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Home > Press > Genovis AB Financial Report

Abstract:
Interim Report January-September 2010

Genovis AB Financial Report

Sweden | Posted on November 5th, 2010

THIRD QUARTER

• Net sales climbed to SEK 407k (238k)
• Loss after financial items dropped to SEK 2,874k (loss: 3,050k)
• Net loss for the period fell to SEK 2,863k (loss: 3,050k)
• Earnings per share increased to SEK -0.07 (-0.22)

YEAR TO DATE

• Net sales climbed to SEK 965k (508k)
• Loss after financial items dropped to SEK 8,023k (loss: 9,390k)
• Net loss for the period fell to SEK 7,991k (loss: 9,390k)
• Earnings per share increased to SEK -0.19 (-0.67)

Comments from the CEO

During the quarter we continued to work toward two of our short-term goals: to increase sales of products from the protein engineering portfolio and to intensify product development of multimodal nanoparticles. We've seen a clear increase in both the number of customers and sales during the year and we want to further accelerate the pace. To achieve this objective, during the third quarter we strengthened our sales organization and we chose to focus on new and existing customers among biotech and pharmaceutical companies. This category of customers primarily works with characterization of antibody molecules. They have relatively recently begun testing our enzymes from the protein engineering portfolio and they use them primarily for analysis at the discovery level. To increase volumes within this target group we are working with customer meetings and marketing with the aim of ensuring that our enzymes and methods will become the obvious choice. This standard will not only apply for early research projects, but continue as quality control during clinical trials, and later even in production of antibody-based drugs. One way to achieve this objective is to work on product development in close consultation with our customers. Such feedback has resulted in a new product, FragIT, which we are launching in November.

In September we presented the first results from the Sentinel node project at the World Molecular Imaging Congress (WMIC) in Kyoto, Japan. The need for new imaging technologies at the preclinical level is growing and it is encouraging to see that multimodal nanoparticles have the potential to contribute improved performance, higher resolution, and more reliable analysis. Genovis' product development of nanoparticles for multimodal imaging is progressing according to plan and is now in a phase when we are focusing on optimization of modalities, image interpretation, and targeting using antibody molecules. We have also expanded our partnership with Lund Bioimaging Center, our partner that we've been working with on the Sentinel node research project.

Overview of Operations

Genovis develops and sells innovative technologies that will facilitate our customers' preclinical* research. The products we have launched to date consist of nanostructures and enzymes (proteins). We conduct research and development projects that focus on design, production, and characterization of nanostructures. The nanostructures and methods that Genovis focuses on can be used as contrast in medical imaging and as carriers of various substances in the development of new drug delivery methods. Our customers are primarily within the life sciences industry and academic research. The Genovis operation largely consists of research and development of new technology, though we have initiated some sales over the past two years.

* "Preclinical studies" refers to pharmaceutical research carried out before a product is sufficiently documented to be studied in humans.

####

About Genovis
Genovis is a biotech company on the leading edge of nanotechnology and nanoparticles. The company’s patented nano-induced magnetic transfer (NIMT®) technology was developed to facilitate effective preclinical research for the life science industry. Genovis shares are listed on Nasdaq OMX First North and Thenberg & Kinde Fondkommission is our certified adviser.

For more information, please click here

Contacts:
Sarah Fredriksson
CEO, Genovis AB
Tel: +46 46 10 12 35

Copyright © Genovis

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