STOCKHOLM, Sweden, Feb. 22, 2002 (PRIMEZONE) -- Biolight International AB:
Important events during the year:
-- A phase III study on decubitus ulcers has been finalised during
the year. The effect shown is considerable and statistically
significant. The study shows that time to healing within the
group treated with active equipment was reduced by 36 % as
compared to the placebo-treated group. The result is a decisive
breakthrough for Biolight Wound Care.
-- Important results regarding the mode of action have been
obtained. Analysis of results from trials performed with micro
array technology (Affymetrix) reveals significant changes in
cells treated with Biolight(R). The results show that treatment
leads to increased activity in several genes, including genes
coding for growth factors and collagen.
-- A study regarding tooth extraction has begun at the faculty of
odontology at Goteborg University.
-- A manager for the business area Dental Care and a technical
manager have been employed during the year.
-- At the beginning of the year, a market test was carried out on a
group of dentists and dental hygienists in private practice, and
the result is positive. Test sales, arousing great interest,
began within the business area Dental Care during the third
quarter.
-- During the autumn, the company signed distribution agreements
for Dental Care with companies in Sweden, Finland, Great
Britain, Poland and Colombia.
-- Biolight(R) PCD (Physiotherapeutic Care Device) - a new device
for the treatment and rehabilitation of sports injuries - gained
CE approval in March.
-- The company was granted five new patents during the year: two
patents in the USA, two in Sweden and one European patent.
-- Invoiced sales amounted to SEK 1.2 million (SEK 0.5 million).
Important events after 2001:
-- The company has obtained an FDA approval - 510(k) - for
Physiotherapeutic Care. This approval allows the company to
market and sell its equipment (PCD) and treatment programs for
the prevention and rehabilitation of injuries in the locomotor
system in the American market.
-- Biolight has entered into a preliminary research agreement with
the Karolinska Institutet. The various treatment programs
currently used by the company will be optimised and fine-tuned
by means of micro array technology (Affymetrix). Attempts will
also be made to map out the signal paths in the cells initiated
through Biolight(R).
-- The company has reached a distribution agreement regarding
Dental Care with C&N Med-Dent CO., Ltd in Taiwan. The company
has also signed a "Letter of Intent" with Denics International
Co., Ltd. in Japan, regarding registration and distribution fo
the business area Dental Care.
-- Authorised by the general meeting on July 9, 2001, the board has
decided on a new issue totalling 11,917,891 shares at the par
value of SEK 0.03 per share. The subscription price has been set
at SEK 2.11 per share. Through this new issue the share capital
within the company is increased by SEK 357,536.73, and now
amounts to SEK 2,137,902.54. After this issue the total number
of shares is 71,263,418. The new issue provides the company with
just over SEK 25 million before issue expenses. The issue,
carried out under the supervision of Hjalmarsson & Gunterberg
and Alfred Berg, was subscribed by a number of institutional
investors.
Accounting Principles
The annual report has been prepared in accordance with the Annual Accounts Act and the recommendations of the Swedish Financial Accounting Standards Council and the statements of their Urgent Issues Task Force, with the exception of RR 6:99.
Changes in Accounting Principles
From January 1, 2001, the following recommendations from the Swedish Financial Accounting Standards Council are applied: RR 9 Income taxes, RR 18 Earnings per share, RR 11 Earnings and RR 12 Tangible assets. This has not led to any changes in the results or positions presented earlier.
Leasing
All leasing agreements are reported as operational leasing. The net effect on the consolidated results would be negligible if RR 6:99 was applied.
Shareholder Contribution
The company comply with the Urgent Issues Task Force within the Swedish Financial Accounting Standards Council in its presentation of shareholder contribution. Shareholder contribution is charged directly against the subsidiary's equity and is activated in the parent company's shares and stakes.
Deferred Taxes
The company's unused deficit deduction amounts to SEK 96,679 T (SEK 70,457 T).
Consolidated Accounts
Consolidated accounts include the parent company and the wholly-owned subsidiary Biolight Patent Holding AB. The consolidated accounts have been prepared in conformity with Recommendation RR 1:96 of the Swedish Financial Accounting Standards Council. No intra-group sales have been recorded.
Result, Cash Flow and Liquidity
In 2001, sales amounted to SEK 1.2 M (0.5). The operating costs amounted to SEK 28.2 M (18.2) in 2001. The consolidated results after taxes showed a loss of SEK 26.4 M in 2001 (-19.7). In 2000, the result was encumbered by issue expenses of SEK 3.0 M.
Investments in the group and parent company during the year amounted to SEK 6.4 M (22.8), including SEK 4.4 M (9.0) for clinical trials. In 2000, SEK 11.7 M was invested in the development of new treatment equipment.
Liquid assets as of December 31, 2001, amounted to SEK 4.8 M (30.4). In the parent company, liquid assets as of December 31, 2001, amounted to SEK 4.8 M (30.3).
In February 2002, the company completed a directed share issue of approximately 11.9 million shares. The issue provided the company with just over SEK 25 M before issue expenses.
The board proposes no dividend be paid for the year.
The income statement, balance sheet, cash flow analysis etc. presented below, refer to the group.
Future reports
Quarterly report for the 1st quarter, 2002 April 25, 2002 Semi-annual report 2002 August 28, 2002 Quarterly report for the 3rd quarter, 2002 October 28, 2002
Other Information
The annual general meeting of the financial year 2001 will be held at 5 p.m. on April 25, 2002, at Biolight International AB's headquarters in Danderyd. With the aim to focus the company's financial resources on business development, the board has decided not to print and distribute a traditional annual report for the year 2001. A simplified annual report will be available at the company from March 26 and will be distributed on request. The annual report will also be available on the company's home page: www.biolight.se
Biolight International AB is a medical technology company offering products based on the biological effects of pulsating, monochromatic light. Biolight develops a system for the effective, painless and safe treatment, mainly of ulcerations and inflammatory conditions within the business areas Wound Care, Dental Care and Physiotherapeutic Care. The Biolight share is listed on the NGM Equity (Nordic Growth Market NGM AB).
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