Medivir reports 2009 financial results

CisionFeb 18 2010

Medivir (STO:MVIRB):

• Net sales were SEK 25.7 (97.2) m.
• The loss after tax was SEK -135.4 (-99.2) m.
• Earnings per share were SEK -6.49 (-4.76).
• Cash flow from operating activities was SEK -135.1 (-34.8) m.
• Cash and cash equivalents as of 31 December were SEK 143.6 (284.4) m.

Comments from the CEO

“Medivir had a very satisfactory 2009. Our cold sore product secured market approval in the US and Europe and is well positioned for launch. This will take place under the XerclearTM trademark in Europe, and under the XereseTM trademark in the US during 2010. We made major advances in our existing infectious diseases portfolio in partnership with Tibotec/Johnson & Johnson and are looking forward to the clinical results from phase IIb trials on TMC435 in 2010. Our ambition is for Medivir to evolve from a research and development enterprise into a profitable pharmaceutical company with its own products and its own marketing resources,” commented Ron Long, Medivir’s CEO

Fourth quarter in brief Several significant project events were reported in the quarter.

The highlights can be summarized as follows:

• Our cold sore pharmaceutical, branded Xerclear™ in Europe, secured market approval in 14 countries.

• New clinical phase IIa data was reported on TMC435, against hepatitis C. This project is currently in a number of major phase IIb trials.

• Epiphany Biosciences, Medivir’s partner on valomaciclovir (MIV-606), presented positive results from its phase IIb trial on shingles patients.