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Sector
Industrials
Size
Small Cap
Market Cap £137.7m
Enterprise Value £126.4m
Revenue £2.70m
Position in Universe 826th / 1836

BioPorto Announces the 2020 Annual Report

Wed 17th March, 2021 8:23am
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March 17, 2021

Announcement no. 4

Emerging strong from a year challenged by COVID-19

Highlights from the 2020 Annual Report
* Patient enrollment for The NGAL Test clinical trial for pediatrics initiated
in June 2020
* Initiation of development in April 2020 and advancement to clinical testing
of near-patient COVID-19 test based on gRAD in December 2020
* CE-mark obtained of NGALds, the first test based on the gRAD platform, in
late-2020
* Two rights issues completed yielding proceeds of more than DKK 130 million
BioPorto’s activities in 2020 were shaped by an urgent need to respond to
the COVID-19 pandemic and the ways it redefined the premise of our daily
lives. While the pandemic immediately created volatility and difficulty in
near term planning and execution, it also reinforced our efforts on maximizing
our focus, diligence, and agility.

“Given the difficult circumstances in 2020, BioPorto undertook and advanced
our most critical tasks. We initiated enrollment of patients in the US
clinical trial for pediatric use of The NGAL Test for Acute Kidney Injury
(AKI), our lead product. Furthermore, we obtained CE mark for our first
product on the proprietary gRAD platform with the NGALds. And in parallel we
responded to the diagnostic crisis presented by the pandemic by initiating a
partnered development process for a COVID-19 rapid test based on gRAD.
Finally, we secured a strong financial foundation to support our ongoing
development, by executing an ambitious financing plan comprising two rights
issues with proceeds of more than DKK 130 million,” said Peter Mørch
Eriksen, CEO of BioPorto.

2021 will be a pivotal year

In 2020, COVID-19 brought significant challenges in patient enrollment, as
hospitals were forced to prioritize patient care over clinical research.
Subject to the developments of the pandemic during 2021, BioPorto therefore
expects to conclude its study in the summer of 2021 and thereafter submit its
application on pediatric use of The NGAL Test to the FDA.

The COVID-19 test based on gRAD is also currenting being tested with patient
samples in the US. If successful, BioPorto plans to request an emergency use
authorization in the US and a CE mark in Europe in second quarter 2021.

“While 2020 on all accounts was a difficult year, I believe BioPorto has
faced the challenges head-on and emerged as a company at its strongest. On
that basis, I expect 2021 will be a pivotal year,

where we will submit several applications to FDA and European health care
authorities. If these are successful they will lay a very strong foundation
for commercialization and the next phase in the development of the company,”
Mr Eriksen commented.

2021 financial guidance

For 2021, BioPorto expects revenue of approximately DKK 30 million and an EBIT
loss of approximately DKK 73 million. This excludes revenues from potential
sales of a COVID-19 lateral flow test, and with only early sales from a FDA
cleared NGAL product for pediatrics.

The main growth driver in 2021 will be product sales of The NGAL Test in EU
and ROW, while sales of antibodies and ELISA kits are expected to continue to
decline due to BioPorto’s strategic refocus on products generated from its
own antibody library. As has been the recent pattern, 2021 revenues will be
back-end loaded.

Selected Financial Highlights 2016-2020

 DKK million                   2020    2019    2018    2017    2016    
                                                                       
 Revenue                       23,2    26,6    26,0    25,2    20,7    
 Operating profit/loss (EBIT)  (63,6)  (74,3)  (41,8)  (36,5)  (25,0)  
 Profit/loss for the year      (61,6)  (69,6)  (38,0)  (32,2)  (22,8)  
                                                                       
 Total assets                  140,3   42,7    66,2    65,6    50,6    
 Equity                        100,9   25,3    56,2    56,1    44,3    
 Cash position                 107,9   18,1    46,7    7,1     35,6    
                                                                       

For further information, please contact:

Peter Mørch Eriksen, CEO

Telephone + 45 4529 0000, email investor@bioporto.com

About BioPorto

BioPorto is an in vitro diagnostics company that provides tests and antibodies
to clinicians and researchers around the world. We use our antibody and assay
expertise to transform novel research tools into clinically actionable
biomarkers that can make a difference in patients’ lives. BioPorto is
headquartered in Hellerup, Denmark and is listed on the NASDAQ Copenhagen
stock exchange  CPH:BIOPOR .


Attachments
*     2021 03 17 Annual Report 2020
(https://ml-eu.globenewswire.com/Resource/Download/e6bf2538-c486-4919-948e-51da57bad939)
  
*     2021 03 17 Remuneration Report 2020
(https://ml-eu.globenewswire.com/Resource/Download/7380948c-2e4f-4143-9f57-f37b562ef7d0)
(https://www.globenewswire.com/NewsRoom/AttachmentNg/b9686d8c-3706-4a6c-b22a-ae722c122c21)



GlobeNewswire, Inc. 2021
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