Norwegian biotechnology company Hofseth BioCare posted another loss in its third quarter earnings, falling even deeper into the red due to lower production volumes, increased investments and higher salaries.
The group reported a loss of NOK 23.2 million (€2 million/$2.4 million) particularly due to "higher-than-expected" investments in research and development (R&D) projects.
Operating revenues also dipped to NOK 7.6 million (€681,000/$796,000), as the company's Midsund facility was going through expansions leading to "unavoidable disruptions" in production.
