Highlights Q3 2023:
- Good progress in patient recruitment for the phase IIb HeROPA clinical trial, more than 50% recruited
- New findings on the positive effects of Herring Roe Oil on psoriasis published in September
- A good financial situation with a total available liquidity position of
NOK 126,5 million at the end of the quarter, the establishment of a credit facility has improved available liquidity - Revenues from nutraceutical products was a bit slow compared to Q3 last year - with some deliveries being pushed into Q4 and possibly postponed to 2024
- Positive gross margin development, with a gross margin year to date of 33,9 % (29,1 %). Year to date adjusted EBITDA of
NOK -28,7 millions (NOK -22,2 millions )
The most advanced asset in Pharma is a novel, oral drug candidate (HRO350) for the treatment of mild-to-moderate psoriasis in the multibillion USD global psoriasis market. The phase IIb clinical trial of HRO350 (the HeROPA study) is ongoing in 5 countries in
"The HeROPA study is an ambitious and large scale phase IIb stage clinical trial with a considerable number of clinics and over half-a-thousand patients in five countries. I'm impressed with the way our internal organization together with our partners are working towards the deliverables in this comprehensive, international study. Recruitment is developing in a satisfactory way, and we are aiming for a data read-out mid 2024" says CEO
New findings on the positive effects of Herring Roe Oil are published in an international scientific journal:
The international scientific journal "Frontiers in Immunology" recently published our research on how Herring Roe Oil influences inflammatory markers in psoriasis. This research was conducted in association with
The scientific publication can be found here:
https://doi.org/10.3389/fimmu.2023.1128986
Revenues from the nutraceutical business were slower during Q3 2023 compared to Q3 2022, with some B2B-deliveries being pushed into Q4 and potentially into 2024. The B2C segment in
Financials
Key figures - Q3 2023:
- Revenues from sales:
NOK 4,8 million (NOK 9,3 million ) -
Gross profit:
NOK 2,4 million (NOK 2,9 million ) - Gross margin: 49,4 % (31,5 %)
-
Adj. EBITDA:
NOK -10,4 million (NOK -7,8 million )
Comparable figures for Q3 2022 in brackets. The consolidated figures for Q3 2023 includes effects from the acquired company Arctic Algae AS.
Key figures as of end Q3 2023:
- Revenues from sales:
NOK 23,9 million (NOK 23,7 million ) -
Gross profit:
NOK 8,1 million (NOK 6,9 million ) - Gross margin: 33,9 % (29,1 %)
-
Adj. EBITDA:
NOK -28,7 million (NOK -22,2 million ) -
Available liquidity incl. credit facility:
NOK 126,5 million (NOK 171,0 million )
Comparable figures as of the end of Q3 2022 in brackets. The consolidated figures as of end Q3 2023 includes effects from Arctic Algae AS from Q2 2023.
Sales revenue in the quarter amounted to
The gross margin has shown an improvement compared to last year. So far this year, the gross margin amounts to 33,9 %, compared to 29,1 % in 2022. In NOK amounts, the gross profit year to date has increased to
Year to date adjusted EBITDA is in line with expectations with
At the end of the 3rd quarter 2023, Arctic Bioscience has a good financial position. With effect from 1st of
Outlook
On the pharma side, the main strategic focus for Arctic Bioscience is to complete the HeROPA study on HRO350. The recruitment of patients is advancing well, however somewhat delayed compared with the guiding given by the Company early 2023. Based on current status, the first data read-out is expected mid 2024.
The nutra business is developing well with a steady growth in the B2C segment in
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
CEO
Mobile: +47 920 84 601
Email: christer@arctic-bioscience.com
Jone R. Slinning
CFO
Mobile: +47 948 75 469
Email: jone@arctic-bioscience.com
About Arctic Bioscience
Arctic Bioscience is a biotech company developing and commercializing pharmaceutical and nutraceutical products based on unique bioactive marine compounds.
The company is developing HRO350 - a novel oral drug candidate. HRO350 is being developed for treatment of patients with mild-to-moderate psoriasis. This is a large patient group in need of new effective medicines with beneficial safety profile.
Arctic Bioscience is led by a highly skilled team of talents with diverse and highly relevant background.
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