Letters from the CEO

“Bio-Works is more than well-positioned for continued success”

Following a challenging period in the bioprocessing market, Bio-Works has secured a promising outlook following the successful completion of a rights issue. Towards the end of August, we came to finalize the issuance of units approved by our shareholders at the extraordinary general meeting in July. The issue was oversubscribed by almost 140% raising SEK 39 million.

This level of interest, despite a challenging market, reflects investor confidence in Bio-Works’ potential. Our Chair of the Board, Peter Ehrenheim, acknowledged this significant support: “The fact that the issue was oversubscribed despite the challenging market climate shows a strong interest in Bio-Works.” He emphasized that this success provides a foundation for us to continue our effort to become a leader in chromatography purification, highlighting that Bio-Works is well-positioned to manage this renewed confidence and execute its strategic goals.

The financial boost comes at a pivotal moment, as we have seen a turnaround in the first half of 2024 after a challenging 2023. With a 16% increase in order intake and a recovery in customer inventories for chromatography resins, Bio-Works is poised for growth.

The strengthened financial position, combined with a new management team and improving customer satisfaction, sets a solid foundation for us to achieve our goals. Both we, the management, and our Board of Directors are committed to capitalizing on this trust and delivering value.

Furthermore, our cost savings program of 24 MSEK in 2024 is going according to plan. We will of course balance our financial measures with continued dedication to customer service. The new funding will be used wisely to support growth, with a clear commitment to long-term customer relationships.

Customer satisfaction is a cornerstone of our strategy. Bio-Works’ position as a trusted partner in the chromatography field is illustrated by our strong collaborations. Recently Mats Lundgren, CSO of Abera Biosciences, a company specializing in vaccine development, made us all delighted, praising us for the quality of its products and the support provided by our team. He noted how Bio-Works’ application team had been instrumental in shortening development timelines and maintaining reliable deliveries.

I take here the liberty, with his permission, to quote his message in full:

"Abera Bioscience is an emerging vaccine company focused on the development of proprietary vaccine candidates. Our team has collaborated with Bio-Works on several projects, and Bio-Works is our preferred supplier of chromatography resins and prepacked columns. We are truly impressed by the quality and performance of the products; but in particular by the way Bio-Works support customers. This is highly important to us, and the Bio-Works’ application team has been instrumental in several high priority projects where we were able to shorten development timelines dramatically. Furthermore, deliveries have been on time, and it has been such a pleasure to interact with all the employees. For us, Bio-Works is a trusted partner and not just another vendor."

With strengthened financials, new management, and customer-focused growth strategies, Bio-Works is more than well-positioned for continued success in biomolecule purification.

Lone Carlbom, CEO of Bio-Works Technologies AB