Hofseth BioCare Q2: Loss before tax exceeds operating revenues

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Biotech company Hofseth BioCare in Norway reports second quarter results.

The company, which develops high-value ingredients and finished products from Norwegian salmon off-cuts, posted quarterly revenue of NOK 20m (EUR 1.9m), an increase of 57 percent compared to the similar period last year.

Loss before tax was minus NOK 20.3m (minus EUR 1.9m), as the company as continues to invest in R&D and improved production processes. Loss before tax was minus NOK 16,9m in Q2 2019 (minus EUR 1.6m).

“…I am very happy to see that have made significant progress during the second quarter, even in a market environment affected by the Covid-19 pandemic,” CEO of Hofseth BioCare Roger Hofseth said.

“Right now, we are starting a fast track phase II clinical study aiming to document whether fat-soluble components in our salmon oil can save lives among COVID-19 patients with breathing difficulties,” he added.

Net cash flow from investment activities was minus NOK 16.5m (minus EUR 1.6m) in the second quarter.

According to the stock exchange announcement the company has received approval for a loan facility of NOK 38m (EUR 3.6m) to increase cash balance and secure further R&D activities.

Read also: Hofseth BioCare buys 34% stake in Chinese distributor