Norwegian Nordiag H1 loss widens

Wed. August 26, 2009; Posted: 03:47 PM

Aug 26, 2009 (M2 PRESSWIRE via COMTEX) -- NRDGF | Quote | Chart | News | PowerRating -- 26 August 2009 - Norwegian biotech company Nordiag ASA (OSL: NORD) said today its net loss widened to NOK48.7m for the first half of 2009 from NOK22.1m for the same period of 2008.

The operating revenues rose to NOK8m from NOK6.6m. The operating loss expanded to NOK50.2m from NOK23.9m and the pretax loss to NOK52.3m from NOK22.9m. The loss per share was NOK 0.64 compared with NOK 0.58 a year earlier.

For the second quarter of 2009, the company's net loss widened to NOK33.7m from NOK10.2m for the corresponding period of 2008 while the operating revenues increased to NOK3.6m from NOK 2.5m.

Nordiag had a net cash position of NOK22.1m at the of the second quarter of 2009. Although the company strives to increase income and to reduce costs, it will need additional funding during the second half of 2009. The net proceeds from the rights issue in January 2009 were NOK31.6m, which was some NOK20m below the company's target. Nordiag plans a new share in the fourth quarter of 2009.

For the whole 2009 the company expects its sales to increase to NOK60m from NOK12.2m following the set-up of a joint venture company, called Olerup International AB, with Swedish companies LinkMed AB (STO: LMED) and SSP Primers.

(EUR1 = NOK8.6)

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