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Execution, Growth and Increased Awareness
In 2017, BioPorto remained focused on creating growth and ensuring tight execution of the top priorities in our strategic agenda; increasing awareness about the use of Neutrophil Gelatinase Associated Lipocalin (NGAL) for use in acute kidney injury (AKI) and preparing the FDA registration application for The NGAL Test™.
“We grew our revenue by 21% to DKK 25.2 million in 2017 – an all-time high in BioPorto’s history. The NGAL test produced strong and impressive sales growth, including in the US, where we are selling the test for Research Use Only (RUO) prior to obtaining clinical approval. In the US, sales of The NGAL Test™ rose by 360%, while sales in Europe were up by 25%. We also recorded a strong improvement in the sale of antibodies, which rose by 20%,” said a satisfied BioPorto CEO, Peter Mørch Eriksen.
Strong awareness among key opinion leaders and distributors
Concurrently with the sales progress, BioPorto has worked to ensure greater awareness of NGAL among key opinion leaders in hospitals and these endeavours have yielded positive results.
“In 2017, we set a goal to create greater awareness of NGAL as a biomarker. First and foremost, in diagnosis of AKI but also in other indications. These efforts have been further catalysed by the publication of articles by leading experts stressing the economic and health benefits of using NGAL in AKI. This has been a strong contributor to the mounting interest among global investors in NGAL and in part also led to the signing of a new distribution agreement with Roche Diagnostics in February 2018. We expect to see more of the same going forward,” said Mr Eriksen.
Fully focused on FDA approval and sales management in 2018
BioPorto increased its R&D spend by a considerable amount in 2017 in order to conduct The NGAL Test™ clinical studies to generate data for the registration application which we expect to file with the FDA in the second quarter of 2018. Sales of the test for clinical purposes are expected to commence towards the end of 2018 after a FDA approval.
“FDA approval would be an exceptional milestone in BioPorto’s history that would enable us to address a billion-dollar market by providing physicians with a better tool to manage AKI patients. We are in the process of preparing for that task and will invest in 2018 to build awareness of The NGAL Test™ by expanding our marketing strategy, focusing on distributor partnerships and educating medical personnel on how to use The NGAL Test™ in their hospitals. These efforts will hopefully be reflected in our revenue, which I expect to increase by at least 35% in 2018, driven by RUO and distributor sales,” concluded Peter Mørch Eriksen.