The second quarter of 2023 shows a 100 % growth in sales compared to the same period last year and strong increase in margins. Sales revenues ended at
In June, HBC announced the sale of patents to the newly established associated company, HBC Immunology Llc. (HBCI) in USA. The net proceeds from this sale of assets amounts to
Adjusted for the sale of assets to HBCI, operating revenues in the second quarter and first half of the year were
Highlights in the second quarter
- In Q2 2023, we delivered exceptional growth with gross operating revenues, excluding sale of assets, of
NOK 52.9m , more than double the corresponding revenues second quarter last year, attributable to the company's significant market success. The Finished Goods business demonstrated a positive performance, with sales amounting toNOK 13.2m , reflecting a 100 % growth compared to previous financial year. - Net cash burn continues to decrease compared to last year, following the company's cost-cut initiatives and implementation of strategic growth initiatives. Operational cash flow was positive
NOK 3.1m in the second quarter. - Our R&D team successfully completed preclinical trials for MA-022, targeting eosinophilic conditions, which marks a significant stride towards potential treatments.
- In June, the company recognized
NOK 23.5m in revenue from sale of assets, patents, to an associated company, HBC Immunology Llc. (HBCI), registered in USA. HBCI is focused on the discovery and development of peptides that normalize tumor micro-environments, resulting in the improved performance of immunotherapies and chemotherapies. HBC holds 75 % shareholding in HBCI.
Highlights after the quarter
- In August, HBCI successfully completed the required minimum seed capital financing of approx.
USD 900,000 from external investors at a company valuation ofUSD 20m to commence preclinical animal trials.
Please find the HBC Q2 & First Half 2023 Financial report attached.
For further information, please contact:
Christel Elise Kanli, CFO of
Phone: +47 41623188
E-mail: ck@hofsethbiocare.no
About
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").
Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
Attachment
- HBC Q2 2023 Financial Report
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