KVISTGARD, Denmark, November 11 /PRNewswire-FirstCall/ -- Today Bavarian Nordic published the company's third quarterly report 2009. The full report including the financial statements is available on the company's website: http://www.bavarian-nordic.com.
In the first nine months of 2009 Bavarian Nordic generated revenue of DKK 53 million and recorded a loss before tax of DKK 261 million. As of 30 September 2009 the Group's net free liquidity was DKK 304 million The company maintains its expectations for the financial result for the full year 2009 with revenues in the range of DKK 100-300 million and a pre-tax loss of between DKK 275-325 million. A prerequisite for maintaining the high end of the guidance is that the company will receive delivery allowance from the US authorities no later than beginning of December, leading to the possible initiation of deliveries of IMVAMUNE(R) to the US Government before the end of 2009. The net free liquidity at year-end is expected to be approximately DKK 175 million as a potential delivery to the US Government by late 2009 will not have a cash effect in 2009.
Following the FDA inspection of the IMVAMUNE(R) manufacturing facilities in May, Bavarian Nordic has made progress in the implementation of the corrective actions as required due to observations made by the FDA. The company expects to finalise its responses to the FDA no later than in the beginning of December and subsequently will await the FDA review and acceptance hereof. Consequently, the company maintains its expectations to initiate delivery of IMVAMUNE(R) to the US government before the end of second quarter of 2010.
During the first nine months of 2009, Bavarian Nordic reported further confirmatory data on PROSTVAC(TM), the company's late-stage prostate cancer vaccine candidate. Oral presentations were held at several cancer congresses, including ASCO and ECCO annual meetings.
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