Biovica saves SEK 30 million/year and investigates new go-to market model in US

2024-04-23 16:00

Biovica, active in blood-based cancer monitoring, announces a cost reduction program in Sweden and the US that will result in annual cost savings of approximately SEK 30 million and a restructuring cost of SEK 8 million. At the same time, Biovica is investigating the opportunity to change its go-to-market model in the US from having its own sales force to a partner model.

"After a series of outstanding contributions to Biovica, it is sad to lay off qualified staff, and the people who are now leaving the company are very competent. However, by adjusting the cost base, we are providing the best conditions for DiviTum® TKa to benefit both cancer patients and healthcare providers, and for Biovica to become profitable and create value to shareholders," said Anders Rylander, CEO of Biovica.

With a planned new go-to-market model, Biovica is reducing its workforce. This is expected to provide annual cost savings of approximately SEK 30 million per year and a restructuring cost of SEK 8 million, which will impact the result for the fourth quarter of 2023/2024.

"Thanks to our 510(k) approval, a unique PLA code, a price with Medicare, and our own CLIA lab, we have created the opportunity to develop a successful partnership-based US go-to-market model. We are seeking a partner with a significant oncology sales force in the US. Through the six commercial agreements we have covering around fifty hospitals, we can clearly demonstrate the potential in partnering with a company having a larger commercial infrastructure than Biovica," said Anders Rylander.

Biovica has now started the strategic process to reach out and investigate interest in partner collaborations.


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