Hofseth Biocare ASA: FOURTH QUARTER 2020 FINANCIAL REPORT
HBC had gross operating revenues of NOK 69.3m (67.8m) in 2020 and operating revenues of NOK 23.1m (11.1m) in the fourth quarter. Cost of Goods Sold (CoGS) amounted to NOK 16.7m (16.6m) in the quarter and NOK 39.5m for the full year (59.6m). Operational profit (EBITDA) for the fourth quarter 2020 was NOK -16.7m (-23.2m) and for the full year NOK -65.4m (-52.1m). In the full year 2020, Salaries increased by NOK 13.4m, compared to the same period 2019 due to new employees in sales and operations. HBC had a total holding of cash and cash equivalents of NOK 172.8m by the end of the period, compared to NOK 84.2m by the end of the fourth quarter 2019. Including credit facilities, HBC had NOK 209.8m in free liquidity by the end of the fourth quarter.
- Successful completion of a private placement of NOK 200m by issuance of approx. 24.69m new shares into existing and new institutional shareholders and HBC listed on Oslo Børs on December 14th.
- Received approval from Health Canada on ProGo® and CollaGo® for Qualified Health Claims focused on maintaining healthy levels of ferritin and hemoglobin and the blood components required for oxygen transport.
- ProGo®'s bioactive peptides’ unique label of six structure function claims to support healthy iron levels permitted to be used in the US by the FDA. s
- Signed a Pan-Asian exclusive collaboration with DKSH for distribution of HBC branded ingredients including across China, India, Japan & Korea, and an exclusive distribution agreement with IMCD Performance material division for 16 territories globally including the USA & Canada.
- Boosts Sales and Marketing talent in its Consumer Health division by hiring ex-Novartis and ex-GSK senior executives Andy Gill and ex-Johnson & Johnson Senior Commercial leader Will Urban-Smith.
- HBC and Tenet Partners initiate a long-term collaboration to build a global brand and launch HBC own branded consumer health products.
R&D focus areas in Q4:
- Identification of the bioactive peptides in SPH that up-regulate the expression of the FTH1 gene. The FTH1 gene encodes the heavy chain of ferritin, the storage protein for iron, and this increase has been shown to increase haemoglobin and correct iron deficiency anaemia (IDA). Our ongoing research has led to the identification of 7 closely related peptides which are being individually sequenced to enable the filing of a new patent application and subsequently the planned application for New Chemical Entity (NCE) status.
- Identification of non-Omega fatty acid components within OmeGo that modulate eosinophil effector function. These minor elements within the oil could lead to a novel oral treatment for eosinophilic asthma and other eosinophilic conditions.
- An accelerated p2/3 trial in Covid-19 targeting patients with mild to moderate SARS-CoV-2 infections is ongoing in Canada and new sites in Brazil, Mexico and Hungary are expected to begin recruitment during this quarter.
- Ongoing preclinical trial work in different models of gastrointestinal injury / inflammation are progressing. These include various invitro cellular systems simulating the pathology of necrotizing enterocolitis (NEC) and inflammatory bowel disease (IBD).
- The completion of an invitro assay for sarcopenia treatment has shown that peptides within SPH have myostatin inhibitory activity. Myostatin is a well-recognised therapeutic target for sarcopenia. As such, the peptides within SPH could have the potential to help reduce the loss of muscle mass associated with sarcopenia.
In sales and marketing, Q4 was an extremely busy and successful quarter for HBC as it began its journey to build a new Consumer Healthcare sales division with senior executives from global consumer health care companies. Furthermore, it signed up a world class network of partners with which to grow its presence the whole of Asia and the Americas.
For our B2C strategy, a major two-and-a-half-year collaboration with Tenet Partners to build a brand for finished products was also agreed upon. This will enable HBC to go direct to the consumer with a new identity and connection with consumers later this year.
“At the end of 2020 we completed a successful capital increase and as of December 2020, our shares now trade on the main board of Oslo Børs. As such, we have a solid financial platform from which we expect to grow revenues, develop new products and continue to excel in research and development, to support the long-term growth of HBC”, CEO Roger Hofseth comments.
For further information, please contact:
James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: [email protected]
Jon Olav Ødegård, Chief Financial Officer of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: [email protected]
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that develops high-value ingredients and finished products currently targeting the consumer health market. Research is ongoing to identify the individual elements within the products that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are in development for the protection of the Gastro-Intestinal (GI) system against inflammation, including ulcerative colitis and the orphan condition necrotising enterocolitis, as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia, all using peptide fractions of Salmon Protein Hydrolysate. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID.
The company is founded on the core values of sustainability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Mumbai, Palo Alto and Tokyo.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
Kalera - Andrea Weiss Joins Kalera as Adviser and Proposed for Board of Directors
ORLANDO, Fla., July 27, 2021 (GLOBE NEWSWIRE) -- Kalera (Euronext Growth Oslo ticker KAL: Bloomberg: KSLLF), one of the fastest-growing and largest vertical farming companies in the world and a leader in plant science for producing high-quality produce in controlled environments, today announced A...
OMER-DECUGIS & CIE : Résultats semestriels 2020/21 : Croissance dynamique et confirmation de la trajectoire d'amélioration de la performance opérationnelle
Chiffre d'affaires en croissance de +11,3% (+8,7% en organique) Progression de près de 5 points de la marge brute Nette amélioration de la performance opérationnelle et résultat net bénéficiaire Structure financière renforcée par la le...
OMER-DECUGIS & CIE : H1 2020/21 results: Strong growth and confirmation of the path to a better operating performance
In€k – French GAAP – unaudited data H1 2019/20 H1 2020/21 * Change Revenue 55,553 61,839 +11.3% Gross margin % on merchandise sales 5,821 10.5% 9,528 15.4% +63.7% +4.9 points Personnel expenses (4,566) (4,721) EBITD...
Annule et remplace : Chiffre d’affaires semestriel : 5,0 M€ ; +13%
Au 30 juin 2021, le Groupe a réalisé un chiffre d’affaires semestriel de 5,0 M€ en hausse de 13,0% par rapport au 1er semestre 2020 qui avait enregistré un chiffre d’affaires de 4,3 M€. Comme annoncé, la progression de l’activité de la Société bénéficie de la mise en service des nouveaux outils indu...