BioPorto sees ‘satisfying growth’ in 2Q, driven by strong sales of antibodies and research use sales of its flagship NGAL Test

BioPorto A/S has posted interim second-quarter results that saw strong sales of antibodies and research use only sales of its flagship NGAL Test, which provides an early risk assessment of acute kidney injury (AKI), a well-known complication that is common after surgeries such as kidney transplants and heart-bypass.  For the period ended June 30, 2021, the in vitro diagnostics company, which is headquartered in Hellerup, Denmark said revenue from antibodies was up 118% and research use only sales of its proprietary NGAL Test in the US increased 84% in US dollars and 68% in Danish krone. The company revealed that in the first half of 2021, BioPorto’s revenue grew by 20% measured in US dollars and 11% when measured in Danish krone, driven by “strong sales” of antibodies and higher research use only sales of the NGAL Test in the US. READ: BioPorto developing point-of-care test for SARS-CoV-2 on the proprietary gRAD platform BioPorto maintained its financial guidance for 2021, forecasting revenue of about 30 million Danish krone (US$4.7 million). It also expected an operating loss EBIT, or earnings before interest and taxes of around 73 million Danish krone (US11.5 million) for the year. In a statement accompanying the numbers, BioPorto CEO Peter Mørch Eriksen said: “We have seen strong and satisfying growth in the second quarter and indeed in the first half of 2021, for antibodies and within US research use only sales of The NGAL Test. The momentum is encouraging although dark clouds are still on the horizon in the form of new mutations of the coronavirus (COVID‐19), causing short term uncertainty and lack of visibility.” “On the development side, BioPorto has had a busy schedule and good performance in the second quarter of 2021, considering the obstacles presented by COVID‐19. I expect our clinical and regulatory progress will be converted into an exciting news flow this fall.” At the end of August, the company will analyze interim data from the US clinical study for the NGAL Test in pediatrics. “The interim results will provide a strong indication of the test’s performance on key clinical variables and on the statistical power of the study,” said Eriksen. Based on results from an ELISA and dipstick study of NGAL to screen for renal failure in COVID‐19 patients conducted by clinical researchers at Columbia University’s Irving Medical Center, BioPorto initiated a dialogue with the US Food and Drug Administration (FDA) in July on potential Emergency Use Authorization (EUA) of the NGAL Test for the assessment of kidney injury and the prediction for renal replacement therapy in COVID‐19 patients. “We expect to have progressed both the FDA discussion on an EUA for use of the NGAL Test in COVID‐19 patients at risk of renal failure and we will conclude the COVID‐19 gRAD studies that are currently being undertaken in Denmark,” said Eriksen. In addition, the company expects to publish news on the gRAD sepsis study that it has undertaken with Righospitalet in Denmark.  “With these prospects in the pipeline and the anticipation of a new organizational structure in place in the next few months, we are looking at an eventful and important second half of 2021,” added Eriksen. BioPorto will host an online investor presentation on August 18 at 15:00 CET in Danish and at 16:00 CET in English. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive