Interim report January - June 2000

Interim report January - June 2000 * Distribution agreement signed for RescueFlow® in France. * New sales office in Germany. * Soili Longsén appointed new Managing Director. * Claes Thulin new Chairman of the Board * Annual General Meeting authorised the Board to decide on new share issue. * The net result for the period amounted to a loss of SEK 12.074.000 (loss: 15.091.000), of which SEK 5.734.000 (10.211.000) were research and development expenses. Events after the period January-June 2000 Biophausia signs distribution agreement in Germany BioPhausia has signed a distribution agreement with the pharmaceutical company BioQuest GmbH. The agreement makes BioQuest one of BioPhausia´s subdistributors in Germany. The established BioQuest customers will become available to BioPhausia, and thus the company will be able to provide its customers with better service. Negotiations are under way with further distributors, according to plans. Sales are expected to commence during the third quarter of the year. BioPhausia presents a positive result from surgery study on RescueFlow® In Germany a study on RescueFlow® used in surgery has been concluded. RescueFlow® has been compared with standard of care on abdominal aortic aneurysm surgery. The initial results from the study indicate that RescueFlow®, when administered during surgery, maintains the circulation of the patient with less volume than with standard of care. These results, in combination with other available documentation, indicate that RescueFlow® may provide more efficient volume substitution during surgery. This suggests that the indication area for RescueFlow® could be extended. The project is running on time. Events during the period January-June Distribution agreement for RescueFlow® in France BioPhausia Marketing has during the period focused its operations on negotiations with future distributors in the countries where RescueFlow® is approved for marketing. These efforts have resulted in a distribution agreement with Laboratoires Belamont, France, regarding sales of RescueFlow®. Laboratoires Belamont is part of the Cider Santé Group, which is one of the leading pharmaceutical organisations in France and the French speaking countries in Africa. The agreement covers France, 24 countries in Africa, and a further nine territories under French rule. Sales are expected to commence after the local administrative and business processes have been completed. BioPhausia opens a new sales office in Germany In connection with the introduction of RescueFlow®, BioPhausia has opened a sales representation office in Germany. The German pharmaceutical market is one of the largest in Europe, and a sales office combined with a number of sub-distributors provides BioPhausia with a more efficient way to influence the market, as well as better service for the customers. The Board gets authorisation to decide on a new share issue On May 4 the Annual General Meeting decided to authorise the Board of Directors to, on one or several occasions, decide on a new issue of Series A or B shares. The authorisation will be effective until the next Annual General Meeting. Any issue so authorised may be carried out independently of shareholders' preferential rights. Payment can be made in cash or in kind. The maximum number of shares that may be issued is 10.000.000 at par value of SEK 2.50 each. New Chairman of the Board and Managing Director - Organisation and personnel Soili Longsén assumed her position as Managing Director on May 4. During the period the new marketing concentrated organisation has come into operation. Claes Thulin was elected Chairman of the Board on May 4. The number of employees was on June 30 10 (18). Group results Net sales for the period cover sales in the Nordic countries. Net sales during the previous year mainly covered sales of license rights. The period produced a loss of SEK 11.225.000 (loss: 14.964.000). Total depreciation, SEK 952.000 (1.600.000) has been distributed among the various functions. Research and development expenses amounted to SEK 5.734.000 (10.211.000). ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/09/01/20000901BIT00370/bit0001.doc The full report http://www.bit.se/bitonline/2000/09/01/20000901BIT00370/bit0002.pdf The full report