BIOCORP Regulatory News:
BIOCORP (Paris:ALCOR) (ISIN: FR0012788065; Mnemo: ALCOR), a French company specializing in the development and manufacturing of innovative medical and drug delivery devices, provides an update of its activity since the beginning of the year and announces its half year results as of 30 June 2015.
The Board of directors of Biocorp met on 12 October 2015, to review the financial statements for the first half of 2015.
BIOCORP develops innovative devices, connected and non-connected, to address the strong problems of the pharmaceutical and medical industry regarding packaging and drug administration but also to improve and simplify treatments for patients. The devices are protected by twelve international patent families.
Jacques Gardette, Biocorp’s President and founder, said: “The first half year 2015 was particularly dynamic and ended with a successful initial public offering on Alternext in early July. Our diversified and resilient business model is based on a detailed knowledge of pharmaceutical key players’ expectations. The introduction of our first connected device in February 2015, the DataPen, led to a series of promising contacts. What is more, the introduction of Easylog in early October will strengthen these exchanges. Consequently, we have already started to increase our industrial and human capacities. We continue to roll out our market plan to change scale through internal projects and to build partnerships with international pharmaceutical laboratories.”
HILIGHTS OF THE SEMESTER
Two partnerships in drug administration signed
In June 2015, Biocorp signed two contracts of exclusive license with the company NUOVA OMPI for both the systems NewSeal and CarpSeal, and with the Japanese company NIPRO for the system NewGuard. The two agreements, signed with global leaders of their industry, show the strong innovation capacity of Biocorp and the attractive dimension of its products according to the pharmaceutical industry players. Biocorp strives for the industrialization of its products with its two partners, as announced during the initial public offering, with a turnover expected in fiscal year 2017.
Sales development in connected health continues
As a pioneer in connected health, Biocorp developed the DataPen, the 1st
connected injection pen whose first targeted market is diabetes
treatment. This product, awarded during the “Pharmapack” show in
February 2015, generates a strong interest from health players.
Driven
by its continual innovation capacity, Biocorp introduced during the EASD
in Stockholm Easylog, the first connected device able to access
information by itself from already marketed injection pens, expanding
its range of connected devices.
Progress of research projects
Research and development of new medical devices, connected and non-connected, remain at the heart of Biocorp’s strategy. The progress of ongoing projects is on line with the company’s expectations, whether regarding the finalization of existing projects or the expansions of the range of products.
Appointment of a scientific committee dedicated to diabetes
In order to go along the adoption of the DataPen by practitioners and to maximize its development plan, Biocorp appointed a prestigious scientific committee. It includes doctors Lutz Heinemann, Pauline Schaepelynck-Belicar and Jean-Pierre Riveline.
Strengthening of the industrial property
Biocorp filed 5 new patents and extended the PCT for one of its patents. Always looking for innovation, Biocorp strengthened and extended its industrial property. The company especially registered the trade marks “NEWGUARD” in France and “DATAPEN”, “E-DIA” and “BACKSTOP” in the European Union.
Initial public offering on Alternext in June and July 2015
On June 16th 2015, Biocorp announced its plan to launch its
IPO on Alternext in Paris. Its “Document de base” was registered with
the French Autorité des Marchés Financiers (A.M.F) on June 15th
2015 with the number l. 15-052. The AMF has granted visa number 15-287
dated June 22nd, 2015 to the French prospectus relating to
the IPO of BIOCORP, allowing its launch.
On July 7th
2015, Biocorp announced the successful completion of its IPO during
which 8.9 million euros were raised. In total, 957.867 shares were
issued through a capital increase. A liquidity agreement was signed with
the TSAF (Tradition Securities and Futures).
Turnover growth through key customers and new products
Since it was created in 2004, Biocorp has combined a production activity for pharmaceutical industry leaders, already generating recurring revenue, with an active R&D policy focused on medical devices, connected and non-connected. This strategy reflects on the company’s accounts.
As of 30 June 2015, the turnover amounts to 1.3 M€, being a strong growth compared to income of 1.6 M€ recorded in fiscal year 2014. This growth is due to an increase in key products volumes ordered by our customers and the marketing of new products in this traditional activity. As of 30 June 2015, the operating income amounts to 1.6 M€, through the payment of a 400.000€ license fee during the agreement signing for NewSeal and CarpSeal, against 1.7 M€ recorded in fiscal year 2014.
Variable costs have been maintained to 1 M€, reflecting the sales
development and the strengthening of Biocorp’s industrial property.
Thus, to go along its development, Biocorp strengthened its teams,
including sales teams, but also shows and conventions attendance during
the first half year 2015. Operating loss amounted to 1.1 M€, against 2.6
M€ as of 31 December 2014.
The positive net result amounts to
821,420€. It takes into account extraordinary income of 2.2 M€, mainly
due to current account waivers by the parent company’s shareholders.
Outlook
Biocorp continues its development, on line with its objectives and
schedule. The company aims to change scale through partnerships,
especially in connected health. The signed agreements and the order book
guarantee a substantial increase in income in the years to come. With
this in mind, Biocorp is willing to continue the intensification of
development projects through the extension of the range of proprietary
products and the strengthening of its teams. The company also envisages
increasing its industrial capacities to address the growing demand due
to signed and under negotiation agreements.
Finally, Biocorp thinks
about the opportunity offered by a sales establishment in the United
States of America, to become closer to its great pharmaceutical
laboratories customers.
The complete half year report will be
available on 13 October 2015 after market on the website of the company www.Biocorp.fr
ABOUT BIOCORP
Founded in 2004 in Issoire (near
Clermont-Ferrand, France), Biocorp is a French company specializing in
the development and manufacturing of medical devices and innovative drug
delivery systems. It is listed as ‘Innovative Company’ by the French
public investment bank Bpifrance. With over twenty years of experience
and more than 30 manufactured products, Biocorp is a key player in the
industry, providing drug delivery solutions that meet the evolving needs
of patients. Today, Biocorp continues to innovate in the area of medical
plastics, its core business, and to market traditional devices
(alternative to aluminum capsules, syringe and vial administration
systems) that have been an important source of recurring income. Its
solid expertise and capacity to innovate have allowed the company to
develop new internet-connected products, including: the DataPen, a
reusable smart injection pen that automatically transmits data to a
mobile app, helping patients to manage their treatment; and treatment
management add-ons, which adapt to existing delivery devices and are
compatible with most injection pens in the market. The company has a
team of 35 employees.
Biocorp is listed on Alternext since July
2015 (FR12788065 – ALCOR). For more information, please visit: www.biocorp.fr
Follow us on Twitter @BIOCORPSystems
APPENDICES
The accounts of the first half of 2015 have not been subject to a limited review by the Statutory Auditors.
Profit and Loss account
| Profit and Loss account (in K euros) | 30/06/15 | 31/12/14 | ||
| Sales | 1279.78 | 1650.78 | ||
| Other operating income | 341.36 | 81.32 | ||
| Operating income | 1621.14 | 1732.10 | ||
| Other purchases and external expenses | 1415.32 | 2062.86 | ||
| Taxes and assimilated | 40.96 | 44.35 | ||
| Wages and salaries | 754.36 | 1252.65 | ||
| Social charges | 315.60 | 514.95 | ||
| Depreciation, impairment and provisions | 238.68 | 422.97 | ||
| Other charges | 0.01 | 0.01 | ||
| Total operating expenses | 2764.93 | 4297.80 | ||
| OPERATING INCOME | -1143.79 | -2565.70 | ||
| Financial income | 0.00 | 0.00 | ||
| Financial expenses | 17.04 | 32.31 | ||
| FINANCIAL RESULT | -17.04 | -32.31 | ||
| RECURRING INCOME BEFORE TAXES | -1160.83 | -2598.01 | ||
| Extraordinary income | 2246.65 | 2300.50 | ||
| Extraordinary expenses | 0.00 | 2.63 | ||
| EXTRAORDINARY INCOME | 2246.65 | 2297.87 | ||
| Income tax | 264.40 | -303.26 | ||
| NET INCOME | 821.42 | 3.12 |
Balance sheet
| Assets (in K euros) | 30/06/15 | 31/12/14 | ||
| NON CURRENT ASSETS | ||||
| Intangible assets including commercial funds | 3067.90 | 3167.10 | ||
| Concessions, patents and similar rights | 122.04 | 127.11 | ||
| Property, plant and equipment | 929.69 | 801.27 | ||
| Office equipment and IT | 34.69 | 32.90 | ||
| Non current assets | 191.68 | 72.68 | ||
| Financial assets | 41.68 | 41.71 | ||
| TOTAL | 4387.67 | 4242.78 | ||
| CURRENT ASSETS | ||||
Stocks | 363.56 | 304.88 | ||
| Prepayments and advances paid to suppliers | 74.63 | 154.95 | ||
| Accounts receivable and other receivables | 526.62 | 253.13 | ||
| Trade and other receivables | 214.88 | 164.49 | ||
| Grant receivables | 0.00 | 0.00 | ||
| Other receivables | 2.38 | 37.14 | ||
| Cash and cash equivalents | 596.10 | 65.16 | ||
| Prepaid expenses | 491.07 | 127.47 | ||
| TOTAL | 2269.22 | 1107.23 | ||
| OVERALL TOTAL | 6656.90 | 5350.01 |
| Liabilities (in K euros) | 30/06/15 | 31/12/14 | ||
| EQUITY | ||||
| Share Capital | 100.00 | 100.00 | ||
| Reserves, appropriated retained earnings | 300.79 | 297.67 | ||
| Profit | 821.42 | 3.12 | ||
| TOTAL | 1222.21 | 400.79 | ||
| DEBT | ||||
| Loans and borrowings from credit institutions | 320.99 | 423.69 | ||
| Borrowings and various other debts | 3061.05 | 3096.47 | ||
| Advances and deposits received | 124.88 | 131.82 | ||
| Suppliers and related accounts | 1225.16 | 798.28 | ||
| Tax and social debts | 700.18 | 413.29 | ||
| Fixed asset liabilities | 0.00 | 1.20 | ||
| Deferred revenues | 0.00 | 79.80 | ||
| Other liabilities | 2.43 | 4.68 | ||
| TOTAL | 5434.69 | 4949.22 | ||
| OVERALL TOTAL | 6656.90 | 5350.01 |
Cash flow statement
| CASH FLOW (in K euros) | 30/06/2015 | 31/12/2014 | ||
Cash flow from operating activities (A) | -1192.63 | -1445.02 | ||
| Result | 821.42 | 3.12 | ||
| Amortization and impairment (including investment grants.) | 238.68 | 420.81 | ||
| Capital gain | 0.00 | 0.87 | ||
| Current account waiver | -2246.47 | -2300.00 | ||
| Change in working capital requirements | -6.26 | 430.18 | ||
| Net cash used in operating activities | 1192.63 | 1445.02 | ||
Cash Flow from investing activities (B) | -384.78 | -601.69 | ||
| Acquisitions of fixed assets | -383.61 | -627.58 | ||
| Change in liabilities on fixed assets | -1.20 | 1.20 | ||
| Net income from the sale of fixed assets. | 0.00 | 0.50 | ||
| Change of scope of consolidation | 0.00 | 20.54 | ||
| Changes in financial fixed assets | 0.03 | 3.65 | ||
| Net cash used in investing activities | 384.78 | 601.69 | ||
Cash Flow from financing activities (C) | 2149.38 | 2149.12 | ||
| Changes in debt | -61.67 | 119.60 | ||
| Changes in current accounts | 2211.05 | 2029.52 | ||
| Advances repayable | 0.00 | 0.00 | ||
| Cash from financing activities | 2149.38 | 2149.12 | ||
| Cash and cash equivalents variation (A + B + C) | 571.97 | 102.41 | ||
| Cash and cash equivalents opening balance | 23.24 | -79.17 | ||
| Cash and cash equivalents closing balance | 595.21 | 23.24 |
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