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Interim Report January – September 2013

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July – September

  • Positive gross profit SEK 222k (-449k)

  • Net sales rose by about 39% to SEK 2,750k (1,972k), for the period Jan-Sep net sales rose by about 69%.

  • Comprehensive income was a loss of SEK 2,740k (loss: 3,221k).

  • Comprehensive income per share basic and diluted totaled SEK -0.17 (-0.27).

  • Cash flow from operating activities during the period was SEK -3,286k (-3,614k).
  • Genovis’ subsidiary GeccoDots introduced a groundbreaking product, FeODot EasyKit , that serves as a contrast agent in magnetic resonance imaging, PET/SPECT, optical imaging and ultrasound, and presented the results from the project in the pipeline at WMIC in Savannah, George, USA. New results from the Nanomotus project and the Sentinel Node project were also presented at the scientific portion of the conference.
  • Genovis signed an agreement with Respiratorius to test and evaluate RESP-3000 as a new biomarker for early diagnosis of cardiovascular disease using a “PET” camera. 

Events after the end of the period

In October Genovis launched FabULOUS, for analysis and characterization of antibody molecules, and GlycINATOR, for analysis of antibody molecules at Well Characterized Biologicals in Washington D.C.

Genovis’ Board of Directors resolved, subject to resolution by the Extraordinary General Meeting on November 19, to carry out a rights issue to existing shareholders in which three (3) existing shares entitle the holder to subscribe for one (1) issued share at a price four Swedish kronor and fifty öre (SEK 4.50). As a result of this resolution share capital could increase by a maximum

SEK 2,104,100.80 through the issuance of a maximum of 5,260,252 shares. Following the completed rights issue, share capital will amount to a maximum of SEK 8,416,403.60 and the number of shares to 21,041,009. The company will raise about SEK 23.7 million before issue expenses.

Shareholders have committed in writing to subscribe for 36 percent of the rights issue and external shareholders have committed to underwrite the remaining 64 percent.

In addition, the Board of Directors proposes that the Extraordinary General Meeting resolve to authorize the Board, provided that the rights issue for a maximum of 5,260,252 shares is fully subscribed, on one or more occasions, to decide on the issuance of a total of a maximum of 1,350,000 shares in the Company with or with or without preferential rights for the Company’s shareholders. The subscription price will be four Swedish kronor and fifty öre (SEK 4.50), payment for subscribed shares shall be made in cash, and the Board will have the option to permit payment by set-off retroactively. This authorization will be valid for the period ending on January 20, 2014. The reason for any deviation from shareholders’ preferential rights is to be able to take advantage of attracting interest from potential underwriters within the framework for issued underwriting guarantees.

Comments from CEO Sarah Fredriksson

We see a continued positive sales trend for our products and the past quarter has been the best in Genovis’ history. Sales jumped 25 percent compared with the second quarter this year. We are making the greatest progress in the US, where so far this year sales are up 110 percent over the same period last year. If we analyze the value of our products to customers, ignoring distributor discounts, our products have sold for SEK 11.5 million per rolling 12 months, compared with SEK 6.2 million at the same point last year.

Regarding financial performance, this is the first quarter where we can show a positive gross profit. In addition to staff costs, which increased by 12% compared with the third quarter last year, marketing in particular increased by about 40% for the Group compared with the third quarter last year. We are dedicating resources to spread awareness of our products. In the long term this initiative will yield more customers and stronger customer relationships for both Genovis and our subsidiary GeccoDots, which during the quarter began to participate at conferences to introduce nanostructures to the preclinical imaging market.

At the end of the period two of our development projects reached their goal, resulting in completely new product groups. Both GlycINATOR and FabULOUS were launched in mid-October. Few occasions are as wonderful as when a development project, which has required so much effort and energy, results in a commercially viable product and generates the first revenues. This time we received added support from some of our key clients, who beta tested the products alongside our internal development process.

Sarah Fredriksson

CEO, Genovis AB

For more information, please contact: Sarah Fredriksson, CEO, Genovis AB Tel: 46 (0)46 -101235 sarah.fredriksson@genovis.com

ABOUT GENOVIS

Genovis’ business concept is to develop, produce and market innovative technologies that facilitate and enable development of new treatment methods and diagnostics for customers in the medical device and pharmaceutical industries. The Group consists of Genovis AB and the subsidiary GeccoDots AB. Genovis develops and sells unique enzymes (protein engineering portfolio) in innovative product formats that facilitate development and quality control of and biological drugs. GeccoDots uses nanotechnology to produce a new type of contrast agent that is used in medical imaging.

Genovis shares are listed on NASDAQ OMX First North, and Thenberg Fondkommission is Certified Adviser for the Company, t: 46 (0)31-745 50 00

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