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2021-11-11 12:42:55

11.11.2021 12:42:53 CET | ViroGates | Interim information

COMPANY ANNOUNCEMENT - No. 21-2021 - 11 November 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 Interim Report for the period 1 January 2021 – 30 September 2021, as approved by the company’s Board of Directors.

In Q1-Q3, 2021, ViroGates’ revenue was TDKK 5,063, increasing by 66% compared to the same period last year. The increase was driven by new customers and higher sales from clinically relevant products in Europe. The announcement of new customers and revenue in Q3 were lower than in recent quarters due to the seasonal effect of summer holidays at the European emergency departments.

The net effect of the COVID-19 pandemic remains uncertain for ViroGates. The positive results from the SAVE-MORE COVID-19 trial were published in Nature Medicine in Q3.  ViroGates is still awaiting the result of the EMA evaluation of suPAR-guided anakinra treatment that was initially expected in October. ViroGates is supporting relevant parties in the EMA process but is not directly involved. Unfortunately, the pandemic is still delaying traditional sales activities due to the continued emergency preparedness at European hospitals.

Financial results in Q1-Q3, 2021

The financial results in Q1-Q3, 2021, continued to show an improvement compared to last year despite lower revenue in Q3 due to customer summer holidays (Q1-Q3, 2020 results in brackets):

  • Revenue increased by 66% to TDKK 5,063 (TDKK 3,055)
  • Operating expenses increased by 8% to TDKK -19,518 (TDKK -18,029)
  • Operating loss decreased by -3% to TDKK -14,455 (TDKK -14,974)
  • Net loss decreased by -5% to TDKK -13,641 (TDKK -14,293)
  • Cash and cash equivalents at the end of the period amounted to TDKK 17,475 (TDKK 38,028)

Business highlights in Q1-Q3, 2021

ViroGates had significant commercial and scientific achievements in Q1-Q3:

  • Welcomed six new clinical routine customers – four hospitals in Greece, one hospital in Spain and one hospital in Italy – although no new customers were announced in Q3
  • Positive results from the SAVE-MORE trial were published in Nature Medicine, showing an improvement in overall clinical outcome by 64% in hospitalized patients with COVID-19 pneumonia, followed by a European Medicines Agency evaluation of a label extension of anakinra (Q3)
  • CE-IVD validated suPARnostic® TurbiLatex on the Siemens Healthineers Atellica® and Abbott Alinity platforms (Q1/Q2)
  • Announced a delay in the development and launch of the suPARnostic® POC+ product (Q1)

Jakob Knudsen, CEO of ViroGates, says: “This quarter, we have continued to work in the COVID-19 area and witnessed the publication of fascinating data in Nature Medicine. COVID-19 continues to be interesting for ViroGates. We expect it to be an entry point into hospitals’ general triage of patients once it is possible to conduct regular sales visits again. The initiation of new customers is still challenging due to COVID-19. In the last quarter, hospital customers had fewer COVID-19 patients but have still maintained an emergency status. The hospitals are yet to return to normal operations and are awaiting new potential waves in the pandemic.”

This announcement is a summary and should be read in conjunction with ViroGates’ Interim Report for Q1-Q3, 2021, published on 11 November 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 Q1-Q3 2021 report

ViroGates will present the report via two live virtual webcasts.

Västra Hamnen Corporate Finance hosts the first on 15 November 2021, 11:00 CET to 11:45 CET. To participate, please register via the following link:

https://register.gotowebinar.com/register/8438786246686366733

HC Andersen Capital will host the second call on 15 November 2021 from 13:00 CET to 13.30 CET. To participate, please register on HC Andersen Capital’s website using this link: 

https://hcandersencapital.dk/event/virogates-praesentation-af-q3-kvartalsregnskabet

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.

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