd. in South Korea. The company has long experience from the South Korean pharmaceutical industry, and is well connected with the target group, hospital specialists.
The compilation of the registration documentation for South Korea has started, and an application will be submitted by Yungjin subsequent to adaptation to local demands. Marketing will commence in 2002.
Positive results from pre-clinical studies within project BP 04
Previously reported studies show that treatment with BP 04 decreases the pressure in tumours, and increases the uptake of marker substance in the tumours. Further studies have consequently shown that treatment with BP 04 induces increased uptake of cytostatics in the tumour tissue and suppressed tumour growth in comparison with a control-group.
Patents in the USA and Australia for BP 04
Patents named "Enhanced anti-cancer agent delivery to solid tumours by primer compounds," have been approved in the USA and Australia. The patented principle for BP 04 implies that the internal bindings which create high pressure in solid tumours, i.e. colon cancer and breast cancer, are broken, and the uptake of cytostatics is increased. The patents amount to a breakthrough for the BP 04 project.
Savings implemented
From the third quarter 2001 the company implemented a savings program which on a yearly basis will lower the costs considerably.
Summary of Consolidated Income Statement (SEK 000s)
Oct-Dec Oct-Dec Jan-Dec Jan-Dec
2001 2000 2001 2000
Net sales 899 399 2 071 975
Cost of goods sold -89 -167 -432 -167
Gross profit 810 232 1 639 808
Selling expenses -531 -1 184 -4 606 -3 526
Administrative expenses -648 -2 494 -4 708 -8 454
Research and development
expenses -2 987 -3 213 -12 988 -12 034
Exchange profit/loss -282 3 22 4
Operating loss -3 638 -6 656 -20 641 -23 202
Interest income and similar
revenues 48 122 427 531
Interest expenditure and
similar costs -2 162 -538 -3 560 -2 090
Loss after financial items -5 752 -7 072 -23 774 -24 761
Taxes -44 - -44 -4
Net loss for the year -5 796 -7 072 -23 818 -24 765
of which is depreciations 780 1 078 2 573 2 499
Summary of Consolidated Balance Sheet (SEK 000s)
2001-12-31 2000-12-31
Intangible assets 17 913 16 495
Tangible assets 305 489
Financial assets 11 352 11 595
Other current assets 1 491 3 132
Inventories 98 144
Accounts receivable 689 843
Liquid assets 5 539 24 542
Total assets 37 387 57 240
Equity 16 051 34 704
Interest-bearing liability, convertible loan 16 642 16 343
Operating liability 4 694 6 193
Total equity 37 387 57 240
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