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2008-11-12 Euroimplant, polish biotech company, is waiting for money

The biotechnological company listed on the NewConnect is looking for funds for investments. Euroimplant had planned to raise PLN 25m (EUR 6.8m) in its IPO. It managed to raise only PLN 11m. 45 percent of this amount has already been spent.

“We are considering a new issue within several months”, Andrzej Kisielinski, Euroimplant CEO said. He hopes to raise PLN 14-15m on the stock exchange, a grant from the EU funds plus a credit at Bank Zachodni WBK amounting to PLN 7m. The company plans to build a laboratory in Rybie. It needs to buy land. The investment is estimated at PLN 21.6m. Today, Euroimplant leases a laboratory which adversely affects its costs. In the three quarters of the year, the company had PLN 1.48m of net loss. However, it is going to offer new services in toxicology this year. In the first quarter of next year, the company may have PLN 0.55m of sales. In 2012, sales are supposed to amount to PLN 90m while the net income – to PLN 60m. On its IPO on March 18th, 2008, the company’s stock rose 38 percent to PLN 0.83, then it dropped over PLN 0.2 and today it trades at PLN 0.6. (PLN 1 = EUR 0.274).

Edited by: Izabela Klockowska
Source: www.pb.pl