Interim Financial Report for Q2 2012 for the BioPorto Group

8/23/2012 6:35 AM EST

BioPorto  A/S
Half Year financial report

Interim Financial Report for Q2 2012 for the BioPorto Group

 Summary of Q2 2012

The implementation of The NGAL Test™ into routine diagnostics is well under
way, including in the form of ongoing validation studies as well as incipient
collaboration with major players for marketing the test. The patent situation
for BioPorto’s NGAL products was improved in two areas in Q2: the Commercial
and Maritime Court of Copenhagen concurred with BioPorto’s assertion concerning
the invalidity of Phadia’s patent; and BioPorto’s NGAL patent concerning ratio
measurements was approved for issuance in the US. 

  -- In the first half of 2012, revenues were DKK 8.8 million (first half of
     2011: DKK 10.1 million, including licensing income). Product sales
     increased by 7% in the first half of 2012 compared to the first half of
     2011, including an increase in sales of NGAL products by 61% to DKK 3.7
     million compared to the first half of 2011.
  -- The loss for the first half of 2012 was DKK -8.4 million (2011: DKK -7.3
     million).
  -- The NGAL Test™ is being tested by many different hospitals and prospective
     partners for the purpose of technical and clinical validation of the test.
     Test sales generated DKK 1 million in the first half of 2012, and are
     expected to sharply increase in the last half of 2012 concurrent with the
     implementation of the test and the establishment of collaboration with
     several diagnostics companies.
  -- BioPorto entered into an agreement concerning the registration,
     distribution and marketing of NGAL assay reagents for the Wiener Lab
     Group’s analyzers in Latin America. Additional partnerships are expected to
     be established with regional and global diagnostics companies this year.
  -- BioPorto’s NGAL ratio patent has been approved for issuance in the US. The
     patent protects a method involving a comparison of NGAL levels in urine and
     plasma to increase the diagnostic specificity for and sensitivity to acute
     kidney injury.
  -- BioPorto’s assertion that Phadia’s patent, claims 1 and 2, is invalid in
     Denmark was upheld by the Maritime and Commercial Court. At the same time,
     the court did not accept Phadia’s claim for compensation in tort for
     BioPorto’s sales of NGAL kits. Phadia has appealed the ruling to the
     Supreme Court of Denmark.
  -- On today’s date, the Board of Directors decided to carry out a cash
     issuance, private placement, by issuing 1.5 million shares at a price of
     DKK 7.50. At the time of the decision,
binding acceptance of subscription for the full amount of the increase has
     been received.



Expectations for 2012 are unchanged

  --  BioPorto expects product-sales growth to generate revenues at the level of
     DKK 25–30 million in 2012.
  -- A net loss of around DKK -10–12 million is expected for 2012.
  -- The most important task in 2012 will be to ensure the increased utilization
     and implementation of The NGAL Test™ for routine use.

Please find the full announcment attached


         Further details:
         Thea Olesen, CEO
         Christina Thomsen, Investor Relations
         Tel.: +45 4529 0000
         E-mail: