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    VIRO   DK0061030574

VIROGATES A/S

(VIRO)
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ViroGates announces its Half-Year Report for H1 2021: Increasing clinical revenue and positive topline results from COVID-19 clinical trial

08/19/2021 | 10:07am EST

COMPANY ANNOUNCEMENT - No. 17-2021 - 19 August 2021

BIRKERØD, DENMARK - ViroGates A/S, a medical technology company developing blood tests for better triaging in hospitals to improve patient care and reduce healthcare costs, announces its Half-Year Report for the period 1 January 202130 June 2021, as approved by the company’s Board of Directors.

In H1, 2021, ViroGates’ revenue was TDKK 3,891, increasing by 223% compared to the same period last year. The increase was driven by new customers and higher sales from clinically relevant products. ViroGates announced six new clinical routine customers in H1, reported positive COVID-19 results from a clinical trial and expanded the number of validated platforms to cover the Siemens Healthineers Atellica® and Abbott Alinity® platforms.

The net effect of the COVID-19 pandemic remains uncertain for ViroGates. On the positive side, ViroGates has seen an increase in the number of customers using suPARnostic® for COVID-19 triaging. In addition, the positive topline results from the SAVE-MORE clinical trial present an attractive future commercial opportunity within COVID-19 depending on the ongoing EMA evaluation and the course of the pandemic. On the negative side, the pandemic is still delaying traditional sales activities hindering long-term growth.

Financial results in H1, 2021

The financial results in H1, 2021, continued to show an increasing interest in the clinically relevant suPARnostic® products (H1, 2020 results in brackets):

  • Revenue increased by 223% to TDKK 3,891 (TDKK 1,205)
  • Operating expenses increased by 13% to TDKK -13,787 (TDKK -12,200)
  • Operating loss decreased by -10% to TDKK -9,896 (TDKK -10,995)
  • Net loss decreased by -12% to TDKK -9,321 (TDKK -10,545)
  • Cash and cash equivalents at the end of the period amounted to TDKK 21,323 (TDKK 39,431)

Business highlights in H1, 2021

ViroGates had significant commercial and scientific achievements in H1:

  • Welcomed six new clinical routine customers – four hospitals in Greece, one hospital in Spain and one hospital in Italy
  • Reported positive results from the SAVE-MORE trial showing the use of suPAR-guided anakinra treatment improved overall clinical outcome by 64% in hospitalized patients with COVID-19 pneumonia
  • CE-IVD validated suPARnostic® TurbiLatex on the Siemens Healthineers Atellica® and Abbott Alinity™ platforms
  • Announced a delay in the development and launch of the suPARnostic® POC+ product

Jakob Knudsen, CEO of ViroGates, says:“We are excited to report strong revenue growth although initiation of new customer projects is challenging due to COVID-19. At the same time, we have documented suPARnostic®’s ability to help in the triage of COVID-19 patients in the SAVE-MORE trial conducted in H1 with positive topline results. In addition, we have succeeded developing our products for commercially important platforms from Siemens Healthineers and Abbott, enabling even more hospitals to gain benefits from suPARnostic® in the future. In this H1 report, we have launched a new initiative to inform in detail about management and board of directors’ shareholdings and warrants. We do this to create transparency about the management and board’s exposure to ViroGates’ shares – we hope our investors will appreciate this initiative. ”

This announcement is a summary and should be read in conjunction with ViroGates’ Half-Year Report for H1, 2021, published on 19 August 2021. A downloadable PDF version will be available on the company’s website.

For further information, please contact:

ViroGates A/S:

CEO, Jakob Knudsen

Tel. (+45) 2226 1355, email: jk@virogates.com

Certified Advisor:

Västra Hamnen Corporate Finance

Per Lönn

Tel. (+46) 40 200 250, email: per.lonn@vhcorp.se

Conference call to present the H1 2021 report

ViroGates will present the report via two live virtual webcasts.

The first is hosted by Västra Hamnen Corporate Finance on August 20th, 2021, 10:00 CET to 10:45 CET. You will be able to hear more about the company and ask questions directly to our CEO, Jakob Knudsen at the event. To participate please register via the following link:

https://attendee.gotowebinar.com/register/4356018095916601355

The second call will be hosted by HC Andersen Capital on August 20th, 2021, at 13:00 CET to 13.30 CET. To participate, please register on HC Andersen Capital’s website using this link: 

https://hcandersencapital643.clickmeeting.com/virogates-praesentation-af-q2-kvartalsregnskabet/register?_ga=2.98983958.982489020.1628242236-268222096.1627890306

About ViroGates

ViroGates A/S is an international medical technology company developing and marketing blood test products under the suPARnostic® brand for better triaging in hospitals to improve patient care, reduce healthcare costs and empower clinical staff.

The company was founded in 2000. Headquartered in Denmark, ViroGates’ sales force covers the Nordics, Spain, and France, while distributors serve other markets. ViroGates’ shares (VIRO) are listed on Nasdaq First North Growth Market Denmark. For more information, please visit www.virogates.com.

About suPAR and suPARnostic®

suPAR is the biomarker detected by ViroGates’ suPARnostic® products and is a protein in plasma, measurable in every human being. suPAR is considered a general risk status biomarker indicating disease presence, disease severity and progression, organ damage and mortality risk across disease areas such as cardiovascular diseases, kidney diseases, type 2 diabetes, cancer, etc. Strong scientific evidence from more than 600 clinical trials and studies show that the higher the level of suPAR, the worse the prognosis for the patient.

The suPARnostic® products can be used to support healthcare professionals in making clinical decisions on hospitalization or discharge of acute care patients. The increasing demands on health systems globally and tightening healthcare budgets necessitate efficiency improvements and innovative solutions in hospitals. The use of suPAR in clinical routine in emergency departments can improve patient care and reduce healthcare costs by increasing the number of discharges by up to 34% and reducing the average hospital length-of-stay by up to 6% without affecting mortality. suPARnostic® TurbiLatex is currently available on Roche Diagnostics’ cobas® instruments, Siemens Healthineers ADVIA® XPT and Atellica® instruments and the Abbott Labs Architect™ and Alinity™ instruments. ViroGates works with partners to develop solutions for other platforms.

Disclosure regulation

Prospects about the future reflect ViroGates' current expectations for future events and results. The statements are by nature inherent in risks, uncertainties and other matters that are difficult to predict or out of control. The actual results may therefore differ from the expectations expressed.

Contacts

  • Jakob Knudsen, CEO, +45 2226 1355, jk@virogates.com

Attachments

  • 20210819-ViroGates Half-Year Report 2021_comp ann 17.pdf
  • 20210819-ViroGates-Half-Year Report, H1 2021_vF.pdf

© Ritzau Denmark, source Ritzau English Regulatory Releases

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Financials
Sales 2020 5,35 M 0,82 M 0,82 M
Net income 2020 -18,7 M -2,85 M -2,85 M
Net cash 2020 33,5 M 5,11 M 5,11 M
P/E ratio 2020 -13,4x
Yield 2020 -
Capitalization 472 M 71,9 M 71,9 M
EV / Sales 2019 17,5x
EV / Sales 2020 41,3x
Nbr of Employees 14
Free-Float 47,9%
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Managers and Directors
Jakob Knudsen Chief Executive Officer
Mark Christian Hvidberg da Silva Chief Financial Officer
Lars Kongsbak Chairman
Jesper Eugen-Olsen Chief Scientific Officer
J÷rgen Axel Thorball Director
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