Norwegian biotechnology firm Hofseth BioCare (HBC) saw losses mount in the fourth quarter, but took several steps to boost results in the coming year.

The group reported negative earnings before interest, tax, depreciation and amortization (EBITDA) of NOK 16.7 million (€1.6 million/$1.9 million).

Operating revenues increased 2 percent year-on-year to NOK 69.3 million (€6.7 million/$8 million).

In October HBC completed a NOK 200 million (€18.2