Arctic Bioscience Q3 2021 Operational Update
- HRO350 Psoriasis Phase IIb Study On Track: Site Feasibility Process Underway in
Europeas expected with a positive response from sites with patient access for the first half of 2022.
- New GMP manufacturing plant in Ãrsta: The construction process has started, with completion expected in the second half of 2023. In-house manufacturing of our nutraceutical and experimental pharmaceuticals is expected to significantly improve the company’s gross margins.
- Adjusted EBITDA forecast for the full year within the expected range of
NOK -25at -30 million
- Cash flow at the end of the year remains very solid, forecast in the order of
200 NOKto 220 million.
Arctic Bioscience is a biotechnology company built on the unique benefits of herring roe – with a pre-commercial pharmaceutical company and a nutraceutical trading company. Pharma and Nutra share a proprietary technology and IP platform, including in-house R&D and value chain integration through a state-of-the-art GMP manufacturing facility.
âThe third quarter saw many positive developments for Arctic Bioscience, particularly in the pharmaceutical and technological areas. During the period, the feasibility of the site continued, with the interest of a large number of sites
Arctic Bioscience is developing a new oral drug candidate (HRO350) for the treatment of mild to moderate psoriasis. With approximately 90% of psoriasis patients suffering from mild to moderate disease, the target market is over 20 million patients in the
A large randomized phase IIb study is expected to start in 2022. During the third quarter, the feasibility of the site was underway and a large number of sites in development.
In addition to HRO350, Arctic Bioscience has entered into a collaboration with
Technology and R&D
As part of the company’s strategy to retain exclusive know-how and intellectual property and secure control of the value chain, Arctic Bioscience is building a state-of-the-art processing facility in Ãrsta,
Arctic Bioscience’s nutraceutical product is RomegaÂ®, an omega-3 dietary supplement with a unique 3: 1 ratio of DHA to EPA. DHA and EPA are present in their form bound to phospholipids, which increases the absorption of nutrients. Due to its EPA content, Romega has heart health benefits, and its high DHA composition is especially important for brain and eye health, including prenatal development. The products are sold through B2C and B2B channels around the world, and the company has an established partnership with
In the third quarter, the company launched the new B2C product Romega Brain to take advantage of Romega’s high DHA content. Romega Brain is expected to generate significant growth in B2C sales in the future. The company also announced a collaboration with a neuroscientist
Third quarter sales amounted to
Adjusted EBITDA during the quarter amounted to
Total capital expenditure (CAPEX) amounted to
Following the capital increase in February, the company maintains a very solid financial position with cash to finance ongoing and planned projects until 2023. At the end of the third quarter, the cash and cash equivalents of the society amounted to
At an extraordinary general meeting of shareholders on November 10,
In his previous works,
In October, Arctic Bioscience obtained a
Arctic Bioscience will continue to pursue its drug development programs in the pharmaceutical industry, as well as revenue growth and profitability within its nutraceutical business. Due to the operational and logistical challenges related to the pandemic among our subcontractors, the company expects annual sales in the
Following the positive response from the sites, the company will have patient access to launch the Phase II study for HRO350 in the first half of 2022. Based on the success of the study, the company plans to conduct a clinical trial phase III in collaboration with a commercial partner, with the intention of requesting a marketing authorization from the
For more information please contact
Ole Arne Eiksund CEO Arctic Bioscience
Telephone: +47 908 43 944
CFO Arctic Bioscience Phone: +47 909 98 201
About Arctic Bioscience
Arctic Bioscience is a biotechnology company that develops and markets nutraceuticals based on roe herring oil. Herring roe oil contains lipids essential for the maintenance of cell membranes, contributing to normal functioning of the brain, heart and vision.
The company is developing HRO350 – a new investigational drug candidate using herring roe as a raw material. HRO350 is developed for the treatment of mild to moderate psoriasis. This is a large group of patients in need of new, effective drugs. Arctic Bioscience is led by a team of highly skilled individuals with experience in the development of marine oils and experience in global pharmaceutical companies.
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