- Rapid year-on-year revenue growth of 23% in first quarter
- Company reorganisation delivers sustained success
- Preparations for EU market entry on track
Berlin, 12 April 2016 – co.don AG, a fully-integrated, mid-sized biopharmaceutical company specialised in autologous cell therapies for the minimally invasive repair of cartilage damage to joints following traumatic or degenerative defects, has made significant progress in its operating business in the first quarter of the current financial year, resulting in revenue growth of 23% compared with the same period last year. Revenue for the first quarter of 2016 came to €1,635k (previous year: €1,326k), which is well above the company's expectations.
Dirk Hessel, CEO of co.don AG: "The steps we have been taking since the second half of 2015 to expand our distribution and ramp up our penetration of the domestic market are having an effect. By strengthening our sales force we have increased the frequency of our visits to existing users – and that has resulted in an increase in new orders. At the same time we are now able to address more new clinics."
As well as strengthening its domestic market presence, co.don AG is preparing to enter other European Union markets: the company continues to work towards obtaining European marketing authorisation for its autologous cartilage product. In order to be ready to roll out its innovative methods swiftly, the company is already starting its preparations for market entry. They include drawing up analyses of specific national markets, building its network, approaching medical opinion leaders in Europe and training potential users. Another sharp increase in demand for the product is expected as a result of EU approval. Production capacities are therefore being increased by improving the production technology and developing a standardised pan-European logistics management system, in order to meet forecast product demand within the EU on a timely basis.
Dirk Hessel: "With our regenerative therapy options our aim is to postpone joint replacement, or ideally to avoid it altogether, and so to maintain patients' quality of life and everyday mobility. Our business performance in 2015 and the first quarter of 2016, along with our positive growth forecasts for the future show that this can also become a commercial reality. Even though we cannot simply extrapolate the rapid growth rate for the first quarter in Germany to the full financial year, this performance still gives us considerable momentum for the months ahead."
About co.don® AG: Berlin-based co.don AG develops, produces and markets in Germany autologous cell therapies for the minimally invasive repair of cartilage damage to joints following traumatic or degenerative defects.co.don condrosphere® is a cell therapy product that uses only the patient's own cartilage cells ("autologous chondrocytes"). co.don condrosphere® has been approved by the German federal agency PEI in accordance with Section 4b of the German Pharmaceuticals Act (AMG) and is currently undergoing Phase II and III clinical trials to obtain European marketing authorisation. co.don condrosphere® has been used for more than 10 years in over 120 clinics to treat more than 9,000 patients. In Germany the statutory health insurance companies have paid for the treatment of knee and hip joints since 2007 and for the treatment of vertebral joints since 2008. The shares in co.don AG are listed on the Frankfurt Stock Exchange (ISIN: DE000A1K0227). Executive Board: Dirk Hessel (CEO) and Vilma Methner (COO, CSO) More information can be found at www.ihre-zellzuechter.de and www.codon.de.
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