Medivir interim report 1 January -30 September 1999

Medivir interim report 1 January - 30 September 1999 *New, positive profit forecast for 1999. *Two new milestone payments of 2 MUSD and 2.6 MUSD for miv-150. *Medivir substance FLT demonstrates effects on multi-resistant HIV. *Medivir invests in expansion. *Profit after financial items amounted to 25.5 (-24.7) MSEK. Full-year profit now forecast for Medivir Medivir is amending its previous break-even forecast for 1999 and now expects to report a full-year profit of approximately 20 MSEK in 1999. The reason for the improvement is that progress of the miv-150 hiv project is proceeding better than planned, thus resulting in receipt of another milestone payment, as well as a strong exchange rate for the us dollar. Milestone payments of 4,6 MUSD for MIV-150 One of three contracts concluded with the American pharmaceutical company Chiron Corporation in January this year, granted Chiron exclusive rights to the global marketing and sales of the HIV drug MIV-150. In August, Medivir received a 2.6 MUSD milestone payment in connection with receipt of approval to initiate a Clinical Phase I study. An additional payment of 2 MUSD was received in October when human trials of miv-150 commenced. Medivir could receive a total of 35 MUSD if the substance is approved as a drug. In addition, Medivir will receive royalties on sales up to and including 2017. In total, this contract has generated revenues of 12.6 MUSD during 1999. Pursuant to the second contract, which involves a research partnership concerning new HIV drugs, Medivir could receive a total of 4 MUSD over a period of two years. In a third agreement Medivir acquired access to combinatorial chemistry developed by Chiron. Medivir substance shows activity on multi-resistant HIV One of Medivir's patented pharmaceutical substances, alovudine, or FLT, has showed activity on multi-resistant HIV. Laboratory trials at Stanford University have confirmed Medivir's in-house trials. Multi-resistant HIV is an increasing problem, as multi-resistance arises even with current combination therapies. Medivir is examining the potential for continued clinical development of the substance. FLT has already passed the Clinical Phase I stage. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/27/19991027BIT00470/bit0001.doc The Full Report http://www.bit.se/bitonline/1999/10/27/19991027BIT00470/bit0002.pdf The Full Report