MOBERG DERMA INTERIM REPORT JANUARY – SEPTEMBER 2011

First profitable quarter and licensing agreement with Meda

JANUARY – SEPTEMBER 2011

• Net sales MSEK 35.4 (3.1), an earnings increase of MSEK 32.3
• Research and development expenses MSEK 19.5 (12.9), a cost increase of MSEK 6.5
• Operating loss MSEK -11.4 (-21.2), an improvement of SEK 9.8
• Net loss after tax SEK -10.8 (-22.1), an improvement of MSEK 11.3
• Earnings/loss per share SEK -1.47 (-3.62)
• Operating cash flow per share SEK -2.84 (-3.19)

JULY – SEPTEMBER 2011

• Net sales MSEK 21.9 (2.3)
• Research and development expenses MSEK 5.8 (5.3)
• Operating profit MSEK 4.9 (-8.4)
• Net profit after tax MSEK 5.4 (-9.4)

Third quarter highlights

During the third quarter 2011 the following significant events were reported:

• Licensing agreement with Meda AB, encompassing several major markets including Germany, France, Spain, the U.K., the Netherlands and Belgium
• Distribution agreement with Alterna LLC entered into for marketing Nalox™ in the U.S.
• Launch of Nalox™ started in the U.S. – initial orders from Walmart, CVS and Rite Aid
• Patient recruitment completed for the phase II trial for MOB-015

Events after the reporting period

• The preclinical development program for A-Fizz has been discontinued

CEO commentary
I am delighted and proud to say that we have reached a key milestone – this quarter Moberg Derma is reporting profit for the first time in the company’s history! Contributing to the positive results are strong sales growth for Nalox™ and the milestone payment from Meda. In the Nordic region, Meda has proven to be the perfect partner, making Nalox™ market leader. With Meda’s strong sales organization we see good opportunities to attain a leading position in major European markets. Our new agreement with Meda comprises markets covering around 250 million people.

Launch preparations are ongoing full force in the U.S. In addition to Walmart, our partner Alterna has also received orders from the CVS and Rite Aid drugstore chains. This means that the product already has a good level of distribution when the marketing efforts begin.

We are very pleased that patient recruitment for the phase II trials for MOB-015 have been successfully completed and that the program is proceeding as planned. It was however a disappointment that the validating preclinical results of A-Fizz did not fulfil the company’s criteria and therefore this preclinical development program has been discontinued. The preclinical program for Limtop progresses according to plan.

The company’s financial position has been further strengthened as a result of the positive quarterly results. And with the licensing agreement with Meda, progress in the U.S and with MOB-015 the future looks promising. We are firmly on track toward our financial goal of delivering a positive cash flow and earnings in 2013.

Peter Wolpert

TELEPHONE CONFERENCE
CEO Peter Wolpert will present the report in a telephone conference today at 10.30 CET.
Telephone: +46 8-50626900, enter code 406017

About this information
Moberg Derma discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 8:30 am (CET) on October 28th, 2011.

For further information, please contact:
Peter Wolpert, President and CEO of Moberg Derma
Mobile: +46 70-735 71 35
E-mail: peter.wolpert@mobergderma.se

Magnus Persson, IR
Mobile: +46 73-355 26 01
E-mail: magnus.persson@mobergderma.se

For further information about Moberg Derma, please visit: www.mobergderma.com

Tags: