Interim report January – March 2017
· Net sales rose by about 26 percent to SEK 4,794k (3,808k).
· Gross profit totaled SEK 4,128k (8,776k).
· Gross margin was 89 (91) percent.
· Operating loss improved to a loss of SEK 2,863k (loss: 3,449k).
· Comprehensive income for the period improved by SEK 582k to a loss of SEK 2,872k (loss: 3,454k).
· Comprehensive income per share, basic and diluted, improved by SEK 0.04 to SEK -0.05 (-0.09).
· Cash flow from operating activities was SEK -1,586k (-2,498k).
Comments from Fredrik Olsson, Chief Executive Officer
Increasing sales volumes and strong growth from new products
The favorable sales trend we saw last year, especially in the last quarter, has continued and 2017 is off to a great start. In the first quarter sales increased by 26 percent to SEK 4,794k. This means we have had strong sales growth for ten consecutive quarters. Our gross margin remains at a high stable level of 89 percent for the quarter.
It is particularly gratifying to see increased volumes of products used for analysis of materials in the early clinical phase. As order volumes increase, large orders may influence the figures from one quarter to another. In general, sales have stabilized at a high level and are constantly growing. However, we can continue to expect fluctuations between the quarters.
Growth during the quarter is organic and shows an increase in all product categories in the entire product portfolio. In the first quarter FabRICATOR® stands out in terms of sales. There is a huge underlying demand in the industry, driven by the pursuit for simpler, more effective and more reliable analytical methods, as well as new antibody formats for immunotherapy. Our goal this year is to maintain the high pace of both sales and product launches.
During the quarter we recruited two new employees, which along with intensified marketing and product development initiatives, affected current costs. We believe that it is crucial to strengthen both our production and our application work in order to handle the number of products in our pipeline, which has grown faster than expected, as well as to continue to develop customer relations.
During the quarter, we worked intensively to prepare for the launches of GlyCLICK™ in April and FabALACTICA™ in May. FabALACTICA is yet another product in our enzyme family with a focus on antibody analysis, while GlyCLICK is a new technology for labeling antibodies. GlyCLICK was developed in collaboration with Life Technologies and enables development of a new and complementary business area in our product portfolio. Initially, demand will come from the global pharmaceutical companies in the discovery and preclinical phase.
Our efforts to identify appropriate partners or distributors to introduce our portfolio in a few strategically important markets in Asia are a priority. The goal is to have a partner in place before the end of the year.
We see continued strong demand for our products, especially from global pharmaceutical companies that focus on biopharmaceuticals. We have established a strong position in this niche as both a knowledge partner and a provider of effective analytical tools. Close customer relationships are part of our success and enable us to transform customer needs into concrete products that generate sales right from the start. We will continue to develop and improve this formula. Based on our recent experience in the first quarter, I believe we will see additional business opportunities in the coming quarters.
Events after the end of the period
- Genovis launched two new products.
GlyCLICK™ is a product for specific labeling of antibodies for purposes such as development of biopharmaceuticals. GlyCLICK™ is the first of a series of products based on a technology platform in which Genovis’ unique GlycINATOR enzyme isÒ combined with SiteClick™ technology from Life Technologies. GlyCLICK is a new technology in an expanding market for applications in antibody development, preclinical imaging and antibody drug conjugates (ADCs). The market for biopharmaceuticals is large and many pharmaceutical companies are looking for new and improved technologies that link chemotherapy to antibodies.
The SiteClick™ brand belongs to Life Technologies Corporation.
FabALACTICA™ is an enzyme that is of particular interest to pharmaceutical companies that develop biological drugs in the growing immunotherapy segment. With the launch of FabALACTICA™ Genovis now has nine products in its enzyme family for analysis of antibodies.
- Genovis completed a private placement
In accordance with the authorization granted by the Annual General Meeting on May 12, 2016, Genovis raised SEK 11.5 million for the Company through a directed share issue of 5,000,000 shares. The rights issue was subscribed by selected qualified investors. The subscription price was set at SEK 2.30, which corresponds to approximately 92 percent of the average share price during the 10 trading days prior to the day of subscription. After the rights issue the total number of shares and votes in the Company is 60,294.62 and the share capital is SEK 15,073,540.50.
Genovis expands its product portfolio and launches FabALACTICA™
Development of new biological drugs in the immunotherapy segment is undergoing strong growth. New types of therapeutic antibodies place new demands on the reagents used for analysis. To meet this need Genovis is introducing FabALACTICA, a robust enzyme with specific activity affecting human IgG1 antibodies. The simplified protocol and unique specificity make FabALACTICA appropriate to use for daily controls of antibody products by Genovis’ existing and growing customer base. Unlike similar enzymes on the market, FabALACTICA does not require additives, which substantially simplifies analysis and interpretation of data.
“One aspect of Genovis’ success is its ability to rapidly translate customer needs into specific products and FabALACTICA is a product that our customers have requested. It is easier to use and gives better results than other products on the market, which makes it an important addition to our growing product portfolio,” says Fredrik Olsson, CEO of Genovis.
The name FabALACTICA comes from the bacteria in which it was discovered – Streptococcus agalactiae. Genovis has acquired the IP rights to the enzyme from Protactio AB, which is owned by Associate Professor Ulrich von Pawel-Rammingen and Christian Spoerry at Umeå University.
“New antibody formats in immunotherapy require new enzymes for analysis. FabALACTICA delivers stable results, regardless of the antibody. We believe that initially, the product will primarily be used in preclinical development, but since it is robust it is also appropriate for applications in quality control in clinical production,” says Fredrik Olsson.
The launch of FabALACTICA is Genovis’ second product launch this spring. The product is being presented at the PEGS conference in Boston. Earlier in April the company launched GlyCLICK™, a new technology for labeling antibodies.
For more information about GlyCLICK™ http://www.genovis.com/products/fabalactica/
Genovis AB publish Annual Report 2016
The printed Annual Report can be ordered from the company:
Telephone +46 (0)46-10 12 30
E-mail info@genovis.com
NOTICE OF ANNUAL GENERAL MEETING IN GENOVIS AB
4:30 p.m. – 4:50 p.m. Registration
5:00 pm Annual General Meeting convened
Right to participate. Registration
Shareholders who are registered in the register of shareholders maintained by Euroclear Sweden AB on May 5, 2017 and who have notified the company of their intention to attend the Annual General Meeting by no later than May 5, 2017 , preferably before 3:00 p.m., have the right to attend the Annual General Meeting. Notification may be made by mail at Genovis AB (publ), Box 790, S-220 07 Lund, Sweden, by phone +46 (0)46-10 12 30, by fax +46 (0)46-12 80 20 or by email: info@genovis.com. Upon notification, shareholders must provide their name/company name, personal identity number/corporate identity number, address and phone number. Information about the number of assistants (maximum two) that the shareholder intends to bring to the meeting should also be included.
Shareholders who are represented by proxy shall issue a written, signed and dated power of attorney for the proxy. Shareholders should submit the power of attorney together with the notification of their intention to participate at the AGM. The expiry date of the proxy document may be no more than five years from its issue. Proxy forms are available on the company’s website, www.genovis.com. Representatives of legal entities must present a copy of the certificate of registration or equivalent authorization documents showing the authorized signatory.
Shareholders whose shares are registered in the name of a nominee must, in order to be entitled to attend the meeting, request that their nominee re-register their shares in their own name, so that the shareholder is registered in the shareholder register on May 5, 2017. Such registration may be temporary.
Proposed Agenda
1. Opening of the Meeting.
2. Election of Chairman of the Meeting.
3. Preparation and approval of voting list.
4. Approval of the agenda
5. Election of individuals to verify the minutes.
6. Consideration of whether the meeting had been duly convened.
7. Presentation of the annual report and audit report, as well as the consolidated accounts and audit report for the Group.
8. Speech by the Chief Executive Officer, after which shareholders will have the opportunity to ask questions of the CEO, the Chairman of the Board and the auditor.
9. Resolutions on:
a) adoption of the Income Statement and the Balance Sheet, as well as the Consolidated Income Statement and the Consolidated Balance Sheet,
b) allocation of the Company’s result in accordance with the adopted balance sheet,
c) discharge from liability to the company of the Directors and the Chief Executive Officer.
10. Resolution regarding number members of the Board and deputy members.
11. Resolution regarding from directors’ fees.
12. Election of Directors and Chairman of the Board.
13. Resolution on fees to auditors.
14. Appointment of members to the Nomination Committee and adoption of guidelines for the Nomination Committee
15. Resolution on the Board of Directors’ proposal for remuneration guidelines for senior executives.
16. Resolution authorizing the Board of Directors to decide on the issuance of shares.
17. Authorization of the Chief Executive Officer to make such formal adjustments to the resolutions as may be necessary in conjunction with registration and implementation thereof.
18. Adjournment.
Item 2 Proposal to chair the meeting
The Nomination Committee proposes that attorney Arne Källén chair the meeting.
Item 10. Resolution regarding number of Board members and deputy members
The Nomination Committee proposes that the Board shall consist of five members without deputies.
Item 11. Resolution regarding fees for Board members
The Nomination Committee proposes that the fees until the next Annual General Meeting shall be paid in the amount of SEK 75,000 for each director who is not employed by the company and SEK 150,000 to the Chairperson. Provided that it is cost-neutral for the company, Genovis AB shall allow Board members to invoice their fees including an amount equal to social security contributions under the law. VAT will then also be paid by law.
Item 12 Election of Directors and Chairman of the Board.
The Nomination Committee proposes re-election of: Jacob Engellau, Mikael Lönn, Lena Mårtensson Wernrud, Kenth Petersson and Mårten Winge.
The Nomination Committee proposes re-election of Mårten Winge to serve as Chairman of the Board.
Item 13 Resolution on fees to auditors
The Nomination Committee proposes that remuneration to the auditors shall be paid on account.
Item 14 Appointment of members to the Nomination Committee and adoption of guidelines for the Nomination Committee
The Nomination Committee proposes that the Committee for the 2018 AGM will consist of representatives of the four largest shareholders as of September 30, 2017. The Nomination Committee shall appoint a chairman from among its members. It is incumbent upon the Chairman of the Board to convene the Nomination Committee. Should a shareholder decline to participate on the Nomination Committee, the right to appoint a representative shall be transferred to the next largest shareholder not represented in the committee. If deemed appropriate as a result of ownership changes, the Nomination Committee shall invite additional shareholders to join the Nomination Committee, though the total number of members may not exceed five. In the event a member of the Nomination Committee leaves the Committee before its work is completed, the Chairman of the Board, if the Nomination Committee deems necessary, shall invite the same shareholder or, if the latter is no longer one of the major shareholders, the shareholder next entitled, in terms of size of shareholding, to appoint a replacement. Such a change shall be announced on the company’s website.
The Nomination Committee will prepare proposals for the 2018 Annual General Meeting for resolution as regards chairman at the meeting, Chairman of the Board and other directors, remuneration of directors and auditors, and principles for appointing the Nomination Committee. The Nomination Committee mandate runs until a new committee is appointed. The Nomination Committee proposes that remuneration will only be paid for direct costs associated with the assignment.
Item 15 The Board of Directors’ proposal for a motion regarding remuneration guidelines for senior executives
The Board of Directors proposes that the AGM adopts the following guidelines for remuneration to senior executives. These guidelines are valid for employment agreements entered into after the guidelines are approved by the AGM, and for amendments made afterward to existing employment agreements. The basic principle is that remuneration and other terms of employment for the management and CEO will be competitive to ensure that Genovis AB can attract and retain senior executives.
Fixed remuneration policy
The fixed remuneration to the management and the Chief Executive Officer should be competitive and be based on the individual areas of responsibility and performance.
Variable remuneration policy
Incentive-based remuneration will be limited and linked to predetermined measurable criteria designed to promote long-term value creation for the Company. Variable compensation may not exceed a maximum of 25% percent of the fixed salary and will be set per fiscal year.
The Board will consider on a yearly basis whether or not to propose a share-related or market value-related incentive program to the Annual General Meeting. The Annual General Meeting makes the decisions regarding such incentive programs.
Conditions for non-monetary benefits, pensions, termination, and severance pay
Pensions
Management and the CEO are entitled to a defined-contribution pension.
Termination and severance pay
For the CEO the notice period is 3 months for the company and 3 months for the individual. For management personnel the notice period is 6 months for the Company and 3 months for the individual. Moreover, assuming that the Company gave notice of termination, in certain cases the CEO may be offered 12 months of severance pay.
The Company’s undertaking in relation to senior executives and the chief executive may amount to a maximum of SEK 1,946,252.
The Board of Directors may depart from these guidelines if there are particular reasons in an individual case.
Item 16 The Board’s proposal authorizing the Board of Directors to decide on the issuance of shares.
The Board proposes that the Meeting authorize the Board, on one or more occasions until the next annual meeting, with or without preferential rights for shareholders, to issue new shares, convertible bonds or warrants. New shares may be paid for in cash and/or in kind or set-off or on other terms. This decision would mean that the share capital is increased up to a maximum total of SEK 2,750,000 through the issuance of a maximum total of 11,000,000 shares at full subscription.
The reason for the possible deviation from shareholders’ preferential rights is to broaden the ownership group, acquire, or facilitate the raising of capital, increase the liquidity of shares, carry out acquisitions, or procure or permit the raising of capital for acquisitions. When deciding on issuances without preferential rights for shareholders, the subscription shall be market-based at the time of the issue resolution.
For a valid resolution under this item, the Meeting’s resolution must be supported by shareholders representing at least two thirds of both the voting rights and the shares represented at the Meeting.
Documents
The annual report, audit report, articles of association, proxy forms, and documents will be available, as stipulated in Chapter 13 sections 7 and 8 of the Swedish Companies Act, at the Company’s office at Scheelevägen 2, Box 790, S-220 07 Lund, Sweden, and on the Company’s website www.genovis.com as of April 20, 2017, and will be sent, upon request, to shareholders who provide their mailing address.
Number of shares and votes
At the time of issuance of this notice, the total number of shares and votes in the company is
55,294,162.
Information at the Annual General Meeting
Shareholders are reminded of their right to request information from the Board of Directors and the Chief Executive Officer pursuant to Chapter 7, sections 32 and 57 of the Swedish Companies Act.
Lund, April 2017
Genovis AB (publ.)
Board of Directors
Genovis carries out directed share issue to raise SEK 11.5 million for the company
Selected qualified investors have subscribed to the rights issue. Through the rights issue, the company will raise proceeds of SEK 11.5 million before transaction costs, which are estimated at SEK 690 thousand. The price per share is SEK 2.30 and is 8 percent below the volume-weighted average price during the last 10 trading days prior to this announcement. After the rights issue the total number of shares and votes in the company will be 60,294,162 and share capital will amount to SEK 15,073,540. The rights issue entails a dilutive effect of approximately 9 percent based on the total number of shares in the company following the rights issue.
The reason for deviation from the shareholders’ preferential rights is to facilitate raising capital, in terms of both time and cost-efficiency, to increase production capacity as Genovis continues to develop and expand its product portfolio. This initiative will enable Genovis both to provide its customers with larger volumes of existing products and to add new products to its product line with continued high margins.
Redeye AB has acted as financial adviser in connection with the issue.
Genovis AB initiates sales of GlyCLICK™
GlyCLICK™ is the first of a series of products based on a technology platform in which Genovis’ unique enzyme GlycINATOR is combined with SiteClick™ technology from Life Technologies. GlyCLICK is a new technology in an expanding market for applications in antibody development, preclinical imaging and antibody drug conjugates (ADCs). The market for biopharmaceuticals is large and many pharmaceutical companies are looking for new and improved technologies that link chemotherapy to antibodies.
“We have now expanded our portfolio with a completely new type of product that will enable us to develop an additional business area. The strength of the GlyCLICK™ platform is its predictability: the antibody is always labeled at exactly the same site and with the same number of markers, resulting in a precise and accurate end product. The technology is also compatible with previously developed antibodies,” says Fredrik Olsson, Chief Executive Officer.
More about GlyCLICK™
GlyCLICK is a platform for labeling antibodies at the same site (site specific) each time, with high reproducibility and with a broad range of applications. GlyCLICK can be used to label antibodies with markers for microscopy, preclinical imaging or to activate the antibody for labeling in chemotherapy. Labeling antibodies with various markers is a technique used in several areas of pharmaceutical research and development. With the technology currently available in the market, the marker can attach randomly in different places on the antibody, and in many cases it could have a negative effect on the function of the antibody. In addition, the position of the marker may vary depending on the antibody that is labeled. Using the new GlyCLICK technology platform, the label always attaches at precisely the same site and it is possible to label with many different markers, which makes the technology both versatile and scalable.
For more information about GlyCLICK™ http://www.genovis.com/products/glyclick/
SiteClick™
Genovis has a license for SiteClick™ from Life Technologies Corporation. The SiteClick™ brand belongs to Life Technologies Corporation.
YEAR-END REPORT JANUARY-DECEMBER 2016
· Net sales rose by about 58 percent to SEK 5,511k (3,499k).
· Expenses for the period declined to SEK 8,206k (10,790k).
· Comprehensive income basic and diluted excluding legal fees/reimbursement from the insurance company1) amounted to a loss of SEK 1,923k (loss: 3,056k). Recognized comprehensive income for the period was a loss of SEK 2,383k (loss: 3,104k).
· Comprehensive income per share, basic and diluted, excluding legal fees/reimbursement from the insurance company1) as well as non-recurring costs2 totals SEK -0.03 (-0.08). Recognized comprehensive income per share totaled SEK -0.04 (-0.08).
· Cash flow from operating activities was SEK -2,074k (-3,940k).
· Genovis has entered into a license agreement with Life Technologies, a wholly owned subsidiary of Thermo Fisher Scientific, and will launch GlyCLICK™, a unique new method for labeling antibodies, in the spring.
· Genovis has signed an agreement with Penser Bank AB for its services as Certified Advisor.
1) Legal fees and reimbursement from the insurance company are attributable to the settled patent dispute in the US.
Summary: full-year 2016
· Net sales rose by about 40 percent to SEK 18,542k (13,268k).
· Expenses for the twelve-month period amounted to SEK 39,531k (42,517k)
· Operating result excluding legal fees/reimbursement from the insurance company1) and non-recurring costs2) amounted to a loss of SEK 7,168k (loss: 12,926k). Recognized operating loss for the full year was SEK 14,769k (loss: 19,824k).
· Comprehensive income basic and diluted excluding legal fees/reimbursement from the insurance company1) and non-recurring costs2) amounted to a loss of SEK 7,417k (loss: 13,030k). Recognized comprehensive income for the full year was a loss of SEK 15,018k (loss: 19,928k).
· Comprehensive income per share, basic and diluted, excluding legal fees/reimbursement from the insurance company1) as well as non-recurring costs2 totals SEK -0.16 (-0.43). Recognized comprehensive income per share, basic and diluted, totaled SEK -0.32 (-0.66).
· Cash flow from operating activities was SEK -16,075k (-16,117k).
· Cash and cash equivalents including short-term investments amounted to SEK 4,281k (2,052k) at the end of the twelve-month period.
1) Legal fees and reimbursement from the insurance company are attributable to the settled patent dispute in the US.
2) Non-recurring costs relate to 2015 and amount to a total of SEK 6,036k.
Strong sales growth and expanded product portfolio
In 2016 Genovis’ sales were off to a flying start. We can now conclude that sales have grown for nine quarters and 2016 ended as strongly as it began. During the fourth quarter sales surged 58 percent for an increase of 40 percent on an annualized basis, providing an increase in sales of SEK 5,274k. We can also note that our gross margin is at a high stable level.
Growth has been organic during both the quarter and the full year, with sales growing as a result of our established strategy of working with direct sales on our prioritized markets in the US and Europe.
This growth is driven by increased demand throughout the industry, which has a need to simplify and improve analytical methods and new antibody formats. We have seen all of our product categories grow throughout the year and new product launches have immediately generated sales.
We are determinedly working to continuously develop and expand our product portfolio and our geographic presence. In 2016, we launched two products according to plan, both of which generated revenue.
In October we entered into a license agreement with Life Technologies, a wholly owned subsidiary of Thermo Fisher Scientific, to launch GlyCLICK™, a unique new technology for labeling antibodies. This expansion of our portfolio with a completely new type of product has enabled development of a new and additional business area. The agreement with Life Technologies is a clear stamp of approval for the quality of
Genovis’ expertise and technology. GlyCLICK has already attracted interest from our customers and the product is planned to be available for sale at the beginning of the second quarter, after some of its components were affected by delivery delays. Our ambition to introduce our portfolio on some strategically important markets in Asia remains unchanged. Intensive efforts are currently being dedicated to identifying the right partner. We are considering expertise, as well as the existing portfolio and network of contacts, so that we have a natural path forward to new customers.
As we look ahead, we see continued demand for our products, especially from global pharmaceutical companies that are increasingly focused on biologics. The need for effective and reliable analytical methods will therefore continue to be strong. Genovis has established itself as a potential partner for several of these companies. We are a respected brand in the industry and today we are well-positioned to continue to deliver and develop our knowledge into more products and expand to more markets with new and existing customers.
Fredrik Olsson
CEO
INCREASED SALES AND SIGNIFICANTLY IMPROVED EARNINGS
· Net sales increased by 38% to SEK 4,627k (3,358k).
· Comprehensive income was a loss of SEK 1,059 (loss: 6,470k).
· Comprehensive income per share totaled SEK -0.02 (-0.18).
· Cash flow from operating activities was SEK -3,003k (-2,698k).
· Cash and cash equivalents including short-term investments amounted to SEK 6,599k (6,145k) at the end of the period.
Events after the end of the period
Genovis has entered into a license agreement with Life Technologies, a wholly owned subsidiary of Thermo Fisher Scientific, and is launching a unique new technology for labeling antibodies.
January – September
· Net sales rose by about 33% to SEK 13,030k (9,770k).
· Expenses excluding legal fees1) and non-recurring costs2 declined by SEK 853k to SEK 19,086k (19,939k). Recognized expenses for the period amounted to 31,325k (31,646k).
· Operating result excluding legal fees/reimbursement from the insurance company1) and non-recurring costs2) amounted to a loss of 5,331k (loss: 9,801k). Recognized operating loss for the period was SEK 12,472k (loss: 16,652k).
· Comprehensive income basic and diluted excluding legal fees/reimbursement from the insurance company1) and non-recurring costs2) amounted to a loss of 5,493k (loss: 9,974k). Recognized comprehensive income for the period was a loss of SEK 12,634k (loss: 16,825k).
· Comprehensive income per share, basic and diluted, excluding legal fees/reimbursement from the insurance company1) as well as non-recurring costs2 totals SEK -0.13 (-0.58). Recognized comprehensive income per share basic and diluted totaled SEK -0.29 (-0.61).
1)Legal fees and reimbursement from the insurance company are attributable to the settled patent dispute in the US.
2)Non-recurring costs relate to 2015 and amount to a total of SEK 6,036k.
Comments from CEO Fredrik Olsson
I am pleased to report that the past quarter is Genovis’ best single quarter to date in terms of earnings. It is a clear sign that our strategic work with unique, high-quality products for pharmaceutical companies with a focus on biopharmaceuticals represents a market of the future and that Genovis is now well-positioned in this market. The third quarter demonstrates continued strong organic growth in the product portfolio and we can conclude that Genovis’ revenue has increased for the eighth consecutive quarter compared with the corresponding period the previous year. Gross margin remains high and stable in the third quarter at 93 percent and sales increased across the board in every product category. In all, sales surged 38 percent compared with the previous year.
We are extremely pleased with and proud of the licensing agreement with Life Technologies, a subsidiary of Thermo Fisher Scientific, which was signed in early October. It is a clear stamp of quality that a world-leading industry colleague wants to collaborate with Genovis to introduce a new technology for labeling antibodies. As further confirmation in this collaborative effort, Life Technologies is recommending selling and marketing the product through Genovis – high praise for the value of our accumulated customer base and how customers perceive us as a company in this market. Our customer list includes all of the major pharmaceutical companies, representing both recognition of the customer value of our products, as well as our ability to reach out to a global pharmaceutical market.
The new product, GlyCLICK™, opens up a parallel business area for us and focuses on the same customer base that we currently have – pharmaceutical companies that develop biological drugs. I therefore expect that adoption by the market will be facilitated since these customers are already aware of Genovis and recognize our quality, service and knowledge. Our initial market strategy is to establish the product on the preclinical market to promote acceptance and confidence in the technology platform, thereby simplifying the step to clinical use where the value is of course much higher. It will be exciting to follow the growth of GlyCLICK™ moving forward.
Looking ahead, I see several signs of continued strong growth for Genovis. There are strong underlying driving forces in the development of biopharmaceuticals and in recent years we have seen several of the major pharmaceutical companies clearly position their product portfolios based on biologics, especially antibodies where Genovis is already well-established. New antibody formats such as antibody drug conjugates (ADC) and bispecific antibodies will further grow the market. During development and production of these various biologicals cost effective and safe analytical methods will be very important moving forward, och Genovis will be an important player in this segment.
I would like to take this opportunity to thank all our employees and shareholders for a highly successful quarter.
GENOVIS IS CHANGING CERTIFIED ADVISER
Genovis AB (publ) has signed an agreement with Erik Penser Bank AB for its services as Certified Adviser beginning on December 1, 2016. The agreement with the company’s current Certified Adviser, Consensus Asset Management AB, will be terminated at that time.
Genovis signs license agreement with Life Technologies Corporation
Labeling of antibodies includes several elements in the chain from development, preclinical, diagnostic and therapeutic applications in the pharmaceutical industry. By combining Genovis’ unique enzymes with SiteClick™ technology from Life Technologies antibodies will be labeled precisely and completely at the same site each time, regardless of the type of antibody or its origin. Genovis will focus sales and marketing resources for GlyCLICK on the preclinical market in the biopharma industry where the company already has the majority of its customer base. Initially, the technology will be marketed in the market for preclinical imaging. The reagent market for this segment is estimated to be approximately USD 500 million for 2017 (Markets and Markets).
“I am very pleased about the collaboration with Life Technologies, which now gives us a unique and extremely interesting product. We will establish the product within preclinical research, though we see several potential clinical applications moving forward. The field of diagnostic applications is interesting, but the next generation of antibody drugs, known as Antibody Drug Conjugates (ADC), could also benefit from the new technology platform, which offers a precise and exact end product that the industry has been requesting,” says Fredrik Olsson, CEO of Genovis.
MORE ABOUT LABELING ANTIBODIES
Labeling antibodies with various markers is a technique used in several areas of pharmaceutical research and development. With the technology currently available in the market, the marker can attach randomly in different places on the antibody, and in many cases it could have a negative effect on the function of the antibody. In addition, the position of the marker may vary depending on the antibody that is labeled. Using the new GlyCLICK™ technology platform, the label always attaches at precisely the same site and it is possible to label with many different markers, which makes the technology both versatile and scalable.
For more information about GlyCLICK™: http://www.genovis.com/products/glyclick/
SiteClick™
SiteClick™ is provided under an intellectual property license from Life Technologies Corporation. The trademark SiteClick™ is the property of Life Technologies Corporation.
