Tromsø, Norway, 23 April 2020 - Biotec Pharmacon (OSE: Biotec) reported sales of
NOK 34.3 million (14.8) and an EBITDA of NOK 13.8 million (-3.9) for the first
quarter of 2020. Improvements are in all areas of the business.
Highlights from Q1 2020
· New Group strategy kicks off in the right direction on the promise to drive
the company into profitability during 2020
· Gross profit for the Group improved 118% to NOK 26.2 million (Q1 2019: NOK
· ArcticZymes had first quarter sales of NOK 18.5 million growing by 135% (Q1
2019: NOK 7.9 million)
· Biotec BetaGlucans had first quarter sales of NOK 15.8 million growing by
130% (Q1 2019: NOK 6.9 million)
· ArcticZymes growth driven by strong sales in the therapeutic segment and
upsides relating to sales of enzymes to partners launching coronavirus
· Secured 2020 commitment under commercial terms to supply SBG® Adjuvant for
continuation of clinical trials
· The Group delivered positive EBITDA with NOK 13.8 million (Q1 2019: NOK -3.9
· Cash-flow for the quarter was NOK 4.4 million (Q1 2019: NOK -3.5 million)
CEO Jethro Holter comments:
"We are delighted with another outstanding quarterly performance by delivering a
profitable quarter of close to NOK 13.8 million EBITDA. Both the ArcticZymes and
Biotec BetaGlucans businesses have contributed to top line growth with
ArcticZymes delivering the best quarterly sales performance so far. For
ArcticZymes, the main growth drivers were from strong sales in the Salt Active
Nuclease (SAN) product line, and upsides from Cod UNG and other enzymes, which
have been rapidly incorporated into coronavirus diagnostics assays by several of
our customers. We expect these short-term upsides to continue but then subside
once the coronavirus outbreak passes. Longer-term the company will focus on
supporting its partners in developing the next generation of COVID-19 diagnostic
"Execution of the Company's new strategic direction following the recent
structural reorganisation has got off to a flying start. Q1 performance has
cemented the foundations in delivering on our promise to drive the company into
profitability during 2020."
"Furthermore, with ArcticZymes representing the company's core business, we are
inspired and excited to initiate a rebranding initiative to rename the parent
company to ArcticZymes Technologies. The new name builds on ArcticZymes strong
brand position, which has resonated well with its customers and shareholders.
ArcticZymes Technologies extends this further by reflecting the future direction
and purpose of the company."
First Quarter 2020 Presentation and Video Conference
A presentation by Biotec Pharmacon's CEO, Jethro Holter, and CFO, Børge
Sørvoll, will take place today, 23 April 2020, at 08:30 am CET via tele-/video
-conference. Call in details: +47 21 40 41 97 with conference id: 901 276 126#.
Participants who want to participate in the webcast are asked to send an email
to email@example.com for a separate invitation.
The results, report and presentation for the first quarter 2020 will be
available on www.newsweb.no (https://protect
-eu.mimecast.com/s/ax_EC4xJkS8gx1SMlEBY?domain=newsweb.no) and on the Company's
homepage, www.biotec.no (https://protect-eu.mimecast.com/s/JfV3C1wDYUZ3XYhph
-Hn?domain=biotec.no) from 07:00 am on 23 April 2020.
For more information, please contact:
CEO Jethro Holter Tel: +47 46 85 91 46
CFO Børge Sørvoll Tel: +47 95 29 01 87
About Biotec Pharmacon ASA
Biotec Pharmacon is a Norwegian life sciences company focused on specialized,
novel enzyme and immunomodulating beta-glucan technology.
The Biotec Pharmacon Group is creating value from innovation in life science
markets via its subsidiaries, ArcticZymes and Biotec BetaGlucans. Its
technologies capitalize on more than three decades of world-class research at
the Arctic University of Tromsø to offer niche and high tech products in several
ArcticZymes develops, manufactures and commercialises novel recombinant enzymes
for use in molecular research, In Vitro Diagnostics (IVD) and therapeutics.
Biotec BetaGlucans develops, produces and markets immunomodulating beta-glucans
addressing high unmet healthcare needs, such as chronic wound healing and as an
adjuvant in vaccines against certain types of cancer relapse.
Listed on the Oslo Stock Exchange since 2005 under the [Biotec] ticker, Biotec
Pharmacon is headquartered in Tromsø, Norway, in the SIVA Innovation Centre.
Biotec Pharmacon's unique IP and capabilities are protected via a large
portfolio of patents around both enzyme and beta-glucan products.
For more information, please visit the website: www.biotec.no.