Interim Report January-September 2011
- Net sales rose 100% to SEK 1,932k (965)
- Loss after financial items was SEK 9,803k (loss: 8,023)
- Loss after tax was SEK 9,771k (loss: 7,991)
- Earnings per share increased to SEK -0.14 (-0.19).
- Cash and cash equivalents at the end of the period amounted to SEK 11,035k (7,125)
- All top ten pharma companies are paying customers.
- Major pharmaceutical companies have published scientific results in which Genovis products played an important role.
- The Extraordinary General Meeting in July elected Kenth Petersson to serve as a new board member.
Genovis has a strong product portfolio of innovative technologies that can facilitate and improve production of antibody-based drugs. The technology offers customers who use mass spectroscopy (MS), an analytical technique to determine the chemical composition of substances such as proteins and peptides, more cost-effective quality control. These customers, who currently include the top ten pharma companies, several well-known biotech enterprises and academic groups, mainly work with drug discovery, new diagnostic methods, and basic research.
Genovis has developed cutting-edge expertise in coating and functionalization of nanoparticles and conducts research and development projects focused on design, production, and characterization of nanostructures such as contrast agents in medical imaging. The nanostructures and methods that Genovis focuses on can also be used as carriers of various substances in the development of new drug delivery methods. The life sciences industry and the academic research community comprise the target group for commercialization.
The third quarter developed favorably with several new customers and an increase in the average value of orders. All in all the result was our best quarter to date. All top ten pharma companies and several leading biotech companies are now Genovis customers. It is gratifying to note that interesting scientific articles, in which our customers describe how they are using our products to develop new methods for quality control and analysis of monoclonal antibodies, were also published during this period. Such publications are the best marketing Genovis can have and it is extremely rewarding to meet customers and discuss their results and future product concepts.
Our goal is to offer the formats that customers need in order to implement the new analyses on all levels: from screening of new pharmaceutical substances to quality control in production. My assessment is that we are still in an early phase when customers are testing the technology and comparing it with the standard analyses they are currently using. The products in our protein engineering portfolio have great potential if the new analyses become “state of the art” in the industry and naturally that is what we are aiming at right now.
In January Genovis bought a license for a new type of optical technology, known as upconverting nanoparticles. We have now made good progress toward integrating the technology into our nano portfolio. We have applied our technology to coat nanostructures with a biocompatible surface and tests in cells are now in progress. We are satisfied with developments so far, with good test results and the project is also on schedule. Development of nanoparticles as contrast agents in stem cell research and cell transplantation has now progressed to a testing phase by reference customers. Activity in the sentinel node project has increased in all modalities—MRI, PET/SPECT and ultrasound—and we expect the first scientific publications from this interdisciplinary development project shortly.
Genovis develops and designs smart nanoparticles for preclinical imaging and diagnostics and also develops and sells tools for modification of antibodies. Genovis shares are listed on Nasdaq OMX First North and Thenberg & Kinde Fondkommission ( 46 (0)31 745 50 00) is the Company’s certified adviser.
For more information, please contact: Sarah Fredriksson, CEO, Genovis AB Tel: 46 46 10 12 35 firstname.lastname@example.org