Summary of Q2 2013
- Peter Mørch Eriksen was appointed as the new CEO of BioPorto A/S and of the subsidiary BioPorto Diagnostics A/S in July 2013. Peter Mørch Eriksen brings new commercial expertise to the company as a result of his more than 15 years’ experience in medical technology and life sciences, acquired both in Denmark and abroad.
- BioPorto obtained short-term financing by concluding a loan agreement for DKK 8 million. The loan runs until September 16, 2013, after which BioPorto still plans to secure the company’s continued operations through a pre-emptive share issue that is expected to be implemented in Q3 2013.
- BioPorto has completed the development of application notes for the Siemens Dimension VISTA analyzer and the Beckman Coulter Unicel DxC analyzer.
- BioPorto has launched a Monkey NGAL ELISA Kit, which enables the company to provide a complete portfolio of NGAL assays for developing and testing drugs on research animals.
- Revenues in the first half of 2013 amounted to DKK 7.3 million (first half of 2012: DKK 8.8 million). Sales in Q2 amounted to DKK 4.3 million compared to DKK 3.0 million in Q1 2013.
- The loss for the first half-year was DKK -10.8 million (2012: DKK -8.3 million).
Expectations for 2013
- BioPorto expects 2013 revenues to be on a par with 2012.
- The company has previously announced expectations for a loss slightly greater in 2013 than in 2012 due to the initiation of clinical trials for more than DKK 2.5 million. This expectation is specified to a loss of around DKK 18-21 million, in which costs related to the change of CEO in the order of DKK 2 million is included.
- In the management’s assessment, the company has a minimum capital requirement of DKK 40 million in Q3 to finance activities planned for 2013 and 2014 and to repay existing debts (DKK 21.5 million) in September 2013. An attempt will be made to meet this requirement in the third quarter by carrying out a share issue with a pre-emptive right for existing shareholders.
- The most important commercial and organizational tasks in 2013 will be to ensure wider routine use and implementation of The NGAL Test™ and to increase sales of the rest of the product portfolio.
See the full report in the attached pdf