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Norwegian Nordiag H1 loss widens

Posted on: Wed, 26 Aug 2009 15:47:00 EDT

Symbols: NRDGF

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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)

Comments on this story may be sent to 
nbr.feedback@nordicbusinessreport.com

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