14 announcement 25.08.2011

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Q2 BioPorto for Public Use in ProInvestor Q&A with Retail Investors

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14 announcement 25.08.2011

  1. 1. August 25, 2A 2011AnnouncemA ment no. 14Interim Re eport for Q 2011 fo the BioP Q2 or Porto Grou upSummary of Q2 2011S f• Revenues (including lic censing inco ome) in the fi rst half-year of 2011 incr reased 46% to DKK 10.1 million (DK 1 KK 6.9 million).• The financ result wa a loss of DKK –7.3 milllion (DKK –6.5 million) for the first 6 m cial as D months.• Since laun The NGA Test™—c nch AL correspondin to a mark value of DKK 3.3 milliion—has bee distribute ng ket D en ed to hospita all over th world for the purpose of testing, validating an routine se als he e v nd et-up of the test. Sales o of The NGAL Test™ gen L nerated DKK 355,000 in the first half f-year. Sales for routine d diagnostics utilization ar re expected t commenc late this ye to ce ear.• Distributio collaborat on tions with se everal globa l diagnostics companies which ma s s, arket their ow analyzers wn s, are curren ntly being negotiated, and the valid a dations of The NGAL Test™ for th T T hese companies’ specifi ic analyzers are in progre ess.• BioPorto has establis shed agreem ments with two of the largest dia e agnostics co ompanies in China. Th n he agreement include th registratio marketing and sale of The NGAL Test™ on the Chinese market. Th ts he on, g o L e he registration process is expected to be initiated at the SFDA (the Chines Drug Adm o A se ministration) in Q4 2011.• BioPorto’s NGAL cut- patent was issued in Japan and India in Q2 BioPorto’’s NGAL tria patent fo s -off w n d 2. age or diagnosing the severit of physica traumas b measuring NGAL was approved f issuance in Europe i g ty al by g s for e in July.• The US Fo and Dru Administr ood ug ration (FDA) has comme enced the ev valuation of B BioPorto’s application fo a or approval o The NGA Test™. The FDA has accepted to evaluate The NGAL Test™ und the 510(k of AL T s der k) paradigm, but has req quested that the include clinical da is verified by conduc ed ata d cting an additional clinica al study in th USA. The final study design is curr he d rently discus ssed with the FDA. e• To ensure the access to market Th NGAL Tes in the USA, BioPorto has started preparation to conduc he st™ o d ns ct onal clinical s an additio study. In ad ddition BioP orto plans to increase marketing ac m ctivities in markets wher m re The NGAL Test™ has already be L s een approve for IVD use in order to gain a fa ed aster market penetration t n. BioPorto ccurrently exaamines the possibilities f external financing to be able to speed up th p for hese activitie es successfully. Forecast for 2011 F r• It is still to early for BioPorto to predict the sales reven oo nues generat by The N ted NGAL Test™ in 2011. A ™ At present, th assay still is in its intro he l oductory pha and is primarily being provided f validation and trial set ase for n t- ups, which is why BioP h Porto does not anticipate major sales until Q4 20 n e s 011. BioPorto expects th sales of th o he he rest of its p product port tfolio to cont tinue to grow w.• In relation to the Group’s IP rights to the NG n GAL assay method—an in additio to the ag nd on greement witth Instrument tation Labor ratory—BioPPorto expects to conclud agreemen concerniing other vendors’ use o s de nts of these right to develop and market the NGAL a ts p t assay in othe assay form er mats.• The most important a continue to register and widen the registration of The NGA activities in 2011 are to c 2 d AL Test™ for diagnostic u and to im use mplement the assay in ro e outine diagno ostics.Interim Finan ncial Report, Q2 2011 Pa 1 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  2. 2. Key figureK es(DKK thousand)( ) 2011 2010 2011 2010 2010 Q2 Q2 6 months 6 months 12 monthsNet revenues ... ............................................................................... 3.711 3.412 10.127 6.943 13.802Net income/los , ordinary ope ss erating act. (EBIT ..................... T) (5.040) (2.976) (6.313) (6.435) (13.411)Income/loss fro net financial s ................................................. om (942) (80) (954) (27) (796)Earnings before tax ...................................................................... e (5.501) (2.991) (7.267) (6.462) (14.207)Net income/los for the perio ....................... ss od .......................... (5.501) (2.991) (7.267) (6.462) (14.207)Long-term asse ......................................................................... ets 686 852 686 852 764Short-term asse .........................................................................S ets 15.104 13.326 15.104 13.326 20.120Total assets .... .................................................... ............................ 15.790 14.178 15.790 14.178 20.974 ...............................................................................Capital stock ... 127.349 126.398 127.349 126.398 126.398Equity .................................................................... .......................... (1.277) 8.947 (1.277) 8.947 3.309Long-term liabi ilities ..................................................................... 11.853 0 11.853 0 11.924Short-term liab bilities .................................................................... 5.214 5.231 5.214 5.231 5.741Total liabilities ..................................................... .......................... 15.790 14.178 15.790 14.178 20.974Cash flow from by operations .................................................... m (3.135) (4.507) (6.636) (7.396) (13.379)Cash flow from investing, net .................................................... m (28) (54) (28) (129) (207) sted in property plant and equipment ............ Of which inves y, (24) (50) (24) (125) (201)Cash flow from financing ............................................................C 1.030 0 1.030 0 13.168 ....................................................Total cash flow ......................... w (2.133) (4.562) (5.634) (7.525) (418)Revenue growth ............................................................................R h 9% 27% 46% 23% 25%Gross margin ra ........................................................................G atio 42% 61% 58% 60% 61%Operating marg ..........................................................................O gin -136% -87% -62% -93% -97%Equity interest (equity ratio) ........................................................ -8,1% 63,1% -8,1% 63,1% 15,8%Return on equit ........................................................................... ty Negative Negative Negative Negative Negative employees ...........................................................Average no. of eA 24 22 23 22 23Average no. of sA shares (1,000) .................................................... 42.269 42.120 42.269 42.120 42.120 hare (EPS) DKK ....................................................Earnings per sh -0,13 -0,07 -0,17 -0,15 -0,34Equity value per share, closing, DKK .........................................E -0,03 0,21 -0,03 0,21 0,08 osing, DKK ...........................................................Listed price, clo 6,65 6,00 6,65 6,00 7,85Interim Finan ncial Report, Q2 2011 Pa 2 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  3. 3. Current situation fo Q2 2011C orNGAL for HuN uman Diagn nosticsThe NGAL TeT est™The NGAL TeT est™, BioPo orto’s homog geneous rena injury imm al munoassay, has been on the market in Europe an h ndCanada for aC about six months now.There is a b differenc in how much progreT big ce m ess has bee made in each indiviidual market in terms o en t ofimplementing The NGAL Test™ with the purpos of use in routine diag g L h se gnostics onc it is fully implemented ce d.Most Europe markets are still at a stage where the individM ean e dual hospitals must first v s validate the test and the encarry out loc clinical stc cal tudies before starting to use the test for diagnos purpose In other markets, suc e t stic es. m chas the Czech Republic, T NGAL Test™ has una h The T ndergone technical valid dation, clinica studies ar in progres al re ssand the test is expected to obtain reimburseme and be implemented for diagnoa d ent d ostic utilization at severa alhospitals befh fore the end of the year Numerous hospitals ha either te d r. ave ested or are in the proce of testin ess ngThe NGAL TeT est™, for wh hich tests corrresponding to a market value of DKK 3.3 million have been distributed. n dDoctors mus be able to document the clinical bD st o t benefits of using The NG GAL Test™, which clinical studies willseek to corros oborate, but at the sam time, it is crucial for hospitals to prove that they can sa money b t me s ave byusing the immunoassay. In this contu text, the firs cost-benef analyzes were publish st fit hed in the US, and thes U sespecify the ins nherent savi ings from ussing NGAL, ii.e. by reduc cing both the number of hospitalizat e f tion days anndthe need for additional dt diagnostics. Clinical stud ies, registrat C tion for diagnostic use, c cost-benefit analyzes, th hetraining of dot octors, and o obtaining reim mbursement for NGAL are all crucial factors for f t further marke penetratio et on.Sales of The NGAL Test™ generated DKK 246,00 in Q2, whS ™ d 00 hich is a 125% increase c compared to Q1. Sales o o ofThe NGAL TeT est™ are expected to co ontinue rema limited un late in the year, when initial imple ain ntil n ementation a atseveral major hospitals is expected to be comples s o eted.The marketin of The NG Test™ at clinical cheT ng GAL a emistry cong gresses has high priority. These cong h . gresses targeetgroups like laboratory mg managers fro routine la om aboratories, i.e. one of the most im portant target groups fo t ormarketing Th NGAL Tesm he st™. In addit tion, all glob diagnostic players in the clinical chemical-an bal cs n nalyzer secto ortake part at tt these congre esses.BioPorto recB cently took p part in the IF FCC (Internat tional Forum for Clinical Chemistry) in Berlin in May, and th m heAACC (AmerA rican Association for Clinical Chemi stry) congre in Atlanta USA, in J ess a, July. At both congresses h s,great interes was noted among prospective buyg st d yers, laborat tory manage and majo diagnostic companies ers, or s.The establishT hment of disstribution pa artnerships w with several global diagnnostic compa anies, which market the h eirown analyzeo ers, is curre ently being negotiated, and the val n lidations of The NGAL Test™ on their specifi icanalyzers are in progressa e s.At the same time, BioPor is devotin resources to assisting the specialized network of distributo marketinA rto ng s g k ors ngThe NGAL TeT est™, and B BioPorto’s ow sales net wn twork for The NGAL Test™ is expec e cted to compprise some 220distributors b late 2011 BioPorto has also end by 1. ntered into agreements with two of the bigges diagnostic a f st cscompanies in China, a mc n market where sales are e e expected to rise sharply after registr ration. These agreement e tscover the regc gistration, ma arketing and sale of The NGAL Test™ The immu ™. unoassay is e expected to be registere edin China by mmid-2012.The NGAL T ™ is conT Test ntinuously beeing adapte to existing analyzers, and applic ed cation protoc cols are now wavailable for some of th most widely used dea he evices, manu ufactured by companies like Roche and Abbot y s e tt.BioPorto expB pects 5–10 additional app plication pro otocols to be added to the list this yea ar.Interim Finan ncial Report, Q2 2011 Pa 3 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  4. 4. RegistrationRThe NGAL TT Test™ is registered and certified f diagnostic use in Europe and C d for Canada. The registratio onprocesses ar in progres in a numb of countrp re ss ber ries and are on schedule in order of priority (see the overview e wbelow).b Country/R Region Status Europe (CE mark) E Obtained Canada Obtained USA (FDA certification) ) In progress s China In progress s India In progress s Taiwan In progress s South Kore ea In progress s Russia In progress sRegistration of The NGAL Test™ in selected couR s untries: A pro ocess is rega arded as “in progress” once dialogu n o uewith authoriti and/or business partw ies tners has bee initiated and/or the company is c en a carrying out tasks that ar rerequired befo an applicr ore cation may be submitted. e .The US FDA has commeT A enced the processing of BioPorto’s application for certificat f tion of The NGAL Test™ N ™.The initial proT ocessing has resulted in a request by the FDA to set up a clinical study i n the US to verify the us s y o seof The NGAL Test™ uno nder US connditions. The design of the study is currently b e s being discus ssed with th heauthorities. Ta The applicat tion has be een put on standby un the results of this s ntil study are available. It isconsidered pc positive that the FDA ha agreed to take a posi as ition on The NGAL Test™ which is currently no ™, otclassified in t US syste under the 510(k) parac the em, e adigm.ELISAE half-year, sales of ELISA kits for m easuring human NGAL declined. Th primary cause of thisIn the first h A hedecline is tha the testing and studie of The NGd at g es GAL Test™ replace the sale of ELISA kits. As a result, fewe r s A erbasic researc studies a executed, studies whb ch are hich often us ELISA kits Conversely more stud se s. y, dies are bein ngset up to ides entify the diagnostic beneefits of using NGAL in different clinic situations with a view the purpos g cal s w seof use in routine diagnoso stics. A diagn nostic produ like The NGAL Test™ is used for most of these studies, t uct N ™ toensure a smoe ooth carry-ov into routine diagnost ver tics in the central laboratory.In ntellectual property right tsBioPorto’s NB NGAL cut-of patent wa issued in Japan in May, and this IP prot ff as n t tection is crrucial for th hecompany’s mc marketing in the importa high-tech Japanese market. In June, the cut ant h m t-off patent was issued i w inIndia, which constitutes one of the major expan m nding life sci iences markets. After th all that re his, emains is thheis ssuance of a patent in th US and China where t patent ap he the pplications are currently being examined. aAfter the end of the quarA d rter, BioPorto NGAL tri age patent for diagnosin the severiity of physical traumas b o’s f ng bymeasuring Nm NGAL was a approved fo issuance in Europe. This constit or tutes a sign nificant prote ection of th hecompany’s rc rights in the use of NG e GAL in Euro ope’s expand ding multifac ceted POC market, inc cluding NGA ALmeasuremen at emergem nts ency wards, trauma centters and, pot tentially, in ambulances.CCH was gC granted a NNGAL/serum creatinine patent in the US, US t S7977110. T The patent assumes th hemeasuremen of both NG and seru creatinine and a joint evaluation of these two results. BioPm nt GAL um e t o Porto’s NGA ALTest™ does not assume simultaneoT ous measur rement of se erum creatin nine. Høiberg the comp g, pany’s paten ntconsultant, ac assesses that the patent will not impe BioPorto marketing of The NGA Test™. ede o’s g ALInterim Finan ncial Report, Q2 2011 Pa 4 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  5. 5. Licensing accL cess to BioP Porto’s IP righ htsBioPorto offe other plaB ers ayers in the NGAL sector the option of licensing access to B N r BioPorto’s NGAL IP righttsto assay formt mats other th the homogeneous. T first licen han The nsing agreem ment concern ning access to BioPorto’ ’sNGAL IP righ was enteN hts ered into in Q1 with Instr Q rumentation Laboratory, and agreem ments with ot ther licensee esare currently being negoa y otiated. BioP Porto believe that an NG es GAL assay for diagnosin renal inju in relevan f ng ury ntpatients cann be markep not eted without the manufa t acturer having to pay for licensing ac ccess to BioP Porto’s paten ntrights.rNGAL produN ucts for assa in anima ays alsThe product portfolio incT cludes ELISA kits and an A ntibodies for measuring the renal inju marker NGAL in mice t ury N e,rats, dogs, pigs and mr monkeys. Ov the past 6–12 mont ver t ths, compet tition in this area has been sharply sintensifying. It is still important for BioPorto to maaintain its po osition as the sole vendo of a comb e or bined portfoli ioof NGAL proo oducts, wher reby the entire customer segment’s data—from basic resear r rch to routine diagnostic csfor both animf mals and humans—can be followed continuousl It has thely. erefore been necessary to reduce th t heprice of seve products in order to be able to mp eral s b maintain the company’s market share. c m .The antibody portfolioTThe revenues generated by the antibody portfo lio continue to grow. Growth is driiven by peptide hormonT G neantibodies, wa which are pprimarily used by the pharmaceut tical industry for the d development and qualit t tyassurance of drugs used for treating obesity and diabetes.a fIncrease of t capital s the stockIn Q2, BioPo orto increase its capita stock by t he nominal amount of DKK 951,180 as a result of warrant ed al D 0, tsbeing exercis and conb sed nvertible bonds being coonverted. The increase of the capital stock is divided betwee e f enthe conversio of convert on rtible bonds into stocks, totaling a no ominal value of DKK 193 e 3,680, and th exercise o he ofwarrants to sw subscribe to stocks, tota aling a nomin value of DKK 757,500 (see Comp nal D 0 pany Announcement No. 6of April 8, 2011).oCapital resoC ourcesBioPorto’s eB expectations continue to be that the future fina o e ancing will be secured t b through incrreasing sales s,primarily from The NGAL TestTM. An additional clinical stud is required in order to have The NGAL Test™p m L n dy o ™registered an approved by the US FDA. Moreov an expanr nd F ver nsion in marketing activit duled with th ties is sched hepurpose of pp providing sup pport to hos spital laborat tories and as ssociated dooctors when implementin The NGA ng ALTest™ thus iT increasing mmarket penetration in the other marke In order to execute t ets. these activities faster an ndmore efficien BioPorto is currently examining external finm nt y nancing possibilities (thr rough share emission o e orforeign capitf tal). Addition capital will furthermo minimize financial ris and incr nal w ore e sks rease the fleexibility whe ennegotiating fun uture sales c contracts for The NGAL T Test™ and licensing agreeements for NGAL IP rights.Interim Finan ncial Report, Q2 2011 Pa 5 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  6. 6. Financial StaF atementsRevenuesRIn Q2 2011, BBioPorto gen nerated total revenues of DKK 3.71 million, comp l f m pared to DKK 3.41 million in the sam K mequarter last yq year. Revenu in the firs half-year a ues st amounted to DKK 10.13 million, equ ivalent to a 46% increas o 4 secompared to the same period last year (DKK 6.94 million).c o 4In the first ha alf-year of 2 2011, sales of the Group human diagnostics products, inc o p’s p cluding The NGAL Test™ N ™,increased 57 to a total of DKK 1.75 million, com 7% 5 mpared to th first half-y he year of 2010 (DKK 1.11 million). In th 0 m hefirst 6 months, sales of The NGAL Test™ amount to DKK 355,000.f ted 3Sales of reagS gents and kit for the R& market inc ts &D creased 11% to DKK 6.16 million in t first half- % the -year of 2011 1,compared to the same pc o period last year (DKK 5. y .56 million). Sales trends for ELISA kits for mea s asuring NGAALwere negativ in Q2 201 due to inw ve 11, ntense comppetition and the use of free samples of The NG s GAL Test™ i inclinical studiec es.Costs and finC nancial result tThe gross prT rofit in Q2 22011 amount ted to DKK 1.54 million, equivalent to a 25% d decline (DKK 2.07 million K n)compared to Q2 2010. T gross mac o The argin decline to 42%, compared to 61% for th same qua ed c o he arter last yea ar.The dispersa of free kits and discounts in conneT al s ection with th launch of The NGAL T he f Test™ affec cted the grosssprofit negativp vely in the firs half-year of 2011, com st o mpared to previous periods.Total operating costs in the first haT n ounted to DKK 16.44 million (DKK 13.38 million). A warran alf-year amo m ntprogram for mp managemen and employees was ca nt arried out in Q2 2011. The calculated cost effect of this totale Q edDKK 1.27 miD illion (Black-Scholes). Sig gnificant ma arketing costs relating to The NGAL TTest™ were also incurre edin Q2.Financials amF mounted to a cost of DK –0.95 milllion (DKK –0 KK 0.30 million) in the first ha alf-year of 2011, primarilyinterest expe enditure relat ting to the co onvertible bo loan. ondThe loss in th first half-yT he year of 2011 amounted t DKK -7.27 million (DK -6.46 milllion), equivalent to a 13% to KK %increase.EquityEAt the closing of the first half-year, equity was DK -1.28 million, compared to DKK 3A g t KK 3.31 million at the start o ofthe year. This reduction is attributable to the net lloss for the period.t s e pDuring the acD ccounting peeriod, BioPor has incre rto eased its cappital stock by the nomina amount of DKK 951,17 y al 71,as a result of warrants bea f eing exercise and conve ed ertible bonds being conv s verted.Cash flowCIn the first ha alf-year, the Group had a total negaative cash flo of DKK -5.63 million, compared to DKK -7.5 ow , 53million for th same perm he riod last yea Liquid res ar. sources amo ounted to DKK 8.29 milllion at the closing of th c heperiod.pInterim Finan ncial Report, Q2 2011 Pa 6 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  7. 7. Planned pP priority are in Q3 2011 eas 2The following priority areas deserve particular meT g p ention for the Q3 accounting period: e• The prima focus will be the es ary stablishment of addition partnerships relating to the adj t nal g justment an nd validation of The NGA Test™, as well as ente AL ering into neg gotiations co oncerning diistribution co onditions wit th multination players in the diagnostics market nal n t.• Efforts to register The NGAL Test™ for diagno ™ ostic use will continue in Q3, with sp n pecial focus on India an s nd the US, wh here particularly the initia ation of the c clinical study in the US has top priorit y ty.• The comp pany continu to focus on establis ues shing licensin agreements concern ng ning other as ssay-vendors s’ access to BioPorto’s N NGAL IP with areas oth than the homogeneou assay form hin her h us mat.Statements about the fS futureThis interim financial repT port contains statements concerning forecasts for future de s s g f evelopments including i s, inparticular futp ture revenues and net results. Such s s statements are uncertain and risky, a many fac a n as ctors, some o ofwhich are bew eyond BioPo orto’s control, may cause actual trends to deviate from the fo e forecasts conntained in th heinterim reporrt.Financial caF alendarNovember 10 2011N 0, Dormant pe eriod before Q3 beginsNovember 24 2011N 4, Interim fina ancial report for Q3 2011Further detaF ails:Thea Olesen, Managing DT DirectorFrank Harder CFOF r,Tel.: +45 452 0000T 29E-mail: invesE stor@bioporto o.comAbout BioPorA rtoBioPorto deveB elops and mar rkets antibodie and antibod es dy-based prod ducts, includin tests to dia ng agnose human disease, bot n thfor the benefit of individual pf patients and to promote eff t ficiency in the health sector The Compan e r. ny’s developm ments include atest (NGAL) to diagnose an monitor act o nd cute kidney in njury. Within the Company focus area BioPortos strategy is t y’s as, s todevelop new md methods that can be paten nted and achiieve a wide use in the diag u gnosis of variious diseases. BioPorto waasfounded in 2000 and has abf bout 30 emplo oyees. The Coompanys sha ares are listed on NASDAQ OMX Copenh hagen (symbo ol:BIOPOR).BInterim Finan ncial Report, Q2 2011 Pa 7 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  8. 8. Statement by the MS t Manageme and Bo ent oard of Dir rectorsOn today’s dO date, the boa and mana ard agement hav discussed and approv the Interiim Financial Report for ve d vedthe period fro January 1, 2011 to Ju 30, 2011 for the BioPt om une 1 Porto Group.The Interim FT Financial Rep port, which has not been audited or reviewed by the compan h n r ny’s accounta ants, ispresented in accordance with IAS 34 “Interim Finp e 4, nancial Repoorting”, as ap pproved by t European Union and the nin accordanc with other Danish disc ce r closure requi rements for the interim reports of list companies. tedIn our view, t Interim Financial Rep presents a true and fair view of th Group’s a the port s f he assets, liabilities andfinancial position as at Ju 30, 2011 and of the ff une financial resu of the Gr ults roup’s activit ties and cash flow for the eperiod from Jp January 1, 20 to June 30, 2011. 011It is also our view that the statement by the mana e agement includes a true and fair acco a ount of the tr rends in theGroup’s activG vities and fin nancial situation, the finan ncial results for the perio and the G od Group’s financial positionin general, as well as a de s escription of significant r f risks and ele ements of uncertainty fac cing the Grouup.Gentofte, August 25, 2011GExecutive ME Management t:_____________ ____________ _____Thea OlesenTCEOCBoard of DirB rectors:_____________ ____________ _____ ___ ___________ ____________ ____Carsten LønfC feldt Pe Nordkild eterChairmanC_____________ ____________ _____ ___ ___________ ____________ ____Niels T. FogeN ed Maarianne Weile eInterim Finan ncial Report, Q2 2011 Pa 8 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  9. 9. ComprehC hensive i income statemen s ntThe BioPoT orto group p 2011 2010 0 2011 2 2010 2nd quarter 2nd qua arter 9m months 9 months DKK thousand D d DKK thou usand DKK thousand DKK thousand DNet Revenue ..................... es .................................... 3.711 3.412 3 10.127 3 6.943Gross income e/loss ............. ......................... ............ 1.540 2.067 2 5.904 4.164 4Gross margin ratio ............. n ......................... ........... 42% % 61% 58% 60% %Earnings befo interest (E ore EBIT) .............. ............ (5.040) (2 2.976) (6.313) (6.435 5)EBIT margin ratio ...............E ......................... ........... -136% % -87% -62% -93% %Earnings befo tax ........... ore ......................... ............ (5.501) (2 2.991) (7.267) (6.462 2)Income taxes relating to net loss ......................... t 0 0 0 0Net profit/Comprehensive income, tota ......... e al (5.501) (2 2.991) (7.267) (6.462 2)Earnings per Share (eps) DKK DKK K DKK DKKEarnings per s share (eps/dep .............................. ps) 3 -0,13 -0,07 -0,17 -0,15 5Interim Finan ncial Report, Q2 2011 Pa 9 of 17 age B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  10. 10. Balance sheetBThe BioPoT orto group p 2011 20110 2010ASSETSA June 31 Dec. 31 June 31 DKK thousand d DKK tho ousand DKK thousand DLong-term assL setsTangible assets ..........................T s ............................ ............................ .............. 44 44 526 6 616Other long-term assets ............................................................................... m 24 42 238 236 6Long-term ass sets, total .......... ............................ ............................ .............. 68 86 764 852 2Short-term assS setsReceivables and inventories .... d ............................ ............................ .............. 6.81 2 6.284 6.507 7Cash resources ..........................C s ............................ ............................ .............. 92 8.29 13.926 6.819 9Short-term ass sets, total ......... ............................ ............................ .............. 15.10 04 20.210 13.326 6ASSETS, TOTA .......................A AL ............................ ............................ .............. 15.79 90 20.974 14.178 8Interim Finan ncial Report, Q2 2011 Pag 10 of 17 ge B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  11. 11. Balance sheetBThe BioPoT orto group p 2011 201 10 2010LIABILITIESL June 31 Dec. 31 June 31 d DKK thousand DKK tho ousand DKK thousand DEquityECapital stock ... ............................ ............................ ............................ .............. 127.34 49 126.398 126.398 8Reserve, converR rtible bond loan ........................ ns ............................ .............. 2.03 37 2.105 0Reserve, share- -based payment .......................... t ............................ .............. 2.84 44 1.985 1.985 5Treasury stock ..............................................................................................T (4 44) (44) (44 4)Retained incom me/loss ............... ............................ ............................ .............. (133.46 63) (127.135) ( (119.392 2)Equity, total .................................................................................................. (1.27 7) 3.309 8.947 7LiabilitiesLLong-term liabL bilitiesConvertible Bon Loans .......... nd ............................ ............................ .............. 53 11.85 11.924 0Long-term liabL bilities, total ...... ............................ ............................ .............. 11.85 53 11.924 0Short-term liabS bilitiesShort-term segment of convert tible bond loans ......................... s .............. 88 88 364 0Suppliers of go oods and service ............................................................... es 1.06 69 1.611 1.291 1Other debt ..................................................................................................... 3.25 57 3.766 3.940 0Short-term liabS bilities, total ..... ............................ ............................ .............. 5.21 4 5.741 5.231 1Liabilities, total ............................................................................................ 17.06 67 17.665 5.231 1LIABILITIES, TL TOTAL ................ ............................ ............................ .............. 15.79 90 20.974 14.178 8Interim Finan ncial Report, Q2 2011 Pag 11 of 17 ge B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7
  12. 12. Statemen of chaS nt anges in equityThe BioPoT orto group p Share-b based Retained d Caapital stock Treas sury stock Prem mium paymment Reservve income/los ss Total DK thousand KK DKK thousand DKK th housand DKK thousand DKK thous sand DKK thousaand DKK thousan ndEquity, January 1s 2011 .................................... st, 126.398 (44) 0 1.985 1 2.105 (127.13 35) 3.309 9CComprehensive in ncome for the peri ............... iod 0 0 0 0 0 (7.26 67) (7.267 7)EExecise of warrant and convertible bonds ....... ts e 951 0 605 0 0 0 1.557 7CConvertible bonds ................................................. s 0 0 0 0 (68) 0 (68 8)C crease ........................................Cost of capital inc 0 0 (88) 0 0 0 (88 8)S ments .........................................Share-based paym 0 0 0 1.274 1 0 0 1.274 4TTransferred to Ret tained income/los ................. ss 0 0 (517) (414) 0 94 40 8Equity June 30th 2011 .................. h, ...................... 127.349 (44) 0 2.844 2 2.0 037 (133.46 63) (1.277 7) Share-b based Retained d Caapital stock Treas sury stock Premmium paymment Reservve income/los ss Total DKK thousand DKK thousand DKK th housand DKK thousand DKK thous sand DKK thousaand DKK thousan ndEquity, January 1s 2010 .................................... st, 126.398 (44) 0 1.985 1 0 (127.13 35) 3.309 9Comprehensive inC ncome for the peri ............... iod 0 0 0 0 0 (6.46 64) (6.464 4)Equity June 30th 2010 .................. h, ...................... 126.398 (44) 0 1.985 1 0 (119.39 92) 8.947 7Interim Finan ncial Report, Q2 2011 Pag 12 of 17 ge B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

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