The main event for NorDiag in Q1 07 was the acquisition of Genpoint. By this transaction, The Company’s IP and intellectual resources will substantially increase. The new NorDiag have an extended business platform with two business areas; Cancer and Infectious diseases with several products already launched in the clinical market. With a strengthened international competence base in gene based diagnostics, the ambition is to create a leading diagnostic company within Cancer and Infectious diseases in 3 – 5 years.

Main figures Q1 07:

Sales revenues of NOK 1.6 million in Q1 compared with NOK 1.9 million in same quarter in 2006. The revenue in Q4 06 was NOK 1.3 million.
Gross profit in the first quarter was NOK 1.1 million, a decrease from NOK 1.5 million in Q1 06, but an increase from the NOK 0.8 million recorded in the fourth quarter 2006.
Total operating expenses increased to NOK 13.5 million in the first quarter from NOK 7.8 million in the first quarter 2006 and NOK 8.5 million in the fourth quarter 2006.
EBITDA was NOK – 10.6 million in the first quarter, compared with an EBITDA of NOK – 5.6 million in the first quarter 2006. EBITDA in Q4 2006 was NOK – 6.1 million.
NOK ~ 80 mill in capital in place to support product development and market expansion.

“The Company has used the first quarter to improve its position. Extended intellectual rights and management resources, more products in the market and secured financial resources are strategically critical success factors we now have in place. In the operation, laboratory issues are resolved and we are increasing the effort in the market place again. We look forward to an exciting development the next quarters,” says CEO Mårten Wigstøl.

Key events for the Company in 2007:

Completion of major German clinical documentation study. This will give solid clinical data which is the key factor for growth of GenefecTM in all geographic markets. The study also includes next generation. Genefec markers which will imply a substantial higher test sensitivity.
Introduction of next generation GenefecTM in second half 2007 with improved performance.
Completion of automated solution (instrument, protocol software & reagent) to enhance product rollout.
Completion of development and clinical documentation for ScreenfecTM, a first-line screening test for colorectal cancer. Develop a fully automated, low cost assay to compete with FOBT.
International rollout beyond Nordic countries of product for sexually transmitted diseases (Chlamydia/Ghonorrea)
Speed up commercialization of MRSA and tuberculosis products

Contact person: CEO Mårten Wigstøl, phone + 47 91165775

Attachment: Q1 07 report and presentation

About NorDiag ASA
NorDiag is a biotechnology company with focus on genetic diagnostics in the fields of cancer and infectious diseases. The Company’s first product in cancer diagnosis is Genefec TM for diagnosis of colorectal cancer. The company has other applications for diagnosis of cancer under development, among others a screening product for colorectal cancer. In addition the company has a product for automated sample preparation of sexually transmitted diseases, as well as applications for other infectious diseases in the product pipeline. NorDiag is listed on Oslo Stock Exchange with the ticker NORD.