Biovitrum Interim Report January 1 - March 31, 2008
New Strategic Focus. Further Progress in the R&D Portfolio. January - March • Net revenues amounted to SEK 244.3 M (352.9). The profit for the quarter was SEK -2.1 M (44.1), which represents earnings per share of SEK -0.05 (0.97). In the first quarter of 2007 Biovitrum delivered validation batches of ReFacto®, which, in addition to normal revenues, generated a one-off revenue of SEK 93 M, which considerably affects the comparison between the first quarter 2008 vs. the same period 2007. • Cash flow from operations was SEK -22.9 M (48.1). Cash and cash equivalents and short-term investments as of March 31 amounted to SEK 735.7 M (898.5). • Revenues from the hemophilia A product ReFacto® amounted to SEK 159.7 M in the first quarter (282.3) and revenues from other products increased by 81 percent to SEK 25.7 M (14.2). • Biovitrum announced in February that the Company had initiated a process to outlicense all of the primary care research projects. As a result, redundancies have been identified. • The 5-HT2A glaucoma project reported preliminary results in February from the first explorative phase II study. The drug candidate demonstrated a dose-dependant reduction in intraocular pressure. • FDA approval was obtained to launch the first clinical phase I/II study with FIXFc for hemophilia B patients. • Results from the clinical phase I study of Anti-RhD for the prevention of hemolytic disease and the treatment of ITP showed that the recombinant polyclonal antibodies were safe and well-tolerated in both RhD positive and RhD negative healthy volunteers. • In March Peter Edman was appointed as Biovitrum's new Chief Scientific Officer and Erik Kinnman started on his new position as VP Investor Relations & Public affairs . After the end of the period • In the Kiobrina project, the first preterm infant was recruited in an active study phase. This resulted in payment of a milestone. • Biovitrum and Symphogen initiated a clinical study within the Anti-RhD project to show that the Sym001 drug candidate eliminates RhD positive red blood cells from the circulation of RhD negative healthy volunteers. • The results from the clinical phase II study within the A2A project were reported and showed that the drug candidate was very safe and provided a positive therapeutic effect that increases over time in patients with neuropathic pain. CEO's Comments: "The quarter results are satisfactory, considering that we delivered validation batches of ReFacto during the first quarter last year. Good news are also the considerable increase of sales revenues, continued strong financial position and progress in the project portfolio", says Biovitrum's CEO Martin Nicklasson. "In 2008 Biovitrum will implement a transformation and adjustment of its research and development in line with the strategy communicated in the latter part of 2007. In the first quarter we therefore took another step towards developing Biovitrum into a pharmaceuticals company that focuses on specialist care by launching a process for outlicensing all research projects within the primary care segment." For more information please contact: Biovitrum AB (publ) Erik Kinnman, Vice President Investor Relations Phone: +46 73 422 15 40 erik.kinnman@biovitrum.com Martin Nicklasson, CEO Phone: +46 8 697 20 00 martin.nicklasson@biovitrum.com Göran Arvidson, CFO Phone: +46 8 697 23 68 goran.arvidson@biovitrum.com About Biovitrum Biovitrum is a pharmaceutical company with operations in Sweden and in the UK. Biovitrum has currently a research portfolio with several projects in clinical and preclinical phases for a number of well defined specialist indications as well as for common diseases within obesity, diabetes, inflammation and eye diseases. Biovitrum develops and produces protein-based drugs on a contractual basis and markets a range of specialist pharmaceuticals primarily in the Nordic countries. Biovitrum has revenues of approximately SEK 1.2 billion and around 500 employees. Biovitrum's share is listed on the OMX Nordic Exchange in Stockholm since September 15, 2006. For more information see www.biovitrum.com.