Interim report January-March 2009

January-March

• Group revenues from sales of goods and royalties amounted to 339 (289) MSEK.

• Earnings per share amounted to 0.42 (0.10) SEK.

• Operating income amounted to 54 (10) MSEK.

• Revenues within the Esthetics product area amounted to 269 (233) MSEK and operating income was 50 (55) MSEK.

• Net income after tax amounted to 42 (10) MSEK.

Important events after the end of the period

• On April 22 Q-Med announced that Q-Med AB and Oceana Therapeutics, LCC., based in the US, have entered into global agreements regarding commercialization rights to Deflux® and Solesta™. The agreements also include future products that utilize Q-Med’s proprietary NASHA™ technology within the areas of gastroenterology and urology. As part of the transaction Oceana Therapeutics is acquiring Q-Med Scandinavia Inc., which accounts for the majority of the business for Deflux and Solesta.
Under the terms of the agreements Oceana will make an initial payment of 60 MUSD for the shares of Q-Med Scandinavia, Inc. and an additional payment of 15 MUSD upon the US approval of Solesta. Under the agreements, if certain sales targets are achieved, Q-Med AB may receive additional milestone payments of up to 45 MUSD. Oceana will also pay a royalty for the licensing rights based on the net sales of the products. The parties will share the clinical development cost of Solesta.
The transaction is subject to authority approval and to the closing conditions between the parties being met.