Genovis receives order worth about SEK 13 million
Genovis has received an order for SmartEnzymes that will be used in the manufacturing process for a biological drug. This is a new application for the company’s products. The order is the result of a favorable outcome from the evaluation study that was conducted at a global biopharma company in early 2019. The customer intends to use Genovis’ enzyme for production of a drug candidate in a phase 1 clinical study.
Since the order relates to production of medications for a phase 1 clinical study, the outcome of this study could represent potential revenue flows moving forward. Exactly when this additional revenue could come is difficult to determine and is related to the success of the customer’s clinical project. In the event that Genovis receives repeat orders as a result of increased demand from the customer, the company has prepared the necessary delivery capacity. With the current production plan, the order will be delivered during the second half of 2019. Genovis will receive a partial payment corresponding to half the order value when the production commence.
“It is a great stamp of quality for Genovis when global biopharma companies entrust us with producing enzymes for critical steps in the production of biological drugs for clinical trials. This clearly shows that we are perceived as a reliable innovator and producer of high-quality enzymes that can also have high customer value for new applications within biopharma industries,” says Fredrik Olsson, CEO of Genovis.
For more information, please contact: Fredrik Olsson, CEO, Genovis AB Tel: 0046 (0)46 -101233 fredrik.olsson@genovis.com
ABOUT GENOVIS
Genovis’ business concept is to apply its knowledge and imagination to design and provide innovative tools for the development of the drugs of the future. Today Genovis sells several enzyme products known as SmartEnzymes all over the world in innovative product formats that facilitate development and quality control of biological drugs.
The Group consists of Genovis AB and the wholly owned subsidiary Genovis Inc. (USA). Genovis shares are listed on Nasdaq First North Stockholm and Erik Penser Bank is the Company’s Certified Adviser, certifiedadviser@penser.se, T: +46 (0)8-463 83 00.
This information is information that Genovis AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the contact person set out above, on August 19, 2019.
This press release is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.