INTERIM REPORT OF BIOHIT GROUP Q2/2013

Biohit Oyj August 8, 2013 at 9:30 A.M. local time (EET)

SUMMARY

January–June / 1H 2013

• Net sales increased by 52% from 2012
• Net sales were EUR 1.4 million (EUR 0.9 million)
• Operating profit was EUR -3.4 million (EUR -2.3 million)
• Operating profit excluding non-recurring items was EUR -2.0 million (EUR ‑2.3 million)
• Profit before taxes was EUR -3.5 million (EUR -2.0 million), which includes a non-recurring expense due to the stock option program (EUR 1.3 million) as well as other non-recurring items (EUR 0.1 million)
• International operations accounted for 83.7% of turnover
• Earnings per share were EUR -0.25 (EUR -0.15)
• The equity ratio was 80.3% (88.1%)
• Following an acquisition a new subsidiary in Italy joined the group: Biohit Healthcare S.r.l.
• Biohit set up a joint venture in China: Biohit Biotech (Hefei) Co.
• A new Acetium lozenge was launched on the Finnish market for sale in pharmacies
• Biohit will no longer provide details of future prospects in its interim reports. In future, such information will be provided only in connection with annual financial statement releases.

April–June / Q2 2013

• Net sales increased by 80% compared with 2012
• Net sales were EUR 0.8 million (EUR 0.4 million)
• Operating profit was EUR -2.4 million (EUR -1.2 million)
• Operating profit excluding non-recurring items was EUR -1.0 million (EUR ‑1.2 million)
• Profit before taxes was EUR -2.5 million (EUR -1.2 million), which includes a non-recurring expense due to the stock option program (EUR 1.3 million) as well as other non-recurring items (EUR 0.1 million)
• International operations accounted for 86.0% of turnover
• Earnings per share were EUR -0.18 (EUR -0.09)
• The equity ratio was 80.3% (88.1%)
• Following an acquisition a new subsidiary in Italy joined the group: Biohit Healthcare S.r.l.
• Biohit set up a joint venture in China: Biohit Biotech (Hefei) Co.
• A new Acetium lozenge was launched on the Finnish market for sale in pharmacies
• Biohit will no longer provide details of future prospects in its interim reports. In future, such information will be provided only in connection with annual financial statement releases.
   

SEMI KORPELA, PRESIDENT AND CEO:

"During the second quarter of 2013, net sales increased by 80% compared with the same period last year. The most important factors for growth in net sales were GastroPanel deliveries to China and a well started partnership with a new Chinese distributor.

During the quarter, we also implemented two significant corporate transactions. In April, at the beginning of the quarter, Biohit and Italian company Euroclone S.p.A. agreed an arrangement whereby Biohit bought Euroclone S.p.A.’s subsidiary Euroclone Gastro S.r.l., a company that focuses on gastrointestinal diagnostics. Following the acquisition, Euroclone Gastro S.r.l. became a subsidiary of Biohit, known as Biohit Healthcare S.r.l., to strengthen Biohit’s diagnostics distribution in Italy. The company also supports the distribution of Biohit's development in Germany and the Mediterranean area. New subsidiary's integration into the Group began immediately and was largely completed during the quarter. The subsidiary employs 3 people.

During the quarter, Biohit also strengthened its position in China by signing a distribution agreement with Hefei Medicine on GastroPanel sales and marketing in China. Towards the end of the quarter, in June, the partnership was strengthened and Biohit signed a joint venture agreement in China. The Chinese partner is Anhui Wisdom-Win Investment Limited. The official name of the joint venture is Biohit Biotech (Hefei) Co., Ltd. Biohit's stake is 40%. The joint venture will manufacture and sell high quality GastroPanel kits for the Chinese market area. Regulatory approval for the company registration and local production has been requested and is expected to be granted by the end of next year.

The company strengthened its international distribution network in other regions by signing diagnostics distributor agreements with IBL International GmbH (Germany), Medisis Medikal Sistemleri Ltd. Şti. (Turkey) and Al Hayat (Saudi Arabia) as well as a distribution agreement for Acetium products with Al Misbar for Medical Technology L.L.C. (Jordan).

During the quarter, a new Acetium lozenge for smokers was launched for sale in pharmacies in Finland. In addition, after the reporting period Biohit released for sale a rapid fingertip test for celiac disease.

Due to the increase in the volume of GastroPanel production, the number of production staff in Finland has increased.

The development of new diagnostics products continued and efforts were made to improve existing tests and boost cost efficiency.

The GastroPanel screening study initiated by Biohit and the Medical Center of the President's Affairs Administration of the Republic of Kazakhstan in autumn of 2012 has been completed. Preliminary results are encouraging: GastroPanel has been very successful in the Kazakhstan pilot project.”

CONSOLIDATED KEY FIGURES

NET SALES AND RESULT

January–June

Net sales increased by 52% compared with the same period in 2012, amounting to EUR 1.4 million.

The operating loss was EUR -3.4 million (EUR -2.3 million 1–6/2012). The company issued two stock option plans, recording a total of EUR 1.3 million in charges. Under Stock Option Plan I, the company offered 200,000 stock options to the CEO. Under Stock Option Plan II, the company offered a total of 420,000 stock options to Mikko Salaspuro and Martti Marvola. The costs related to Stock Option Plan II are fully recorded in the income statement. The options were issued to compensate for earlier contracts by which immaterial property rights were transferred. The company is released from all other obligations.

The great potential for diagnostic and acetaldehyde-binding products, and the related growth in the business, necessitates significant investment in distributor and partner networks, as well as support for partners (marketing authorization, registration, marketing) and product development.

Consolidated net sales and operating income
    

BALANCE SHEET

On June 30, 2013, the balance sheet total was EUR 30.5 million (EUR 42.3 million) and the equity ratio was 80.3% (88.1%).

FINANCING

Biohit Oyj's financial position is good, enabling investment in business and product development and commercialization. At the end of the quarter, the company’s current financial assets were EUR 18.3 million including cash worth EUR 0.3 million. In addition, the company has EUR 6.8 million in receivables in an escrow account, following a business transaction concluded at the end of 2011. The funds will be released on March 31, 2014, provided no claims concerning the transaction are made.

RESEARCH AND DEVELOPMENT

Research and development has focused on the further development and improvement of existing innovations and products. The company also uses external experts and subcontractors in its research and development operations. The development expenditure has not been capitalised.

Development expenditure for the reporting period totalled EUR 0.5 million (EUR 0.4 million 1–6/2012).

INVESTMENTS

Gross investments during the first half of 2013 totalled EUR 0.1 million (EUR 0.0 million).

PERSONNEL

During the reporting period, the average number of personnel employed by the Group was 42 (36 in the corresponding period in 2012), of whom 31 (29) were employed by the parent company and 11 (7) by subsidiaries. At the end of the reporting period, the number of personnel was 45, of whom 34 were employed by the parent company. The number of personnel has increased due to the acquisition of the Italian subsidiary and due to increasing production volumes.

SHORT-TERM RISKS AND UNCERTAINTY FACTORS

The company's key risk factors are related to the development of the business environment and the demand for the company's supply. These risk factors include financial development of the selected market areas, the ability and willingness of various countries to improve their healthcare systems (development priorities, reimbursement practices, import restrictions, lengths of registration times) and requirements set by customers on the products. In the management of short-term risk factors, it is vital to take into account the timely selection of new market areas, as well as the selection of professional partners for them and the marketing of the requested product supply.

Business development and the launching of new products require significant investments. 

The aim of the investment activities related to the company's liquid assets is to achieve profit at very low risk of capital loss. The investment portfolio consists of deposits, money market investments and corporate loans. Sufficient distribution of investments between asset categories, investment instruments and counterparties is essential. The company uses at least two partners in its investment activities.

OUTLOOK FOR 2013

The new Securities Markets Act (SMA) entered into force at the beginning of 2013, removing the obligation to present an assessment of future prospects in interim reports and financial statement releases. Future prospects must be presented only in the management report by virtue of the Accounting Act. Biohit will therefore no longer provide details of future prospects in its interim reports. In future, such information will be provided only in connection with annual financial statement releases. Under the current outlook, the company expects earnings to turn positive during 2014.

MAIN EVENTS IN THE REPORTING PERIOD

Biohit acquired Euroclone Gastro S.r.l., the new Italian subsidiary Biohit Healthcare S.r.l.

In April, Biohit announced that it had concluded the acquisition of Euroclone Gastro S.r.l.. The new company, Biohit Italy S.r.l., acquired from Euroclone, will operate as a Biohit subsidiary focusing on marketing and distributing the company’s diagnostic products in Italy. Biohit Gastro S.r.l. has a distribution network in Italy and in-depth knowledge of the Italian market. The company will also support the distribution of Biohit's products in Germany and the Mediterranean area. The new subsidiary's integration into the Group began immediately and was largely completed during the quarter. The subsidiary employs 3 people.

Biohit strengthened its GastroPanel distribution in China – new partner Hefei Medicine

Biohit signed a distribution agreement with Hefei Medicine to strengthen the sales and marketing of GastroPanel in China. The agreement covers the distribution and marketing of Biohit’s diagnostic products in China. Biohit’s previously appointed distributor will continue to distribute GastroPanel during the transition period.

Biohit established a joint venture in China - Biohit Biotech (Hefei) Co., Ltd.

Biohit agreed to set up a joint venture in China. The Chinese partner is Anhui Wisdom-Win Investment Co., Ltd. The official name of the joint venture is Biohit Biotech (Hefei) Co., Ltd., located in the city of Hefei in Anhui province, China. The objective of the partners in forming Biohit Biotech (Hefei) Co., Ltd is to manufacture and sell high quality GastroPanel kits in the Chinese market.

The joint venture is consolidated in the Biohit Group using the equity method. Biohit's 40% share of the joint venture’s equity and profit or loss is recognized in the balance sheet and profit and loss account accordingly. The joint venture gave rise to around one million euros of deferred profit postponed until the new company has been authorised and begun operating on the Chinese market. During the license application process and the start-up phase, the profit will be recognised in proportion of Biohit's share of the start-up costs. This recording method is based on the principle of prudence, because the company does not yet have an official license.

Biohit formed a partnership with IBL International GmbH for GastroPanel distribution

Biohit has signed a distribution agreement with German company IBL International GmbH to strengthen GastroPanel sales and marketing. The agreement covers exclusive rights to distribute GastroPanel in Germany.

Biohit to partner with Ferring Pharmaceuticals

Biohit Healthcare Ltd. (UK) has acquired rights from Ferring Pharmaceuticals Ltd. to sub-distribute the PreventID^® CalScreen^® rapid test developed by Preventis to primary healthcare providers and general practitioners in the United Kingdom and the Republic of Ireland. Biohit Healthcare Ltd. (UK) is a subsidiary of Biohit Oyj that represents Biohit’s innovations and a range of high quality gastrointestinal diagnostic products from other manufacturers.

Biohit and BroadMed S.A.L. to partner on Acetium

Biohit has signed a licensing agreement with Lebanese company BroadMed S.A.L. to introduce the Acetium product to their local market. The agreement covers exclusive rights to distribute Acetium in Lebanon.

Biohit signed a distribution agreement with Yumgiskor Holding to support healthcare sector development in Kazakhstan

Biohit has signed a distribution agreement with Yumgiskor Holding to sell GastroPanel and other diagnostic products in Kazakhstan.

Biohit expands into the Belarusian market with Novamedline

Biohit and Novamedline OOO have signed a distribution agreement. The agreement covers exclusive rights to sell GastroPanel and other diagnostics products in Belarus. The two companies will also jointly implement a pilot study to introduce GastroPanel to the local market.

Clinical trial

GastroPanel screening in Kazakhstan yields encouraging results

The GastroPanel screening study initiated by Biohit and the Medical Center of the President's Affairs Administration of the Republic of Kazakhstan in the autumn of 2012 has been completed. Preliminary results are encouraging: GastroPanel has been very successful in the Kazakhstan pilot project.

The pilot project in question is large, with more than 830 patients in a dataset which has been carefully studied and analysed. The results show that less than 30% of the subjects had completely normal mucosa of the stomach on the basis of a GastroPanel test. Even more importantly, the tests showed that more than 17% had advanced atrophy of the gastric mucosa (atrophic gastritis). Since atrophic gastritis is the most important risk factor in gastric cancer, these patients should urgently receive gastric endoscopy (gastroscopy) due to the high risk of gastric cancer. This is, however, not necessary for the other subjects (almost 83% of the sample). For them, GastroPanel provides doctors with sufficient results to indicate that there are no worrying changes in their gastric mucosa.

Acetium lozenge

In April, Biohit began selling its new Acetium lozenge in Finnish pharmacies. The Acetium lozenge is intended for smokers. It binds acetaldehyde that dissolves in the saliva during smoking. Acetaldehyde is the most important carcinogen in cigarette smoke. In Finland, Acetium lozenge is sold in pharmacies in packs of 15 tablets.

Following the product’s launch, the Finnish Breathing Association, the Finnish Heart Association and the Cancer Societies of Finland made a statement (April 23, 2013) drawing attention to the harm caused by smoking. Biohit responded with the following statement:

“Biohit shares the concern expressed by the organizations and recommends quitting smoking because of the health hazards involved. However, we are aware that not all smokers are capable of stopping altogether due to addiction. In this case, removing carcinogenic acetaldehyde from saliva using a lozenge can be a sensible option. The lozenge may also help smokers to quit, as acetaldehyde is known to increase the addiction-inducing effect of nicotine.  Already in 2008, the WHO Expert Group recommended the reduction of acetaldehyde in cigarette smoke to be mandatory. It is also true that the currently available filters do not remove the acetaldehyde from tobacco smoke at all.”

Biohit Oyj’s CEO Semi Korpela referred to a scientific article by Talhout R et al. (2008), in which acetaldehyde was shown to increase the addictive effect of nicotine. Biohit’s goal is to increase awareness of acetaldehyde and decrease exposure to acetaldehyde found in alcoholic beverages, foods and tobacco smoke with its products.

Biofood

Biohit has been granted a Eurasian Patent (no. 017831) for an invention that binds carcinogenic acetaldehyde in the gastrointestinal tract and in nutrition. The patent is currently valid in Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Belarus and Russia. It is valid until April 3, 2026.

The object of this Biofood invention comprises food compositions, to which one or more acetaldehyde-binding compositions are added. The purpose of the compositions is to reduce the amount of detrimental acetaldehyde in the area of the mouth, the pharynx, the esophagus, the stomach, and the small and large intestines, and thereby to reduce the risk of cancers developing in these areas. The Biofood method, invented by Biohit Oyj, is intended to reduce dietary exposure to acetaldehyde.

Other ongoing research projects

Biohit is continuing its Biofilter research project. Biofilter is a filter solution for smoking that efficiently absorbs acetaldehyde in cigarette smoke and thus prevents it from entering the smoker's saliva and respiratory tract.

In addition, the company is continuing a research project to study whether acetaldehyde binding and the neutralizing Acetium lozenge can help smokers to quit. Based on the results of numerous animal studies it is known that cancer-inducing acetaldehyde is also highly addictive.

Biohit Oyj has received the preliminary results of a clinical trial conducted to determine the capacity of the company's new BioAcetium product to treat Helicobacter pylori infections. Based on the results, Biohit will conduct further studies using longer treatment times. In these studies, BioAcetium will also be combined with an antibiotic that does not cause the development of antibiotic-resistant strains of the bacteria.

Acetaldehyde measurements

During the reporting period, new acetaldehyde measurements were carried out on quark and soy sauce. The sample included 46 different commercial products. Sample products were randomly selected in different grocery stores in the Helsinki area in Finland and in the Boston area in the United States. Both product groups had high average acetaldehyde concentrations. Quark products showed high concentrations of acetaldehyde due to the leavening process used in production.

As a result of numerous customer requests, Biohit Oyj decided to publish a list of foods and beverages that have been shown to contain little or no acetaldehyde under laboratory analysis. Acetaldehyde is a chemical substance with a mutagenic (genotoxic and capable of causing changes to a cell’s DNA) concentration of 100 micromoles per litre (µM). Accordingly, the safest concentration of acetaldehyde is zero or under 10 micromoles per litre (0.44 mg/L). Currently, the list includes the following product categories: quark, mulled wine, baby food, fruit juice, light beverages, mead and sparkling wine.

List of foods and drinks with low acetaldehyde concentration:
www.biohithealthcare.com/laboratory-services/determination-of-acetaldehyde/nearly-acetaldehyde-free-foods-and-beverages

ADMINISTRATION

Annual General Meeting

The Annual General Meeting (AGM) of Biohit Oyj, held on Monday April 8, 2013, approved the financial statements of the parent company and the consolidated financial statements for 2012 and discharged the members of the Board of Directors and the President and CEO from liability.

In accordance with a proposal by the Board of Directors, the AGM decided that, on the basis of the financial statements for the financial year that ended on December 31, 2012, a dividend of EUR 0.4964 for each series A share and EUR 0.4998 for each series B share be paid. The dividends were paid to shareholders who were recorded in the company's shareholder register on the record date for the payment of dividends (April 11, 2013). The dividends were paid out on April 18, 2013.

In accordance with a proposal of the Board of Directors, the AGM also decided that, on the basis of the financial statements for the financial year that ended on 31 December 2012, funds from the invested non-restricted equity fund be distributed to shareholders as a capital repayment, with the capital repaid amounting to EUR 0.237 for each series A and series B share. Capital was repaid to shareholders recorded in the company's shareholder register on the record date for the repayment of capital (April 11, 2013). The capital repayment was made on April 18, 2013.

The AGM decided that the number of members of the Board of Directors would be five (5) and re-elected the following members to the Board until the end of the next AGM: Professor Osmo Suovaniemi, Professor Mikko Salaspuro, Commercial Counsellor Eero Lehti and Seppo Luode, MSc (Engineering), as well as President and CEO Franco Aiolfi as a new member.

Additionally, the AGM decided that the chairman and the other members of the Board of Directors would be paid a monthly fee of EUR 1,600 and EUR 1,500, respectively.

The AGM elected Authorised Public Accountants Ernst & Young Oy as the company’s auditors, with APA Erkka Talvinko as the head auditor, until the end of the next AGM.

A printed publication of Biohit Oyj’s Annual Report 2012 was distributed to shareholders at the AGM.

Biohit completed the acquisition of Euroclone Gastro S.r.l. – increase in share capital and listing of new series B shares resulting from the Euroclone acquisition

A total of 180,000 new series B shares in Biohit Oyj have been issued as a result of Biohit Oyj's acquisition of Euroclone Gastro S.r.l. The corresponding increase in the company's share capital is EUR 30,600. The increase was registered in the Finnish Trade Register on May 16, 2013. The company has requested NASDAQ OMX Helsinki Ltd. to list the new shares for public trading as of May 22, 2013. In terms of shareholder rights, the new series B shares are identical to the existing series B shares traded on the NASDAQ OMX Helsinki Ltd stock exchange.

As a result of the share issue, the total number of Biohit shares rose to 13,795,593 (13,615,593) and the number of series B shares rose to 10,820,093 (10,640,093). The company's share capital increased from EUR 2,314,650.81 to EUR 2,345,250.81.

Biohit Oyj’s Option Plans, I 2013 and II 2013

On the basis of the authorization granted by the AGM on April 13, 2011, Biohit Oyj’s Board of Directors decided on two options plans on June 19, 2013. Option rights are distributed to the company’s management and employees to strengthen their commitment and enhance their motivation. In addition, option rights are distributed to Mikko Salaspuro and Martti Marvola on the basis of strengthened commitment to product development performed for the Company and the intellectual property rights transferred to the company. In addition, existing contractual obligations are waived by the recipients in connection with the receipt of the option rights. The terms and conditions of the option schemes are available in full on Biohit Oyj’s home pages: www.biohithealthcare.com/investors/corporate-governance.

EVENTS OCCURRING AFTER THE REPORTING PERIOD

Biohit has released for sale a new quick test – diagnosis of celiac disease possible from fingertip blood sample

Biohit has released for sale a diagnostic quick test that enables the diagnosis of celiac disease from a fingertip blood sample. Celiac disease is a relatively common autoimmune disease in which rye, wheat and barley protein (gluten) causes inflammation and damage of intestinal mucosa, which interferes with the absorption of nutrients. The quick test developed by Biohit confirms the diagnosis from a fingertip blood sample within ten minutes. The celiac quick test broadens the spectrum of Biohit’s diagnostic quick tests. The new test is CE-IVD registered and is initially available in European countries.

Biohit’s celiac quick test determines human tissue transglutaminase (TTG) for all antibodies (IgA, IgG and IgM) directly from a fingertip blood sample. There are several tests available on the market that measure only the IgA antibody, but Biohit's test also identifies IgA-deficient celiac patients within 10 minutes. It is known that IgA-deficient people are ten times more likely to develop celiac disease than those with normal levels of IgA. The test will bring clear benefits in healthcare costs by reducing the number of unnecessary endoscopies. A positive result from the celiac quick test can lead to further diagnosis. Endoscopy and biopsy from the small bowel are needed in addition to the actual diagnosis.

SHARE TURNOVER AND PRICE DEVELOPMENT

Biohit Oyj's shares are divided into series A and series B shares. There are 2,975,500 series A shares and 10,820,093 series B shares, totalling 13,795,593 shares. Series A shares confer 20 votes per share and series B shares 1 vote per share. The dividend paid for series B shares is, however, two (2) per cent of the nominal value higher than that paid for series A shares. The total market capitalisation (assuming that the market capitalisation for series A and B shares is equal) at the end of the period was EUR 86.6 million (EUR 28.7 million on June 30, 2012).

Biohit Oyj's Series B shares have been listed on NASDAQ OMX Helsinki in the Small cap/Healthcare group under the code BIOBV.

Shareholders

At the end of the reporting period on June 30, 2013, the company had 6,103 shareholders (4,734 on 31 December 2012). Private households held 98.09% (96.05%), companies 0.07% (3.43%) and non-profit institutions 0.02% (0.12%) of the shares. Foreign ownership or nominee registrations accounted for 1.82% (0.4%) of all shares.

Further information on the shares, major shareholders and the management's shareholdings is available on the company's website at www.biohit.fi/investors.

ACCOUNTING PRINCIPLES

This interim report has been prepared in accordance with the IAS 34 standard.

Biohit has applied the same accounting principles in preparing this interim report as for its 2012 financial statements. The IFRS standards that came into effect in 2013 did not affect the accounting principles.

All figures in this interim report have been rounded up or down, so the sums of individual figures may deviate from the totals shown.

The figures in this interim report have not been audited.

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED BALANCE SHEET

* Includes EUR 6.8 million in receivables from a business transaction; the funds are placed in an escrow account. Funds will be released from the escrow account March 31, 2014, provided no claims concerning the transaction are made.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Statement of changes in consolidated shareholders' equity on June 30, 2013 

Statement of changes in consolidated shareholders' equity on June 30, 2012  

CASH FLOW STATEMENT

RELATED-PARTY TRANSACTIONS

During the first half of the year, Biohit Oyj and Italian company Euroclone S.p.A. concluded an arrangement whereby Biohit acquired Euroclone’s gastrointestinal diagnostics business unit, Euroclone Gastro S.r.l. The acquisition was carried out using a directed issue of 180,000 series B shares in Biohit in exchange for the entire share capital of Euroclone Gastro S.r.l. Franco Aiolfi, member of Biohit Oyj's Board of Directors, is a major shareholder in Euroclone S.p.A. and, at the final stage of the acquisition, he was also member of the Biohit Oyj's Board of Directors.

In July 2013, the number of shares of Osmo Suovaniemi, Biohit Oyj's Chairman of the Board, increased by 10 of series A shares and 10 of series B shares. The shares were transferred from an estate.

ACQUIRED BUSINESSES

Biohit Oyj acquired Euroclone Gastro S.r.l. from Euroclone S.p.A. through a direct share issue, whereby Biohit Oyj transferred 180,000 series B shares to Euroclone S.p.A.

The purchase price amounted to EUR 1,126,800.00, of which EUR 1.0 million is allocated for existing customer relationships, some amounts for machinery, plant and inventories, and some cash, as stated in the acquired company's balance sheet.

The balance sheet values related to customer relationships are depreciated using a 10-year cycle.

Acquisition costs are recognized at fair value.

PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES

NEXT FINANCIAL REPORT

The third interim report for 2013 will be published on Thursday October 24, 2013 at 9:30 a.m. local time.

Helsinki August 8, 2013
Biohit Oyj
Board of Directors

Additional information:
 
CEO Semi Korpela, Biohit Oyj
tel. +358 9 773 861
investor.relations@biohit.fi
www.biohithealthcare.com

Biohit in brief

Biohit Oyj is a globally operating Finnish biotechnology company established in 1988. Biohit's mission is "Innovating for Health". The purpose of the company is to take social responsibility and produce innovation, new technologies and analysis systems for use in medicine, research institutions and industry, helping to promote research and diagnostics and to improve the quality of life of people by preventing disease, human suffering and financial loss. We are committed to social responsibility and it is our duty to spread knowledge about the Group I human carcinogen, acetaldehyde, and innovate and develop the marketing and availability of our products and services. Biohit is headquartered in Helsinki, Finland and its subsidiaries are located in China, Italy and the United Kingdom. Since 1999, Biohit's series B shares (BIOBV) have been listed in the NASDAQ OMX Helsinki Oy Small cap/Healthcare sector. www.biohithealthcare.com