UPPSALA, Sweden, February 27, 2002 (PRIMEZONE) -- BioPhausia reports year-end results and significant events.
-- Sales amounted to SEK 2.071.000 (SEK 975.000) -- Rights for RescueFlow(r) acquired in the Nordic countries -- New approvals for RescueFlow(r) in Europe -- Distribution agreement for RescueFlow(r) in Asia -- Positive results from pre-clinical studies within BP 04 project -- Patents for BP 04 in the USA and Australia -- Saving plans are implemented -- The net result for the fiscal year amounted to a loss of SEK 23.818.000 (loss SEK 24.765.000); SEK 12.744.000 (SEK 12.034.000) of which were research and development costs. Important events after the close of the period -- Patents in 17 European countries for BP 04 -- Distribution agreement for RescueFlow(r) in the Netherlands -- 85% subscription in the new share issue which provides the company with approximately MSEK 30
Acquisition of rights for RescueFlow(r) in the Nordic countries BioPhausia has signed an agreement with Pharmalink AB regarding acquisition of RescueFlow(r) in the Nordic countries. Pharmalink acquired in 1999 exclusive license rights for RescueFlow(r) in the Nordic countries, rights which are now reverted to BioPhausia. Through this acquisition BioPhausia now controls RescueFlow(r) on the home market, an advantage for the company when marketing RescueFlow(r) internationally.
New approvals for RescueFlow(r)
Subsequent to the mutual recognition procedure in Europe, and according to decision made on November 28 2001, RescueFlow(r) will be granted approval for marketing and sales in Italy, Spain, Portugal, Luxemburg and Iceland. The company adheres to its previously stated plan for registrations.
Distribution agreement for RescueFlow(r) in Asia
BioPhausia has signed a distribution agreement for RescueFlow(r) with Yungjin Pharmaceuticals Co., Ltd. in South Korea. The company has long experience from the South Korean pharmaceutical industry, and is well connected with the target group, hospital specialists.
The compilation of the registration documentation for South Korea has started, and an application will be submitted by Yungjin subsequent to adaptation to local demands. Marketing will commence in 2002.
Positive results from pre-clinical studies within project BP 04
Previously reported studies show that treatment with BP 04 decreases the pressure in tumours, and increases the uptake of marker substance in the tumours. Further studies have consequently shown that treatment with BP 04 induces increased uptake of cytostatics in the tumour tissue and suppressed tumour growth in comparison with a control-group.
Patents in the USA and Australia for BP 04
Patents named "Enhanced anti-cancer agent delivery to solid tumours by primer compounds," have been approved in the USA and Australia. The patented principle for BP 04 implies that the internal bindings which create high pressure in solid tumours, i.e. colon cancer and breast cancer, are broken, and the uptake of cytostatics is increased. The patents amount to a breakthrough for the BP 04 project.
Savings implemented
From the third quarter 2001 the company implemented a savings program which on a yearly basis will lower the costs considerably.
Summary of Consolidated Income Statement (SEK 000s) Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2001 2000 2001 2000 Net sales 899 399 2 071 975 Cost of goods sold -89 -167 -432 -167 Gross profit 810 232 1 639 808 Selling expenses -531 -1 184 -4 606 -3 526 Administrative expenses -648 -2 494 -4 708 -8 454 Research and development expenses -2 987 -3 213 -12 988 -12 034 Exchange profit/loss -282 3 22 4 Operating loss -3 638 -6 656 -20 641 -23 202 Interest income and similar revenues 48 122 427 531 Interest expenditure and similar costs -2 162 -538 -3 560 -2 090 Loss after financial items -5 752 -7 072 -23 774 -24 761 Taxes -44 - -44 -4 Net loss for the year -5 796 -7 072 -23 818 -24 765 of which is depreciations 780 1 078 2 573 2 499 Summary of Consolidated Balance Sheet (SEK 000s) 2001-12-31 2000-12-31 Intangible assets 17 913 16 495 Tangible assets 305 489 Financial assets 11 352 11 595 Other current assets 1 491 3 132 Inventories 98 144 Accounts receivable 689 843 Liquid assets 5 539 24 542 Total assets 37 387 57 240 Equity 16 051 34 704 Interest-bearing liability, convertible loan 16 642 16 343 Operating liability 4 694 6 193 Total equity 37 387 57 240
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