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Interim results for the fourth quarter and the full year 2010 for Biotec Pharmacon ASA


February 16, 2011 - London

HIGHLIGTHS

ENZYMES

§ Enzyme product sales reached NOK 9.5 million in the fourth quarter, up 77 percent from the fourth quarter 2009. Full-year sales increased by 23 percent

§ Increased marketing and sales improves market visibility, and continued increase in customer trials strengthens the prospects for further sales growth

§ Sales of own label products to end users grow faster than traditional non-branded OEM sales

§ Marine Biochemicals changed name to ArcticZymes, to reflect the uniqueness of the product origin

BETA-GLUCANS

§ Results from studies in mice confirm that SBG can successfully be combined with a gel forming agent to improve wound healing

§ The more robust SBG gel compositions show significantly improved stability also in polyethylene containers and aluminum tubes

§ Positive feedback and continued interaction with potential partners

 

FINANCIAL DEVELOPMENT AND POSITION

§ Successful private placement of 3,500,000 shares in December strengthens balance sheet by NOK 20.1 million.

§ EBITDA was NOK -1.3 million in the fourth quarter and NOK -26.3 million for the full year 2010, compared to NOK -21.3 million and NOK -82.1 million, respectively, in 2009. The operations were cash flow neutral in the fourth quarter, and year-end cash reserves were NOK 43.3 million.

§ A subsequent repair issue of 1.2 million shares was oversubscribed in the first half of February 2011. Estimated proceeds of NOK 7.2 million.

OUTLOOK

§ Enzymes: Increased focus on marketing efforts generate much higher activity level in ArcticZymes, in particular related to the newly launched products. Continuing sales growth is expected in 2011, in particular for own-label products.

§ Beta-Glucans: Animal studies are being used to select the gel composition to be used in the first product for wound management. Work with potential partners is ongoing to ensure successful product development and commercialization.

 
Please find attached the full interim report for the fourth quarter 2010.

 For further information, please contact:

 Svein W. F. Lien - CEO:   +47 92289323

The company hosts a presentation of the interim results on February 17th at 09:00 at Vika Atrium Konferansesenter (Thon Conference Vika Atrium),
Munkedamsveien 45, Oslo.

The presentation will also be available as webcast with log on at www.biotec.no.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Biotec Pharmacon ASA via Thomson Reuters ONE

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