Press release October 8, 2018
After the third quarter of 2018, Bio-Works has 203 customers, which means that 27 new customers have been added during the third quarter. The number of customers working with scale-up has increased by five and in total we now have 45 customers in scale-up after the third quarter 2018. This means that we have passed our target for 2018 (to grow the customer base with 75 % to a total of 184 customers ) with a good margin. We will therefore increase our target for this year to 235 customers which would mean an increase of the customer base to 124 %.
Our sales process follows the fact that our industrial customers initially work at lab scale and then start to scale-up their processes for purification of the target molecules (future products). In the scale-up phase our customers start to buy larger quantities of our products. This is a process which takes 2-5 years depending on the particular customer project. Bio-Works’ strategy is therefore to start at lab scale and then support the customers through process development to production scale. When the customers’ production process is optimized and their products reach the market, we achieve a lock-in effect for our products and the customer has a major hurdle to overcome if they are to change supplier. This lock-in effect, which is advantageous for Bio-Works, is particularly significant when it comes to biological pharmaceuticals due to the regulatory requirements.
It is therefore important for Bio-Works to increase our pipeline of new customers with greatest possible urgency. Bio-Works follows the customers in their projects and when the customers scale-up their processes we join them in their success, with a subsequent stable, long-term earnings potential.
Mats Johnson, Bio-Works CEO:
”We have rapidly received a good response in our focus on the biopharmaceutical and diagnostics industry which we can see in the number of new customers and in new customers with scale-up projects. Our strengthened sales organization in Europe is now fully up-and-running and our initial sales effort in North America is beginning to result in new customers and in new scale-up customers. Also in Asia we can now see a good growth of customers in lab scale as well as customers with scale-up projects.”
For more information please visit Bio-Works’ homepage, www.bio-works.com, or contact Mats Johnson, CEO for Bio-Works, e-mail: email@example.com, telephone: +46 70 516 53 37.
Bio-Works designs, develops, manufactures and supplies innovative leading edge agarose products for chromatographic separation of proteins, peptides and other biomolecules. The company is staffed by people with long experience in the biotech industry and particularly with protein separation media. Bio-Works’ agarose based high performance products are used for purificationin the life science research phase as well as the commercial production of biopharmaceuticals and diagnostic products in large scale. The products are sold globally with our own organization and via distributors. Bio-Works facilities are located in the Uppsala Business Park Uppsala, Sweden. Company processes and a Quality Management System follows the standards of ISO 9001:2008. The Bio-Works’ share is traded on Nasdaq First North in Stockholm. FNCA Sweden AB is the Certified Adviser.