Genovis strengthens organization with international sales manager
Genovis is seeing a steady increase in orders and a strong interest in its recently launched products. To optimize these opportunities Susanne Olauson was hired as sales manager.
Susanne, 42, has a degree in business with an international background. Over the past fifteen years she has been active in life science, including both the pharmaceutical and medical device industries. Much of her work over the past five years has involved commercializing innovative Swedish medical devices internationally, from brand-building, product development, and sales to key customers.
“I’m really looking forward to being part of Genovis’ expanding operations in new and existing markets. I look forward to applying my experience to help build Genovis’ future,” said Susanne Olauson
“As Genovis grows, we need talented, motivated employees. Susanne is goal and results-focused and her leadership style is a good fit with Genovis. Her experience of international sales to key customers is an important addition to Genovis in our current phase of expansion,” says Sarah Fredriksson, CEO of Genovis
Genovis Signs Exclusive Distribution Agreement with Sigma-Aldrich® for Sales in Asia, Southeast Asia and South America
“I am extremely pleased that we have signed an agreement with one of the world’s strongest players in supplying the life science community with biochemical and organic chemical products, kits and services. Our goal is to reach out to the rapidly growing Asian and South American markets and this is an excellent solution for us. I am proud that Sigma-Aldrich has elected to include our products as part of its comprehensive line of products, reagents and kits, and I look forward to cooperating with the company’s fantastic team, which truly understands our customers. Together, we have the ability to reach and serve the many new customers in these markets,” stated Sarah Fredriksson, CEO of Genovis.
Sigma-Aldrich is a leading Life Science and High Technology company whose biochemical, organic chemical products, kits and services are used in scientific research, including genomic and proteomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical, diagnostics and high technology manufacturing.
Genovis completes private placement of shares to LMK Venture AB
The issue is directed at LMK Venture AB with deviation from shareholders’ preferential rights. The issue was authorized by the annual general meeting on March 20, 2012. The AGM set the issue price to SEK 3.50 per share in accordance with the rights issue, which was authorized at the same time. The subscribed shares will be paid for in cash and the total number of shares after registration will be 11 835 568.
Together with the recently completed rights issue, the company received SEK 17m before issue expenses, which will primarily be used to strengthen the sales organization and infrastructure for production, as well as to launch activities for products from the nano portfolio.
“Business development and commercialization of our two product groups is our focus and the completed share issue will primarily strengthen this strategy. With this issue, Genovis is well-financed and we can focus fully on the activities required to increased sales and expand our product portfolio. I am therefore extremely pleased and grateful for the support Genovis received from existing and new shareholders through the recently completed rights issue and private placement,” says Sarah Fredriksson, CEO of Genovis AB
About LMK Venture AB
LMK Ventures is an investment company based in Lund that invests in emerging companies in various industries. Its strategy is to provide capital, expertise and contacts to contribute to the creation of new Swedish success stories. LMK Ventures invests in both listed and unlisted companies and currently has holdings in about 15 companies. LMK Ventures is a subsidiary of LMK Industri, a major shareholder in Axis AB.
Genovis’ rights issue fully subscribed
Genovis’ rights issue is fully subscribed and 81% of the shares are subscribed with preferential rights. The rights issue raised about SEK 12.1 million before issue expenses for Genovis. Statements of account will be sent on May 22, 2012, to allot shares subscribed without preferential rights.
Genovis launches FabRICATOR® 96-well plate for high throughput applications
The FabRICATOR 96-well plate is standard format and fits most robotic systems. Each well in the plate contains a small quantity of freeze-dried high-quality enzyme for rapid and complete antibody subunit fragmentation of 96 samples. The plates are sealed with aluminum foil that allows for pipette tip penetration. Antibodies or Fc-fusion proteins can be added directly to the well for convenient rapid processing.
“With this product we believe we can simplify the workflow for our customers when it comes to robust assays and multiple sample handling. This product is an excellent example of strategic R&D efforts at Genovis. We continually focus on new products that can save time, simplify use and improve analysis quality for the end user,” says Fredrik Olsson, COO of Genovis.
FabRICATOR®
Genovis has developed the FabRICATOR enzyme, which can rapidly generate F(ab’)2 fragments from IgG molecules. FabRICATOR is a recombinant and modified IdeS enzyme* that cleaves IgG in a well-defined site just below the hinge region, generating one intact F(ab ́)2 and two residual Fc fragments. The yield and speed of the reaction are exceptionally high and the enzyme does not generate any additional fragmentation.
*IdeS is a highly substrate specific cysteine protease originating from Streptococcus pyogenes and is patent pending. FabRICATOR® is a registered trademark for recombinant IdeS.
Genovis to publish Q2 2012 report ahead of schedule
The Board of Directors of Genovis AB (publ) has decided to publish Q2 2012 report ahead of schedule.
The Interim Report for January-June, which was to be announced on September 6, will be published ahead of schedule. The new publication date for the report is August 29, 2012.
INTERIM REPORT January – March 2012
Loss after financial items was SEK 4,008k (loss: SEK 3,469k).
Loss after tax was SEK 3,970k (loss: 3,458k).
Earnings per share totaled SEK -0.06 (-0.08).
Cash and cash equivalents at the end of the period amounted to SEK 3,959k (1,008k).
Genovis’ nanoparticle project has been published in the prestigious Journal of Nuclear Medicine.
Rights issue
On March 20, the Annual General Meeting adopted a proposal for a rights issue to existing shareholders in which two (2) existing shares entitle the holder to subscription for one (1) new share at a subscription price of SEK 3.50/ share. The rights issue, which is fully guaranteed, will raise SEK 12.1 million for Genovis. The AGM also resolved on a private placement to LMK Ventures AB, which can raise an additional SEK 5m for the Company.
Changes in Board of Directors
Two new directors were elected at the Annual General Meeting, Peter Ragnarsson and Erik Walldén.
Change in share capital
On March 20, 2012, the AGM resolved to reduce share capital by SEK 24,925,363.2 which means a new par value of SEK 0.04.
Events after the end of the period
Change number of shares
On March 20, 2012, the AGM resolved to reduce the number of shares in the Company by consolidating the shares in the ratio 1:10, which entails that every ten shares will be consolidated into one share. As a result of the change, share capital shall amount to a minimum of two million four hundred thousand Swedish kronor (SEK 2,400,000) and a maximum of nine million six hundred thousand Swedish kronor (SEK 9,600,000) and the number of shares shall be a minimum of six million (SEK 6,000,000) and a maximum of twenty-four million (24,000,000).
The record date for consolidation was April 10.
COMMENTS FROM THE CEO
Spring has gotten off to a good start for Genovis. The trend from last year continues, with a strong increase in sales of products from the protein engineering portfolio. Meanwhile, development of the nano portfolio has made great strides. Several scientific papers have been published illustrating the benefits of Genovis’ nanoparticles, and we are following our development plan toward a launch in the third quarter of this year.
One year ago, we launched new product concepts from the protein engineering portfolio: FragIT, DeGlycIT and FragIT kits. The new products are intended to simplify and standardize work for our customers, making it easier for them to scale up their processes. They are marketed at a higher price per test, but save working hours for the customer. We are now beginning to see results and so far we can say that customers want the new products and the number of products sold in that category will increase more than the average increase for all products. During the quarter we increased sales from the protein engineering portfolio by about 150% compared with the same quarter last year and revenues from the new products now account for 35% of income from the protein engineering portfolio.
We are planning the next launch in the protein engineering portfolio for June. The time is now right for a high-throughput product that makes it possible to handle hundreds of samples quickly and reliably. We have plenty of work left to do in the market. We want to reach more customers in our target market and develop product concepts that can help to increase volumes with existing customers. It is an exciting challenge to try to reach as many of our potential customers as possible. To do so we are expanding our marketing campaigns in terms of both quantity and new formats, and I expect 2012 expenses to increase 15% as a result of these initiatives. We are pleased that we are being helped along by our customers, who are publishing the excellent results they achieve with our products. Recognition by customers also facilitates the process of finding the right partners that can expand our marketing activities to more geographic areas than those we are covering today. The process is ongoing and is obviously a high-priority strategic measure.
Lund in April
Sarah Fredriksson
Genovis to publish Q1 2012 report ahead of schedule
The subscription period for Genovis’ rights issue is April 25 – May 10. Consequently, the Board of Directors for Genovis considers it to be important that shareholders receive the most current information possible about the Company’s earnings and financial position.
Genovis publish a new share issue prospectus
Finansinspektionen (the Swedish Financial Supervisory Authority) approved on March 28 Genovis prospectus for a new share issue with preference for existing shareholders, the subscription period is April 25 – May 10, 2012.
Genovis AB (publ)
The Board of Directors
GENOVIS: COMMUNIQUÉ FROM ANNUAL GENERAL MEETING FOR GENOVIS AB (PUBL) March 20, 2012
The following decisions were adopted at the Annual General Meeting:
The balance sheet and income statement were ratified.
The Board of Directors and the CEO were discharged from liability.
The Board shall consist of seven ordinary members with no alternates until the next Annual General Meeting.
Ebba Åsly Fåhraeus, Thomas Laurell, Kenth Petersson, Jacob Engellau and Carina Schmidt, were re-elected as Board members. Peter Ragnarsson and Erik Walldén was elected new Board members.
Nicklas Gerhardsson has declined re-election.
Ebba Åsly Fåhraeus was elected as Chairman of the Board.
About Peter Ragnarsson
Peter Ragnarsson (b. 1963) is active as CEO of LMK Ventures AB. Ragnarsson was previously CEO of Axis AB, Bell Group Plc and AudioDev AB. In addition, he has also held various positions at Niscayah Group AB, Securitas AB, Arjo BV and SET Revisionsbyrå. Rgnarsson is a board member of LMK Ventures AB, Hotel Kungsträdgården AB, Generic Sweden AB, Nocroc Ventures AB, Gullberg & Jansson AB, Aqilles Invest AB and LMK Hotels & Real Estate AB.
About Erik Walldén
Erik Walldén (b. 1949) is CEO of the Swedish company Gyros, which is active in miniaturization of laboratory processes for protein analysis. Walldén was previously CEO of the Swedish biotech company Affibody Holding, Biacore International and Pyrosequencing. Walldén participated in the establishment of and has been active at the following companies: PerSeptive Biosystems Inc., Pharmacia Biosensor and Pharmacia Biotech. Walldén is Vice Chairman of the Board of Exiqon A/S, Chairman of SwedenBIO Business & Finance Working Group and board member for Tecan Group Ltd.
A Nominating Committee shall be formed and consist of representatives of the four largest shareholders at September 30, 2012, who are not members of the Board.
Guidelines for remuneration for the CEO and other leading employees were ratified in accordance with the Board’s proposal.
The Annual General Meeting resolved to reduce the company’s share capital by 24,925,363.2 SEK and change sections 4 of the Articles of Association concerning share capital and number of shares. The share capital shall comprise at the lowest two million four hundred thousand (2 400 000) SEK and at the highest nine million six hundred thousand (9 600 000) SEK.
The Annual General Meeting resolved to change sections 5. The number of shares shall be at the lowest six million (6 000 000) and at the highest twenty-four million (24 000 000).
The AGM decided that the number of shares shall be reduced by shares added up 1:10, which means that 10 shares are consolidated into one share.
The record date for the reverse split will be, April 10, 2012.
The AGM decided upon a new share issue with preemptive rights for current shareholders, at which two existing shares give right to the subscription of one new share at issue price of SEK 3:50 per share. The share capital will at the most rise by SEK 1,384,742.4 by the issuing of new shares to a maximum of 3,461,856 at full subscription.
Timetable for new issue
April 16, 2012, Last trading day for Genovis share, including subscription rights for new issue.
April 19, 2012, Record date for participation in the new issue; shareholders registered in Genovis’ share register on this day receive subscription rights for participation in the new issue.
April 25 – May 10, 2012, Subscription period. Subscription with preferential rights through cash payment during the subscription period. Shareholders may report their intention to subscribe throughout the subscription period.
The AGM decided upon a share issue directed to LMK Ventures AB.The share capital will at the most rise by SEK 580,000 by the issuing of new shares to a maximum of 1,450,000 at full subscription. Allocation shall be made on condition that the new share issue in is fully subscribed. The Board allocates the shares in the rights issue within the maximum amount and the issue price will be SEK 3.50 in compliance with the rights issue.
The AGM decided to grant the Board authorization, for a period that does not extend past the date of the next Annual General Meeting, on one or several occasions, with or without pre-emptive rights for shareholders, to resolve on the issue of new shares, convertibles or subscription options. It should also be possible to make such an issue resolution stipulating cash payment and/or stipulating payment in kind or set-off or otherwise with conditions. The issue price for the new shares shall, in each instance, be set as close as possible to the market price of the Company’s share. As a result of this authorization, share capital could increase by a maximum of SEK 1,600,000 through the issuance of 4,000,000 new shares at full subsciption.
