The biotech company Bavarian Nordic, which specialises in cancer immunotherapies and vaccines for infectious diseases, has reported a positive set of half-year results, marking a distinct change in fortune from the first six months of 2014.
Turnover was 624 million kroner, up from 450 million kroner in the first half of 2014, resulting in a pre-tax profit of 85 million kroner, whereas the company made a loss of 70 million kroner in the first two quarters of 2014.
Significant events
Paul Chaplin, the CEO of Bavarian Nordic, cited a number of significant events in the period that contributed to the result.
“The second quarter has seen a number of successes,” he said. He explained that this includes progress in the development of the company’s prostate cancer treatment.
“As we continue to work towards final data in the Prospect study, our partners at the NCI (National Cancer Institute) have continued to investigate Prostvac in the potential treatment landscape for men with prostate cancer, both with the initiation of a new, large phase 2 study of men with an early-stage diagnosis, as well as the full recruitment of a study of Prostvac in combination with enzalutamide.”
There were also positive developments relating to Bavarian Nordic’s smallpox vaccine – most significantly a mammoth order from the US health authorities to stockpile doses.
“We have secured US government contracts of almost 150 million US dollars for Imvamune and filovirus vaccine, with the Imvamune order initiating the move towards a freeze-dried formulation and the replacement of the 20 million-dose stockpile,” Chaplin said.
However, despite the advances, the company retains its 2015 forecast of 1 billion kroner in turnover and a break-even result before tax.
