Report from EGM 12 June 2019

Press release, Stockholm 12 June 2019 (Swedish version)

Report from extraordinary general meeting of Bio-Works Technologies AB on 12 June 2019

Today, 12 June 2019, an extraordinary general meeting was held in Bio-Works Technologies AB. At the meeting, a decision was made to approve the board of director’s resolution on a directed new issue of a maximum of 5,555,600 shares, which means an increase of the share capital by a maximum of SEK 555,560.

The right to subscribe for the new shares shall, with deviation from the shareholders’ pre-emptive right, vest in Northal Investment AB, Thomas Eklund, Newton Aguiar, Amicogen Inc., Färjsundet Industri Aktiebolag and Rhenman Healthcare Equity L / S. The subscription price in the issue is SEK 6.30 per share and subscription of the shares shall be made by cash payment.

The reason for the deviation from the shareholders’ pre-emptive rights is to approach institutional investors and at the same time quickly secure financing for further development of the business. The basis for the subscription price is an agreement between the subscribers and is based on the share’s market price.

For more information, please contact:
Mats Johnson, CEO
Tel: +46 70 516 53 37
E-mail: mats.johnson@bio-works.com.

This information was provided by the person named above for publication in Swedish at 11:30 CET on 12 June 2019.

About Bio-Works

Bio-Works is a biotechnology company that develops, produces and sells innovative separation media products based on agarose to purify proteins, peptides and other biomolecules. The company’s products are mainly used for purifying biological drugs and diagnostic products, from the research phase to large-scale production. The products are sold globally partly through its own organization and partly through distributors. The Bio-Works facility is located in Uppsala Business Park in Uppsala, Sweden. The company’s share is listed on Nasdaq First North. FNCA Sweden AB, +46 (0) 8-528 00 399, info@fnca.se, is appointed Certified Adviser.

Bio-Works present at Småbolagsdagen

Mats Johnson, Bio-Works CEO will present at Småbolagsdagen on 3rd June

On Monday June 3rd, next week, Mats Johnson, Bio-Works CEO will be speaking at the annual Småbolagasdagen (in Swedish), 12:00 in Sal 1. The event, which is held in Swedish, is attended by about 400 private investors and thousands more will watch the live and on-demand streaming. The event is organised by Aktiespararna and the live streaming can be followed here.

There will also be an interview at 11:10. More information and registration can be found here.

The event is free of charge but registration is required.

Quarterly report Q1 2019

Bio-Works Technologies AB Quarterly report Q1 2019

Period 1 January – 31 March 2019 in brief

  • Net sales amounted to 602 (2 142) KSEK. The decrease is strongly linked to the accrual of individual large orders.
  • Order intake decreased to 922 (2 004) KSEK for the same reason.
  • The result in the first quarter was -10 390 (-7 333) KSEK
  • Earnings per share in the first quarter amounted to -0,54 (-0,38) SEK
  • Cash flow from operating activities amounted to -7 535 (-7 843) KSEK
  • Bank balances amounted to 46 350 (81 058) KSEK at the end of the period.

Significant events during the first quarter 2019

  • Implementation of the quality system, which has been updated to the ISO 9001: 2015 standard, was completed by January 31 and certification was received on March 11, 2019. For many pharmaceutical companies this is a prerequisite for our products to be used in their production.
  • The customer base increased by 23% during the quarter to 291 active customers, which can largely be attributed to growth in North America and Asia.
  • The company received its first upscaling order for WorkBeads ™ affimAb in March.
  • The focus of the entire organization is to build sales by maximizing customer visits, with a focus on those that are scaling up, and providing good technical argumentation for the products’ function.
  • The commissioning of an upgraded Web shop that enables card payment, with the focus on being able to effectively sell to lab-scale customers.

Significant events after the end of the period, 31 mars 2019

  • During April a handful of customers in each region have continued to intensify their purchases for their scale-up activities.

Statement from the CEO

Dear shareholders,

We have embarked on 2019 with a very high level of activity in the field, with more customer meetings and more customers testing our products than ever before. The response from the customers is generally very positive in all our three regions, not least in North America and Asia. I have summarized the most important events during the first quarter of 2019 below.

Continued strong influx of new customers. Bio Works’ strong increase in customer numbers continues during Q1 with a broadened customer base, primarily in North America and Asia. After the first quarter of 2019, the company had 291 active customers, compared to 236 customers at the preceding year-end. We also see a promising development among our customers who are in the scale-up and production phase, where after the first quarter we have 54 customers in scale-up phase and six customers in full production. Six customers are in late scale-up phase and are approaching full production. Among the customers who have reached full production is one producer of an FDA-approved drug with global sales and a customer who sells to the Asian market that is important for Bio-Works.

Good start for WorkBeads affimAb. During Q1 2019, the company received its first scale-up order for our Protein A based chromatographic media WorkBeads affimAb, launched in Q4 2018. The order value is more than 400 KSEK. Published data shows increased productivity and purity in production of antibodies. We expect WorkBeads affimAb to add significant growth over the next few years as we judge the demand to be large while the unit price is considerably higher, generally 5-10 times, than our other products. The development of the sales of WorkBeads affimAb during the year will be particularly exciting.

Enhanced business opportunity due to certification. Bio-Works has been certified according to ISO 2001: 2015 since March 2019. The certification radically strengthens the company’s business opportunities, as many customers, especially in the US market, have been waiting for ISO certification to be able to include our products in their scale-up processes, and this has to some extent previously limited volume sales. Towards the end of the quarter, customer activity has increased in terms of purchasing larger volumes, an increase that has continued in April.

Current sales in the first quarter of 2019. The company’s sales in Q1 were 602 K SEK, which is lower than the corresponding quarter of last year, but we still have great confidence that the full year 2019 will show good sales growth compared to 2018. The order flow is expected to continue to be relatively uneven, until it becomes independent of a small number of customers placing large orders.

Continued work according to plan. In 2019, we will continue to build the company according to the plan presented at the IPO. We see Asia and North America as increasingly important markets for future sales. It is also in these markets that we expect the highest growth in the coming years.

For Bio-Works, it is of great importance to gain early access in customers’ projects, thereby ensuring that our products are integrated into production processes, which in turn creates a long-term lock-in effect, since the step of switching supplier late in scale-up or production is virtually unsurmountable, partly for regulatory reasons. With many customers using our products in full production phase, the company acquires a stable cash flow over time and can ensure a significant value for our shareholders.

We thank you for your trust and continue our work towards growth in 2019.

Uppsala 29 April, 2019

Mats Johnson,  CEO, Bio-Works Technologies AB

 

For further information,

Mats Johnson, CEO, telephone +46 70 516 53 37

Bio-Works Technologies AB (publ), Virdings allé 18, 754 50 Uppsala, Sweden

Tel: +46 8 562 674 30, Fax +46 8 124 513 29, email: info@bio-works.com

This information is such that Bio-Works Technologies AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. This information was provided by the persons named above for publication 2018-04-29 at 13:00

Read the full report in the downloadable pdf below

 

Presentation at Vator Securities Unicorn Summit

Mats Johnson, CEO of Bio-Works, will be presenting at the Vator Securities Unicorn Summit on Thursday 21st March at 13:55 at the IVA conference centre. The event will be recorded and will be available for viewing afterwards.

Read more about the presentation in the programme:

Investment presentation at BioStock

Mats Johnson, CEO of Bio-Works will be presenting for investors at the BioStock live STHLM event at 11.00 on the 20th March. You can attend in person at AB Nyhetsbyrån Direkt, 33 Kungsgatan, Våning 2, 111 56 Norrmalm or watch the live feed. Register for either attendance or internet viewing of the live feed here.

Bio-Works is now ISO 9001:2015 certified

Press release March 13, 2019

 

During 2018, Bio-Works has updated the quality management system according to the international standard ISO 9001: 2015. The system was fully introduced into the organization in January 2019. Bio-Works has now been audited and approved by an external certification organization, which means that the management system meets the requirements of the standard. The standard is harmonized with EU regulations and certification endorses the company’s ability to provide products that consistently meet both customer requirements and applicable legal requirements.

The certification covers product development, production, marketing and sales. By designing a quality management system with a strong customer focus where all processes and routines are carefully designed and quality tested according to international standards, Bio-Works ensures that it continues to deliver products and services in accordance with the requirements that the market demands. The certification is the result of systematic work that must constantly be carried out and prioritized in order to be able to offer products with high customer value.

Mats Johnson, Bio-Works CEO:

”The certification according to ISO 9001: 2015 is another important step in establishing Bio-Works as a reliable and long-term supplier for all our Life Science customers. Many of our customers must comply with various regulatory requirements and therefore require certified suppliers for their production. We know that several existing and potential customers have been waiting for our certification and we expect increased interest in our products. ”

For more information please visit Bio-Works’ homepage, www.bio-works,com, or contact Mats Johnson, CEO, e-mail: mats.johnson@bio-works.com, telephone: +46 70 516 53 37.

About Bio-Works

Bio-Works is a biotechnology company that develops, produces and sells innovative separation media products based on agarose to purify proteins, peptides and other biomolecules. The company’s products are mainly used for purifying biological drugs and diagnostic products, from the research phase to large-scale production. The products are sold globally partly through its own organization and partly through distributors. The Bio-Works facility is located in Uppsala Business Park in Uppsala, Sweden. The company’s share is listed on Nasdaq First North. FNCA Sweden AB, +46 (0) 8-528 00 399, info@fnca.se, is appointed Certified Adviser.

 

Bio-Works increased customer base by 125 % during 2018

Press release February 7, 2019

Bio-Works had 236 active customers at the end of 2018. This means that 131 new customers have been added during the year, which corresponds to an increase of 125 %. Of these customers, six are now working in production scale and another 49 customers are working with scale-up, four of which are working in late scale-up (close to production). This means that we have by a good margin passed our original target for 2018 which was to grow the customer base with 75 % to a total of 184 customers. We also achieved our new target which was 235 customers.

Bio-Works customer distribution

Our sales process follows the fact that our industrial customers initially work at lab scale and then begin 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. To go from lab scale to production is a process which takes 2-5 years depending on the particular 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 the 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:

”Our sales effort in Asia and North America has quickly started to produce results in number of customers and also number of customers in the scale-up phase. We now have our first Asian customer in the production phase. The growth of new customers in North America, where we last year stepped-up our selling effort, is especially encouraging.”

For more information please visit Bio-Works’ homepage, www.bio-works,com, or contact Mats Johnson, CEO for Bio-Works, e-mail: mats.johnson@bio-works.com, telephone: +46 70 516 53 37.

About Bio-Works

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 purification in the life science research phase as well as the commercial production of biopharmaceuticals and diagnostic products in large scale. The products are sold globally through 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 follow 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.

 

 

 

 

Bio-Works secures another order from PolyPeptide

Press release October 23, 2018

Bio-Works has received an order of 1,6 million SEK from PolyPeptide. In total, Bio-Works has received seven orders from PolyPeptide, four during 2017 and three during 2018. PolyPeptide is one of the largest contract manufacturers in the world for peptide pharmaceuticals. They control 25 % of the global market for contract manufacturing of peptide pharmaceuticals. This latest order will be delivered during the first quarter of 2019.

Mats Johnson, Bio-Works CEO:

”We are happy that PolyPeptide uses Bio-Works’ products for optimal production efficiency. The high frequency of orders from PolyPeptide shows the trust they have for our products. We look forward to a continued good collaboration.”

Bio-Works has seen a clear increase in recurring orders from both existing and new customers. The order values are also increasing and the customer base is growing. Of the 203 customers Bio-Works has presently, 45 projects are in scale-up and four in production phase. We expect that several of our customers’ scale-up projects will move into production in the coming months. In industrial production each project a customer is running can be worth up to 10 million SEK in yearly revenue for Bio-Works.

For more information please visit Bio-Works’ homepage, www.bio-works,com, or contact Mats Johnson, CEO for Bio-Works, e-mail: mats.johnson@bio-works.com, telephone: +46 70 516 53 37.

About Bio-Works

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 purification in the life science research phase as well as the commercial production of biopharmaceuticals and diagnostic products in large scale. The products are sold globally through 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 follow 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.

Bio-Works launches WorkBeads affimAb for purification of tomorrow’s biological pharmaceuticals

Press release October 9, 2018

Bio-Works today announces the launch of WorkBeads affimAb for purification of new biological pharmaceuticals on a large scale. As for all Bio-Works’ products, focus is on improved production efficiency. We aim to capture the target molecule (the pharmaceutical product) in the shortest possible time and to achieve a purification process that is as efficient as possible. WorkBeads affimAb has unique features that provide great value for our customers.

Almost half of today’s biological pharmaceuticals are monoclonal antibodies. They are purified in a process including several steps, one of which is to use chromatography media where Protein A is coupled to the resin in order to to capture the monoclonal antibody. Many new biological pharmaceuticals are under development and new biosimilars (biological copies of biopharmaceuticals) are being developed at a rapidly increasing pace. This happens all over the world, not least in Asia. This faster pace of development leads to an increased demand for Protein A-based media, from established and new producers of pharmaceutical products, with a focus on attractive pricing in relation to production efficiency.

The market for Protein A-based chromatography media is worth more than 4 billion SEK and is growing by more than 8 % per year. The market is dominated by one company and one product. The dynamics of the business are such that the pharmaceutical producers are actively looking for new suppliers as alternatives to the market leader.

WorkBeads affimAb is built on Bio-Works patented agarose technology. Our Korean partner Amicogen’s unique Protein A is coupled to our unique resin as base. Bio-Works has, in comparison with relevant competing products, higher dynamic binding capacity (so called DBC) at high flow rates and very high stability for the necessary cleaning between process cycles. Thus, WorkBeads affimAb is in many key production parameters superior to the market leader’s product in terms of amount of target molecule bound (ca. 30 % more at high flow rate), but also expected lifetime in the customer’s application.

Mats Johnson, Bio-Works CEO:

”We are very satisfied that we have in such a short time been able to combine our technology base with Amicogen’s variant of Protein A to create a fantastic product for which there is a large need in the market. This product opens an important new market segment for us. We see this as a first step in our collaboration with Amicogen. Bio-Works is planning to continue to develop new products based on both companies’ unique technology bases. We continue step-by-step to build the company according to our plan.”

For more information please visit Bio-Works’ homepage, www.bio-works.com, or contact Mats Johnson, CEO for Bio-Works, e-mail: mats.johnson@bio-works.com, telephone: +46 70 516 53 37.

About Bio-Works

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 purification in the life science research phase as well as the commercial production of biopharmaceuticals and diagnostic products in large scale. The products are sold globally through 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 follow 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.

Bio-Works increases target for the number of new customers 2018

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: mats.johnson@bio-works.com, telephone: +46 70 516 53 37.

About Bio-Works

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.