(Tromsø, 01 February 2018) Biotec Pharmacon ASA ("Biotec", OSE: BIOTEC) reported
sales of NOK 17.7 million (18.2) in the fourth quarter of 2017, and a negative
EBITDA of NOK 7.2 million (-8.1). Sales for 2017 amounted to NOK 66.7 million
(71.2) and the EBITDA was negative NOK 22.9 million (-19.0). The Company
experienced sales growth within both ArcticZymes as well as within the wound
care product Woulgan®.
The annual sales within ArcticZymes grew from NOK 29 million in 2016 to NOK 32
million in 2017 despite one of its main customers spending part of 2016
restructuring their business and thus temporarily reducing purchases. The sale
of Woulgan© increased from NOK 0.8 million in 2016 to NOK 2.3 million in 2017.
There was a reduction in sales of animal health products in comparison to 2016
reflecting lower sales from customers to aquaculture industry. The cash balance
at the end of the year was NOK 30.6 million.
During the fourth quarter ArcticZymes launched two new enzymes as well as
securing ISO13485 quality certification. With the additional product launches as
well as the upgrade of the quality system, ArcticZymes continues to expand its
relevance to customers not only within the diagnostic area, but also within the
highly interesting bio-manufacturing area (i.e. gene therapies). Biotec expects
to continue to grow the enzymes business organically while also looking for
inorganic growth opportunities.
Woulgan© was accepted on the UK Drug Tariff based on its clinical effect and
favourable healthcare economics. This prompted our partner H&R Healthcare to
hire extra resources into the salesforce. Biotec is currently reviewing its go
-to-market strategy for Woulgan to ensure further growth of the franchise with
less consumption of the company's financial resources.
In the fourth quarter, the Company also had its first sale of M-Gard© to a
customer in the US thus opening a market for further opportunities.
In connection with the fourth quarter announcement, CEO Christian Jørgensen
states: "-We finished a challenging 2017 with growth in a number of strategic
areas. In 2018, focus will be on utilizing our excellent base of quality
products to continue organic growth. We will also diligently focus on cash
consumption. Within ArcticZymes we will develop and launch new products as well
as look for in-organic growth."
The complete interim report for Q4 2017 is enclosed. The company is hosting a
presentation on 1 February 2018 at 08:30 CET at Høyres Hus, Stortingsgata 20,
Oslo.
For additional information,
Christian Jørgensen, CEO, +47 47 79 24 57 christian.jorgensen@biotec.no
About Biotec Pharmacon ASA:
Biotec Pharmacon ASA is the parent company of Biotec BetaGlucans AS and
ArcticZymes AS. Biotec BetaGlucans develops, manufactures and markets novel
immunomodulating products, including Woulgan®, an advanced wound care product
for stalled wounds with a proprietary medicinal ingredient. ArcticZymes
develops, produces and markets recombinant enzymes of marine origin used in
molecular DNA technologies and diagnostics, representing growth markets where
rapid technological developments are creating a strong demand for new and
improved enzymes.