Biovica Int.
Biovica - No news is good news (ABG Sundal Collier)
2019-06-17 12:16
With rights issue out of the way, we can focus on regulatory
Regulatory process on schedule
Costs up in preparation for launch, as expected
Costs up to prepare for launchQ4 sales of SEK 1.7m were +20% y-o-y, buoyed by two new customers, and EBIT of SEK -8.6m was +107% y-o-y, with the loss widening due to increased investments in personnel and other activities, including a comprehensive market analysis. This was in line with management’s previous forecasts. Management also announced a new distribution agreement with IBL for sales to the research market in the US.
Regulatory work proceeding as expected
Management guided that it expects feedback from the FDA on its Supplement 2 during the summer, on schedule. Assuming a positive response, it can then begin the studies to support the application for clearance of DiviTum.
Rights issue secures financial stability
With the recent rights issue having raised SEK 60m, Biovica’s operations are fully funded beyond the coming 12 months, according to management.
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