Losses continue to pile up at Hofseth BioCare: Has lost €64m in 11 years

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The biotech company was founded in 2009. And it has never made any money.

The losing streak continued, quite according to the recipe, in the third quarter of the year. The company reports an operating loss of NOK 29.2 million (EUR 2.6 million) on Friday morning – after a turnover of a modest NOK 7.6 million (EUR 0.7 million).

“It is a fantastically sustainable business model. We are transforming yesterday’s waste into high value health nutritional ingredients for people and pets. In the future, through R&D, the compounds of our products will form the basis of new medical therapies. Thus, sustainability and efficient use of marine resources are at the heart of everything we do,” Roger Hofseth, founder and CEO of Hofseth BioCare said.

The fish farming company Hofseth Aqua, another company in the Hofseth sphere, is the main supplier of fish trimmings to listed Hofseth BioCare.

Despite the huge deficits; Hofseth BioCare has a market cap of EUR 250 million on the Oslo Stock Exchange. The losses in the biotech company are funded by raising more money via the stock exchange.

“After the successful capital increase of NOK 200 million (EUR 18 million) which was executed in October 2020, we also have a strong capital base to continue to deliver on our strategic and R&D roadmap,” Roger Hofseth said.