This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Oslo, 9 November 2012
Bionor Pharma ASA today announced financial results for third quarter 2012 and provided highlights of key developments during third quarter 2012 and current status and outlook.
The Q3 2012 report is attached.
HIGHLIGHTS THIRD QUARTER 2012
· Grants of NOK 10.48 million awarded from Research Council of Norway's GLOBVAC program to support Vacc-4x reboost study.
· Prof Angus "Gus" Dalgleish at St. George's University of London, joined the Clinical Advisory Board (CAB).
· Further immunological findings from the phase II study, presented at the symposium "Towards an HIV Cure" linked to the conference AIDS 2012 in Washington, show that Vacc-4x improves the quality of immune responses in HIV patients.
· The clinical study combining Vacc-4x with the immune modulator Revlimid® (lenalidomide) was approved by German health authorities.
· Immunological data presented at AIDS vaccine 2012 conference in Boston.
· EBITDA in Q3 2012 was MNOK -12.5 compared to MNOK -13.4 in Q2.
· Cash holdings of MNOK 126.7.
HIGHLIGHTS AFTER THIRD QUARTER 2012
· The first German patient started treatment in the clinical study combining Vacc-4x with the immune modulator Revlimid® (lenalidomide).
· In October, the first Norwegian patients started treatment in the phase I/II clinical study with Vacc-C5 at Oslo University Hospital.
· Research on Vacc-4x and Vacc-C5 presented at the Annual Meeting of Institute of Human Virology in Baltimore.
KEY FIGURES
| Q3 2012 | Q3 2011 | (in NOK1000) | 9M 2012 | 9M 2011 | FY 2011 |
| 878 | 1 236 | Revenue | 2 550 | 109 330 | (*) 109 499 |
| -13 364 | -15 458 | Other operating expenses (net) | -40 936 | -37 282 | -52 142 |
| -12 486 | -14 222 | EBITDA | -38 386 | 72 048 | 57 357 |
| -2 890 | -2 834 | Depreciation | -8 564 | -8 466 | -11 300 |
| -15 376 | -17 056 | EBIT | -46 950 | 63 582 | 46 057 |
(*) Includes the sale of the Nutrilett ® trademark in Q1 2011.
OUTLOOK
The clinical program is on track. All three clinical studies will be enrolling by end of Q4 2012.
· Enrolling of patients has commenced in an open dosing phase of the study where the patients receive Vacc-4x together with three different doses of Revlimid® (lenalidomide).
· Enrolling of patient expects to start in Q4 2012 in the multicenter study to reboost patients from the multinational phase II study with Vacc-4x.
· Enrolling of patients at Oslo University Hospital has started for Bionor's second HIV vaccine, Vacc-C5.
· Subsequently Bionor intends to create Vacc-HIV, a combination of Vacc-4x and Vacc-C5, that has the potential to be a preventative vaccine.
· A partnering process is initiated aimed at entering into a commercial agreement with an international pharma-/biotech partner. A team of experienced Business Development Executives from the US is engaged to assist the company in this process during 2013.
· The company will attend several international meetings during the next 6 months to present the company's research portfolio to potential partners.
For more information, see www.bionorpharma.com
Steen Krøyer, CEO, +47 23 01 09 60
Gunnar Flåten, SVP Finance & Administration, +47 35 90 85 03 / +47 91 31 64 79
