Norwegian biotechnology group Hofseth Biocare began recovering in its third quarter results after posting poor results for several quarters, and embarked on a series of partnerships and expansions aimed at lifting the company's fortunes.

The group's earnings before interest, tax, depreciation and amortization are still in the red but losses shrunk to NOK 7.6 million (€746,000/$832,000), a sharp decline compared to the same period last year.

Revenues increased to NOK 29 million (€2.8 million/$3.1 million) compared to last year.

Hofseth Biocare raised NOK 118 million (€12.3 million/$13.7 million), or about 10 percent of its outstanding capital, through a private share issue in order to drive growth and finance a new facility in Midsund, Norway.

The offer was placed at a fixed price of NOK 4 (€0.42/$0.46) per share and gross proceeds went towards strengthening sales and marketing initiatives, international growth, as well as research and development.

On Friday, the company announced a plan to form a joint venture with land-based salmon farmer Atlantic Sapphire to produce salmon offcuts at the company's Miami facility.

Last week, the Oslo-listed company inked a consulting deal with London-based surgeon Crawford Currie turned fund manager as part of a plan to woo investors.

Currie indirectly bought 750,000 shares at a price of NOK 6.00 (€0.59/$0.65) per share in the biotech company, through a 6.82 percent shareholding in Bulgarian company Brilliant Invest.

The company also signed Goldman Sachs executive James Berger in October to grow its international investment base.

The public company's Midsund plant processed 2,613 metric tons of salmon and trout byproducts, 4.8 percent more than the same time last year.

Hofseth Biocare focused on research and development during the quarter in all three product branches, oil, protein hydrolysate and bone powder.

The company secured a new patent, involving hydrolysis processing on all fish species, not just salmon offcuts in Sept.

The patent has been approved by Norwegian authorities, and Hofseth has plans to pursue other areas such as Canada, the United States, Chile and Peru.

Hofseth Biocare also took on a new sales person in Singapore to focus on the Asian market. The company also signed on a new sales partner for Denmark and Germany to expand its product base internationally.