Q2 BioPorto for Public Use in ProInvestor Q&A with Retail Investors

1. August 25, 2
A 2011
Announcem
A ment no. 14
Interim Re
eport for Q 2011 fo the BioP
Q2 or Porto Grou
up
Summary of Q2 2011
S f
• Revenues (including lic
censing inco
ome) in the fi rst half-year of 2011 incr
reased 46% to DKK 10.1 million (DK
1 KK
6.9 million).
• The financ result wa a loss of DKK –7.3 milllion (DKK –6.5 million) for the first 6 m
cial as D months.
• Since laun The NGA Test™—c
nch AL correspondin to a mark value of DKK 3.3 milliion—has bee distribute
ng ket D en ed
to hospita all over th world for the purpose of testing, validating an routine se
als he e v nd et-up of the test. Sales o
of
The NGAL Test™ gen
L nerated DKK 355,000 in the first half
f-year. Sales for routine d
diagnostics utilization ar
re
expected t commenc late this ye
to ce ear.
• Distributio collaborat
on tions with se
everal globa l diagnostics companies which ma
s s, arket their ow analyzers
wn s,
are curren
ntly being negotiated, and the valid
a dations of The NGAL Test™ for th
T T hese companies’ specifi
ic
analyzers are in progre
ess.
• BioPorto has establis
shed agreem
ments with two of the largest dia
e agnostics co
ompanies in China. Th
n he
agreement include th registratio marketing and sale of The NGAL Test™ on the Chinese market. Th
ts he on, g o L e he
registration process is expected to be initiated at the SFDA (the Chines Drug Adm
o A se ministration) in Q4 2011.
• BioPorto’s NGAL cut- patent was issued in Japan and India in Q2 BioPorto’’s NGAL tria patent fo
s -off w n d 2. age or
diagnosing the severit of physica traumas b measuring NGAL was approved f issuance in Europe i
g ty al by g s for e in
July.
• The US Fo and Dru Administr
ood ug ration (FDA) has comme
enced the ev
valuation of B
BioPorto’s application fo
a or
approval o The NGA Test™. The FDA has accepted to evaluate The NGAL Test™ und the 510(k
of AL T s der k)
paradigm, but has req
quested that the include clinical da is verified by conduc
ed ata d cting an additional clinica
al
study in th USA. The final study design is curr
he d rently discus
ssed with the FDA.
e
• To ensure the access to market Th NGAL Tes in the USA, BioPorto has started preparation to conduc
he st™ o d ns ct
onal clinical s
an additio study. In ad
ddition BioP orto plans to increase marketing ac
m ctivities in markets wher
m re
The NGAL Test™ has already be
L s een approve for IVD use in order to gain a fa
ed aster market penetration
t n.
BioPorto ccurrently exaamines the possibilities f external financing to be able to speed up th
p for hese activitie
es
successfully.
Forecast for 2011
F r
• It is still to early for BioPorto to predict the sales reven
oo nues generat by The N
ted NGAL Test™ in 2011. A
™ At
present, th assay still is in its intro
he l oductory pha and is primarily being provided f validation and trial set
ase for n t-
ups, which is why BioP
h Porto does not anticipate major sales until Q4 20
n e s 011. BioPorto expects th sales of th
o he he
rest of its p
product port
tfolio to cont tinue to grow
w.
• In relation to the Group’s IP rights to the NG
n GAL assay method—an in additio to the ag
nd on greement witth
Instrument tation Labor
ratory—BioPPorto expects to conclud agreemen concerniing other vendors’ use o
s de nts of
these right to develop and market the NGAL a
ts p t assay in othe assay form
er mats.
• The most important a continue to register and widen the registration of The NGA
activities in 2011 are to c
2 d AL
Test™ for diagnostic u and to im
use mplement the assay in ro
e outine diagno
ostics.
Interim Finan
ncial Report, Q2 2011 Pa 1 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

2. Key figure
K es
(DKK thousand)
( ) 2011 2010 2011 2010 2010
Q2 Q2 6 months 6 months 12 months
Net revenues ...
............................................................................... 3.711 3.412 10.127 6.943 13.802
Net income/los , ordinary ope
ss erating act. (EBIT .....................
T) (5.040) (2.976) (6.313) (6.435) (13.411)
Income/loss fro net financial s .................................................
om (942) (80) (954) (27) (796)
Earnings before tax ......................................................................
e (5.501) (2.991) (7.267) (6.462) (14.207)
Net income/los for the perio .......................
ss od .......................... (5.501) (2.991) (7.267) (6.462) (14.207)
Long-term asse .........................................................................
ets 686 852 686 852 764
Short-term asse .........................................................................
S ets 15.104 13.326 15.104 13.326 20.120
Total assets .... ....................................................
............................ 15.790 14.178 15.790 14.178 20.974
...............................................................................
Capital stock ... 127.349 126.398 127.349 126.398 126.398
Equity ....................................................................
.......................... (1.277) 8.947 (1.277) 8.947 3.309
Long-term liabi
ilities ..................................................................... 11.853 0 11.853 0 11.924
Short-term liab
bilities .................................................................... 5.214 5.231 5.214 5.231 5.741
Total liabilities .....................................................
.......................... 15.790 14.178 15.790 14.178 20.974
Cash flow from by operations ....................................................
m (3.135) (4.507) (6.636) (7.396) (13.379)
Cash flow from investing, net ....................................................
m (28) (54) (28) (129) (207)
sted in property plant and equipment ............
Of which inves y, (24) (50) (24) (125) (201)
Cash flow from financing ............................................................
C 1.030 0 1.030 0 13.168
....................................................
Total cash flow .........................
w (2.133) (4.562) (5.634) (7.525) (418)
Revenue growth ............................................................................
R h 9% 27% 46% 23% 25%
Gross margin ra ........................................................................
G atio 42% 61% 58% 60% 61%
Operating marg ..........................................................................
O gin -136% -87% -62% -93% -97%
Equity interest (equity ratio) ........................................................ -8,1% 63,1% -8,1% 63,1% 15,8%
Return on equit ...........................................................................
ty Negative Negative Negative Negative Negative
employees ...........................................................
Average no. of e
A 24 22 23 22 23
Average no. of s
A shares (1,000) .................................................... 42.269 42.120 42.269 42.120 42.120
hare (EPS) DKK ....................................................
Earnings per sh -0,13 -0,07 -0,17 -0,15 -0,34
Equity value per share, closing, DKK .........................................
E -0,03 0,21 -0,03 0,21 0,08
osing, DKK ...........................................................
Listed price, clo 6,65 6,00 6,65 6,00 7,85
Interim Finan
ncial Report, Q2 2011 Pa 2 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

3. Current situation fo Q2 2011
C or
NGAL for Hu
N uman Diagn
nostics
The NGAL Te
T est™
The NGAL Te
T est™, BioPo
orto’s homog
geneous rena injury imm
al munoassay, has been on the market in Europe an
h nd
Canada for a
C about six months now.
There is a b differenc in how much progre
T big ce m ess has bee made in each indiviidual market in terms o
en t of
implementing The NGAL Test™ with the purpos of use in routine diag
g L h se gnostics onc it is fully implemented
ce d.
Most Europe markets are still at a stage where the individ
M ean e dual hospitals must first v
s validate the test and the
en
carry out loc clinical st
c cal tudies before starting to use the test for diagnos purpose In other markets, suc
e t stic es. m ch
as the Czech Republic, T NGAL Test™ has un
a h The T ndergone technical valid
dation, clinica studies ar in progres
al re ss
and the test is expected to obtain reimburseme and be implemented for diagno
a d ent d ostic utilization at severa
al
hospitals bef
h fore the end of the year Numerous hospitals ha either te
d r. ave ested or are in the proce of testin
ess ng
The NGAL Te
T est™, for wh
hich tests corrresponding to a market value of DKK 3.3 million have been distributed.
n d
Doctors mus be able to document the clinical b
D st o t benefits of using The NG GAL Test™, which clinical studies will
seek to corro
s oborate, but at the sam time, it is crucial for hospitals to prove that they can sa money b
t me s ave by
using the immunoassay. In this cont
u text, the firs cost-benef analyzes were publish
st fit hed in the US, and thes
U se
specify the in
s nherent savi
ings from ussing NGAL, ii.e. by reduc cing both the number of hospitalizat
e f tion days annd
the need for additional d
t diagnostics. Clinical stud ies, registrat
C tion for diagnostic use, c
cost-benefit analyzes, th
he
training of do
t octors, and o
obtaining reim
mbursement for NGAL are all crucial factors for f
t further marke penetratio
et on.
Sales of The NGAL Test™ generated DKK 246,00 in Q2, wh
S ™ d 00 hich is a 125% increase c
compared to Q1. Sales o
o of
The NGAL Te
T est™ are expected to co ontinue rema limited un late in the year, when initial imple
ain ntil n ementation a
at
several major hospitals is expected to be comple
s s o eted.
The marketin of The NG Test™ at clinical che
T ng GAL a emistry cong
gresses has high priority. These cong
h . gresses targeet
groups like laboratory m
g managers fro routine la
om aboratories, i.e. one of the most im portant target groups fo
t or
marketing Th NGAL Tes
m he st™. In addit
tion, all glob diagnostic players in the clinical chemical-an
bal cs n nalyzer secto
or
take part at t
t these congre
esses.
BioPorto rec
B cently took p
part in the IF
FCC (Internat
tional Forum for Clinical Chemistry) in Berlin in May, and th
m he
AACC (Amer
A rican Association for Clinical Chemi stry) congre in Atlanta USA, in J
ess a, July. At both congresses
h s,
great interes was noted among prospective buy
g st d yers, laborat
tory manage and majo diagnostic companies
ers, or s.
The establish
T hment of disstribution pa
artnerships w
with several global diagnnostic compa
anies, which market the
h eir
own analyze
o ers, is curre
ently being negotiated, and the val
n lidations of The NGAL Test™ on their specifi ic
analyzers are in progress
a e s.
At the same time, BioPor is devotin resources to assisting the specialized network of distributo marketin
A rto ng s g k ors ng
The NGAL Te
T est™, and B BioPorto’s ow sales net
wn twork for The NGAL Test™ is expec
e cted to compprise some 220
distributors b late 2011 BioPorto has also en
d by 1. ntered into agreements with two of the bigges diagnostic
a f st cs
companies in China, a m
c n market where sales are e
e expected to rise sharply after registr
ration. These agreement
e ts
cover the reg
c gistration, ma
arketing and sale of The NGAL Test™ The immu
™. unoassay is e expected to be registere
ed
in China by mmid-2012.
The NGAL T ™ is con
T Test ntinuously beeing adapte to existing analyzers, and applic
ed cation protoc
cols are now
w
available for some of th most widely used de
a he evices, manu ufactured by companies like Roche and Abbot
y s e tt.
BioPorto exp
B pects 5–10 additional app
plication pro
otocols to be added to the list this yea
ar.
Interim Finan
ncial Report, Q2 2011 Pa 3 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

4. Registration
R
The NGAL T
T Test™ is registered and certified f diagnostic use in Europe and C
d for Canada. The registratio on
processes ar in progres in a numb of countr
p re ss ber ries and are on schedule in order of priority (see the overview
e w
below).
b
Country/R
Region Status
Europe (CE mark)
E Obtained
Canada Obtained
USA (FDA certification)
) In progress
s
China In progress
s
India In progress
s
Taiwan In progress
s
South Kore
ea In progress
s
Russia In progress
s
Registration of The NGAL Test™ in selected cou
R s untries: A pro
ocess is rega
arded as “in progress” once dialogu
n o ue
with authoriti and/or business part
w ies tners has bee initiated and/or the company is c
en a carrying out tasks that ar
re
required befo an applic
r ore cation may be submitted.
e .
The US FDA has comme
T A enced the processing of BioPorto’s application for certificat
f tion of The NGAL Test™
N ™.
The initial pro
T ocessing has resulted in a request by the FDA to set up a clinical study i n the US to verify the us
s y o se
of The NGAL Test™ un
o nder US connditions. The design of the study is currently b
e s being discus ssed with th he
authorities. T
a The applicat tion has be
een put on standby un the results of this s
ntil study are available. It is
considered p
c positive that the FDA ha agreed to take a posi
as ition on The NGAL Test™ which is currently no
™, ot
classified in t US syste under the 510(k) para
c the em, e adigm.
ELISA
E
half-year, sales of ELISA kits for m easuring human NGAL declined. Th primary cause of this
In the first h A he
decline is tha the testing and studie of The NG
d at g es GAL Test™ replace the sale of ELISA kits. As a result, fewe
r s A er
basic researc studies a executed, studies wh
b ch are hich often us ELISA kits Conversely more stud
se s. y, dies are bein
ng
set up to ide
s entify the diagnostic beneefits of using NGAL in different clinic situations with a view the purpos
g cal s w se
of use in routine diagnos
o stics. A diagn
nostic produ like The NGAL Test™ is used for most of these studies, t
uct N ™ to
ensure a smo
e ooth carry-ov into routine diagnost
ver tics in the central laboratory.
In
ntellectual property right
ts
BioPorto’s N
B NGAL cut-of patent wa issued in Japan in May, and this IP prot
ff as n t tection is crrucial for th
he
company’s m
c marketing in the importa high-tech Japanese market. In June, the cut
ant h m t-off patent was issued i
w in
India, which constitutes one of the major expan
m nding life sci
iences markets. After th all that re
his, emains is thhe
is
ssuance of a patent in th US and China where t patent ap
he the pplications are currently being examined.
a
After the end of the quar
A d rter, BioPorto NGAL tri age patent for diagnosin the severiity of physical traumas b
o’s f ng by
measuring N
m NGAL was a approved fo issuance in Europe. This constit
or tutes a sign
nificant prote
ection of th
he
company’s r
c rights in the use of NG
e GAL in Euro
ope’s expand ding multifac ceted POC market, inc cluding NGA AL
measuremen at emerge
m nts ency wards, trauma centters and, pot
tentially, in ambulances.
CCH was g
C granted a NNGAL/serum creatinine patent in the US, US
t S7977110. T The patent assumes th he
measuremen of both NG and seru creatinine and a joint evaluation of these two results. BioP
m nt GAL um e t o Porto’s NGA
AL
Test™ does not assume simultaneo
T ous measur rement of se
erum creatin
nine. Høiberg the comp
g, pany’s paten
nt
consultant, a
c assesses that the patent will not impe BioPorto marketing of The NGA Test™.
ede o’s g AL
Interim Finan
ncial Report, Q2 2011 Pa 4 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

5. Licensing acc
L cess to BioP
Porto’s IP righ
hts
BioPorto offe other pla
B ers ayers in the NGAL sector the option of licensing access to B
N r BioPorto’s NGAL IP rightts
to assay form
t mats other th the homogeneous. T first licen
han The nsing agreem
ment concern ning access to BioPorto’
’s
NGAL IP righ was ente
N hts ered into in Q1 with Instr
Q rumentation Laboratory, and agreem ments with ot
ther licensee
es
are currently being nego
a y otiated. BioP
Porto believe that an NG
es GAL assay for diagnosin renal inju in relevan
f ng ury nt
patients cann be marke
p not eted without the manufa
t acturer having to pay for licensing ac
ccess to BioP
Porto’s paten
nt
rights.
r
NGAL produ
N ucts for assa in anima
ays als
The product portfolio inc
T cludes ELISA kits and an
A ntibodies for measuring the renal inju marker NGAL in mice
t ury N e,
rats, dogs, pigs and m
r monkeys. Ov the past 6–12 mont
ver t ths, compet tition in this area has been sharply
s
intensifying. It is still important for BioPorto to maaintain its po
osition as the sole vendo of a comb
e or bined portfoli
io
of NGAL pro
o oducts, wher reby the entire customer segment’s data—from basic resear
r rch to routine diagnostic
cs
for both anim
f mals and humans—can be followed continuousl It has thely. erefore been necessary to reduce th
t he
price of seve products in order to be able to m
p eral s b maintain the company’s market share.
c m .
The antibody portfolio
T
The revenues generated by the antibody portfo lio continue to grow. Growth is driiven by peptide hormon
T G ne
antibodies, w
a which are pprimarily used by the pharmaceut tical industry for the d
development and qualit
t ty
assurance of drugs used for treating obesity and diabetes.
a f
Increase of t capital s
the stock
In Q2, BioPo orto increase its capita stock by t he nominal amount of DKK 951,180 as a result of warrant
ed al D 0, ts
being exercis and con
b sed nvertible bonds being coonverted. The increase of the capital stock is divided betwee
e f en
the conversio of conver
t on rtible bonds into stocks, totaling a no
ominal value of DKK 193
e 3,680, and th exercise o
he of
warrants to s
w subscribe to stocks, tota
aling a nomin value of DKK 757,500 (see Comp
nal D 0 pany Announcement No. 6
of April 8, 2011).
o
Capital reso
C ources
BioPorto’s e
B expectations continue to be that the future fina
o e ancing will be secured t
b through incrreasing sales s,
primarily from The NGAL TestTM. An additional clinical stud is required in order to have The NGAL Test™
p m L n dy o ™
registered an approved by the US FDA. Moreov an expan
r nd F ver nsion in marketing activit duled with th
ties is sched he
purpose of p
p providing sup pport to hos
spital laborat
tories and as
ssociated dooctors when implementin The NGA
ng AL
Test™ thus i
T increasing mmarket penetration in the other marke In order to execute t
ets. these activities faster an
nd
more efficien BioPorto is currently examining external fin
m nt y nancing possibilities (thr
rough share emission o
e or
foreign capit
f tal). Addition capital will furthermo minimize financial ris and incr
nal w ore e sks rease the fleexibility whe
en
negotiating fu
n uture sales c
contracts for The NGAL T Test™ and licensing agreeements for NGAL IP rights.
Interim Finan
ncial Report, Q2 2011 Pa 5 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

6. Financial Sta
F atements
Revenues
R
In Q2 2011, BBioPorto gen
nerated total revenues of DKK 3.71 million, comp
l f m pared to DKK 3.41 million in the sam
K me
quarter last y
q year. Revenu in the firs half-year a
ues st amounted to DKK 10.13 million, equ ivalent to a 46% increas
o 4 se
compared to the same period last year (DKK 6.94 million).
c o 4
In the first ha
alf-year of 2
2011, sales of the Group human diagnostics products, inc
o p’s p cluding The NGAL Test™
N ™,
increased 57 to a total of DKK 1.75 million, com
7% 5 mpared to th first half-y
he year of 2010 (DKK 1.11 million). In th
0 m he
first 6 months, sales of The NGAL Test™ amount to DKK 355,000.
f ted 3
Sales of reag
S gents and kit for the R& market inc
ts &D creased 11% to DKK 6.16 million in t first half-
% the -year of 2011
1,
compared to the same p
c o period last year (DKK 5.
y .56 million). Sales trends for ELISA kits for mea
s asuring NGAAL
were negativ in Q2 201 due to in
w ve 11, ntense comppetition and the use of free samples of The NG
s GAL Test™ i in
clinical studie
c es.
Costs and fin
C nancial result t
The gross pr
T rofit in Q2 22011 amount ted to DKK 1.54 million, equivalent to a 25% d
decline (DKK 2.07 million
K n)
compared to Q2 2010. T gross ma
c o The argin decline to 42%, compared to 61% for th same qua
ed c o he arter last yea
ar.
The dispersa of free kits and discounts in conne
T al s ection with th launch of The NGAL T
he f Test™ affec
cted the grosss
profit negativ
p vely in the firs half-year of 2011, com
st o mpared to previous periods.
Total operating costs in the first ha
T n ounted to DKK 16.44 million (DKK 13.38 million). A warran
alf-year amo m nt
program for m
p managemen and employees was ca
nt arried out in Q2 2011. The calculated cost effect of this totale
Q ed
DKK 1.27 mi
D illion (Black-Scholes). Sig
gnificant ma
arketing costs relating to The NGAL TTest™ were also incurre ed
in Q2.
Financials am
F mounted to a cost of DK –0.95 milllion (DKK –0
KK 0.30 million) in the first ha
alf-year of 2011, primarily
interest expe
enditure relat
ting to the co
onvertible bo loan.
ond
The loss in th first half-y
T he year of 2011 amounted t DKK -7.27 million (DK -6.46 milllion), equivalent to a 13%
to KK %
increase.
Equity
E
At the closing of the first half-year, equity was DK -1.28 million, compared to DKK 3
A g t KK 3.31 million at the start o
of
the year. This reduction is attributable to the net lloss for the period.
t s e p
During the ac
D ccounting peeriod, BioPor has incre
rto eased its cappital stock by the nomina amount of DKK 951,17
y al 71,
as a result of warrants be
a f eing exercise and conve
ed ertible bonds being conv
s verted.
Cash flow
C
In the first ha
alf-year, the Group had a total negaative cash flo of DKK -5.63 million, compared to DKK -7.5
ow , 53
million for th same per
m he riod last yea Liquid res
ar. sources amo ounted to DKK 8.29 milllion at the closing of th
c he
period.
p
Interim Finan
ncial Report, Q2 2011 Pa 6 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

7. Planned p
P priority are in Q3 2011
eas 2
The following priority areas deserve particular me
T g p ention for the Q3 accounting period:
e
• The prima focus will be the es
ary stablishment of addition partnerships relating to the adj
t nal g justment an
nd
validation of The NGA Test™, as well as ente
AL ering into neg
gotiations co
oncerning diistribution co
onditions wit
th
multination players in the diagnostics market
nal n t.
• Efforts to register The NGAL Test™ for diagno
™ ostic use will continue in Q3, with sp
n pecial focus on India an
s nd
the US, wh here particularly the initia
ation of the c
clinical study in the US has top priorit
y ty.
• The comp pany continu to focus on establis
ues shing licensin agreements concern
ng ning other as
ssay-vendors
s’
access to BioPorto’s N
NGAL IP with areas oth than the homogeneou assay form
hin her h us mat.
Statements about the f
S future
This interim financial rep
T port contains statements concerning forecasts for future de
s s g f evelopments including i
s, in
particular fut
p ture revenues and net results. Such s
s statements are uncertain and risky, a many fac
a n as ctors, some o of
which are be
w eyond BioPo orto’s control, may cause actual trends to deviate from the fo
e forecasts conntained in th
he
interim reporrt.
Financial ca
F alendar
November 10 2011
N 0, Dormant pe eriod before Q3 begins
November 24 2011
N 4, Interim fina
ancial report for Q3 2011
Further deta
F ails:
Thea Olesen, Managing D
T Director
Frank Harder CFO
F r,
Tel.: +45 452 0000
T 29
E-mail: inves
E stor@bioporto
o.com
About BioPor
A rto
BioPorto deve
B elops and mar rkets antibodie and antibod
es dy-based prod ducts, includin tests to dia
ng agnose human disease, bot
n th
for the benefit of individual p
f patients and to promote eff
t ficiency in the health sector The Compan
e r. ny’s developm
ments include a
test (NGAL) to diagnose an monitor ac
t o nd cute kidney in
njury. Within the Company focus area BioPorto's strategy is t
y’s as, s to
develop new m
d methods that can be paten nted and achiieve a wide use in the diag
u gnosis of variious diseases. BioPorto waas
founded in 2000 and has ab
f bout 30 emplo oyees. The Coompany's sha ares are listed on NASDAQ OMX Copenh hagen (symbo ol:
BIOPOR).
B
Interim Finan
ncial Report, Q2 2011 Pa 7 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

8. Statement by the M
S t Manageme and Bo
ent oard of Dir
rectors
On today’s d
O date, the boa and mana
ard agement hav discussed and approv the Interiim Financial Report for
ve d ved
the period fro January 1, 2011 to Ju 30, 2011 for the BioP
t om une 1 Porto Group.
The Interim F
T Financial Rep
port, which has not been audited or reviewed by the compan
h n r ny’s accounta
ants, is
presented in accordance with IAS 34 “Interim Fin
p e 4, nancial Repoorting”, as ap
pproved by t European Union and
the n
in accordanc with other Danish disc
ce r closure requi rements for the interim reports of list companies.
ted
In our view, t Interim Financial Rep presents a true and fair view of th Group’s a
the port s f he assets, liabilities and
financial position as at Ju 30, 2011 and of the f
f une financial resu of the Gr
ults roup’s activit
ties and cash flow for the
e
period from J
p January 1, 20 to June 30, 2011.
011
It is also our view that the statement by the mana
e agement includes a true and fair acco
a ount of the tr
rends in the
Group’s activ
G vities and fin
nancial situation, the finan
ncial results for the perio and the G
od Group’s financial position
in general, as well as a de
s escription of significant r
f risks and ele
ements of uncertainty fac
cing the Grouup.
Gentofte, August 25, 2011
G
Executive M
E Management
t:
____________
_ ____________
_____
Thea Olesen
T
CEO
C
Board of Dir
B rectors:
____________
_ ____________
_____ ___
___________
____________
____
Carsten Lønf
C feldt Pe Nordkild
eter
Chairman
C
____________
_ ____________
_____ ___
___________
____________
____
Niels T. Foge
N ed Maarianne Weile
e
Interim Finan
ncial Report, Q2 2011 Pa 8 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

9. Compreh
C hensive i
income statemen
s nt
The BioPo
T orto group
p
2011 2010
0 2011
2 2010
2nd quarter 2nd qua
arter 9m
months 9 months
DKK thousand
D d DKK thou
usand DKK thousand DKK thousand
D
Net Revenue .....................
es .................................... 3.711 3.412
3 10.127 3
6.943
Gross income
e/loss .............
.........................
............ 1.540 2.067
2 5.904 4.164
4
Gross margin ratio .............
n .........................
........... 42%
% 61% 58% 60%
%
Earnings befo interest (E
ore EBIT) ..............
............ (5.040) (2
2.976) (6.313) (6.435
5)
EBIT margin ratio ...............
E .........................
........... -136%
% -87% -62% -93%
%
Earnings befo tax ...........
ore .........................
............ (5.501) (2
2.991) (7.267) (6.462
2)
Income taxes relating to net loss .........................
t 0 0 0 0
Net profit/Comprehensive income, tota .........
e al (5.501) (2
2.991) (7.267) (6.462
2)
Earnings per Share (eps) DKK DKK
K DKK DKK
Earnings per s
share (eps/dep ..............................
ps) 3
-0,13 -0,07 -0,17 -0,15
5
Interim Finan
ncial Report, Q2 2011 Pa 9 of 17
age
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

10. Balance sheet
B
The BioPo
T orto group
p
2011 20110 2010
ASSETS
A June 31 Dec. 31 June 31
DKK thousand
d DKK tho
ousand DKK thousand
D
Long-term ass
L sets
Tangible assets ..........................
T s ............................
............................
.............. 44
44 526 6
616
Other long-term assets ...............................................................................
m 24
42 238 236
6
Long-term ass
sets, total ..........
............................
............................
.............. 68
86 764 852
2
Short-term ass
S sets
Receivables and inventories ....
d ............................
............................
.............. 6.81 2 6.284 6.507
7
Cash resources ..........................
C s ............................
............................
.............. 92
8.29 13.926 6.819
9
Short-term ass
sets, total .........
............................
............................
.............. 15.10
04 20.210 13.326
6
ASSETS, TOTA .......................
A AL ............................
............................
.............. 15.79
90 20.974 14.178
8
Interim Finan
ncial Report, Q2 2011 Pag 10 of 17
ge
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

11. Balance sheet
B
The BioPo
T orto group
p
2011 201
10 2010
LIABILITIES
L June 31 Dec. 31 June 31
d
DKK thousand DKK tho
ousand DKK thousand
D
Equity
E
Capital stock ...
............................
............................
............................
.............. 127.34
49 126.398 126.398
8
Reserve, conver
R rtible bond loan ........................
ns ............................
.............. 2.03
37 2.105 0
Reserve, share-
-based payment ..........................
t ............................
.............. 2.84
44 1.985 1.985
5
Treasury stock ..............................................................................................
T (4
44) (44) (44
4)
Retained incom
me/loss ...............
............................
............................
.............. (133.46
63) (127.135)
( (119.392
2)
Equity, total .................................................................................................. (1.27 7) 3.309 8.947
7
Liabilities
L
Long-term liab
L bilities
Convertible Bon Loans ..........
nd ............................
............................
.............. 53
11.85 11.924 0
Long-term liab
L bilities, total ......
............................
............................
.............. 11.85
53 11.924 0
Short-term liab
S bilities
Short-term segment of convert
tible bond loans .........................
s .............. 88
88 364 0
Suppliers of go
oods and service ...............................................................
es 1.06
69 1.611 1.291
1
Other debt ..................................................................................................... 3.25
57 3.766 3.940
0
Short-term liab
S bilities, total .....
............................
............................
.............. 5.21 4 5.741 5.231
1
Liabilities, total ............................................................................................ 17.06
67 17.665 5.231
1
LIABILITIES, T
L TOTAL ................
............................
............................
.............. 15.79
90 20.974 14.178
8
Interim Finan
ncial Report, Q2 2011 Pag 11 of 17
ge
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7

12. Statemen of cha
S nt anges in equity
The BioPo
T orto group
p
Share-b
based Retained
d
Caapital stock Treas
sury stock Prem
mium paymment Reservve income/los
ss Total
DK thousand
KK DKK thousand DKK th
housand DKK thousand DKK thous
sand DKK thousaand DKK thousan
nd
Equity, January 1s 2011 ....................................
st, 126.398 (44) 0 1.985
1 2.105 (127.13
35) 3.309
9
C
Comprehensive in
ncome for the peri ...............
iod 0 0 0 0 0 (7.26
67) (7.267
7)
E
Execise of warrant and convertible bonds .......
ts e 951 0 605 0 0 0 1.557
7
C
Convertible bonds .................................................
s 0 0 0 0 (68) 0 (68
8)
C crease ........................................
Cost of capital inc 0 0 (88) 0 0 0 (88
8)
S ments .........................................
Share-based paym 0 0 0 1.274
1 0 0 1.274
4
T
Transferred to Ret
tained income/los .................
ss 0 0 (517) (414) 0 94
40 8
Equity June 30th 2011 ..................
h, ...................... 127.349 (44) 0 2.844
2 2.0
037 (133.46
63) (1.277
7)
Share-b
based Retained
d
Caapital stock Treas
sury stock Premmium paymment Reservve income/los
ss Total
DKK thousand DKK thousand DKK th
housand DKK thousand DKK thous
sand DKK thousaand DKK thousan
nd
Equity, January 1s 2010 ....................................
st, 126.398 (44) 0 1.985
1 0 (127.13
35) 3.309
9
Comprehensive in
C ncome for the peri ...............
iod 0 0 0 0 0 (6.46
64) (6.464
4)
Equity June 30th 2010 ..................
h, ...................... 126.398 (44) 0 1.985
1 0 (119.39
92) 8.947
7
Interim Finan
ncial Report, Q2 2011 Pag 12 of 17
ge
B i o P o r t o A / S • G r u s b a k k e n 8 • D K - 2 8 2 0 G e n t o f t e • D e n m a r k • i n f o @b i o p o r t o . c o m • w w w . b i o p o r t o . c o m
P h o n e : + 4 5 4 5 2 9 0 0 0 0 • F a x : + 4 5 4 5 2 9 0 0 0 1 • C V R & V at . N o . D K - 1 7 5 0 0 3 1 7