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Vistin Pharma ASA (0RAM)

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Wednesday 26 August, 2015

Vistin Pharma ASA

Vistin Pharma ASA : Second quarter and first half 2015 results

Vistin Pharma ASA : Second quarter and first half 2015 results

Oslo, 26 August 2015

Vistin Pharma ASA (OSE: VISTIN) reports its first quarterly result as a separate listed company, after the spin-off and acquisition of Weifa ASA's B2B business and tablet production assets. The company was listed on Oslo Axess on 10 June 2015.

Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) and solid dosage forms for the global pharmaceutical industry. The company has key positions and growth potential in the international Metformin and Opioid markets, and a strong foundation for creating a highly efficient CMO business (contract manufacturing of tablets). For Vistin Pharma, the split facilitates new growth opportunities due to a narrower business scope, increased visibility and being less exposed to the risk of strategic compromises across business units.

Key highlights for the second quarter 2015:

  • The company raised NOK 170 million in new equity through a rights issue to fund the acquisition of the Weifa assets and to secure working capital 
  • A five-year manufacturing agreement was signed with Weifa for the production of all tablets previously produced in-house by Weifa, including an option to extend the agreement for two-year periods
  • Strong demand for metformin from new and existing clients
  • Maintained opioid volumes and prices despite a continued softening of the market
  • Successful transfer of tablet manufacturing operations in the CMO segment

Vistin Pharma had total revenues of NOK 31.4 million in the reporting period from 1 June to 30 June 2015. EBITDA came to NOK 2.9 million, including one-off costs of about NOK 1 million relating to the listing of Vistin Pharma. Net profit for the period was NOK 2.1 million.

"With Vistin Pharma now successfully established as a separate company, focus will be on operational excellence and strengthening our position in the metformin and opioids market.  We will develop the long-term strategy for our CMO segment and seek to identify potential new business opportunities", says CEO Kjell-Erik Nordby.

Vistin Pharma will give a presentation today at 08:30 CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the company.

Please find the report and presentation for the second quarter and first half 2015 enclosed. The report and presentation will also be made available on www.vistin.com.

For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80
[email protected]

Gunnar Manum
CFO
+47 95 17 91 90
[email protected]

 
 
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vistin Pharma ASA via Globenewswire

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