COMPANY PROFILE In the first stage, the primary objective of Borean Pharma is to establish an organization, able to bring the technology platform forward to such a rank level of maturation that opens the possibility for initiating the development of an array of concrete product candidates in alliances with established pharma companies. The accomplishment of this assignment is already well under way, and Borean Pharma is expected to be ready to proceed to the next stage in 2003. As a technology-based company it is of immense importance for Borean Pharma to maintain a proactive IPR strategy, as this a key factor in the securing of value adding, and this aspect has therefore been high in the list of priorities already from commencement as a frame around Borean Pharma’s research- and developing activities. The Company has during 2002 expanded the total staff from 5 to 21, and by the recruitment of additional 10-15 new colleagues, this staff number is expected to be sufficient to establish a first partner collaboration. The construction of the central part of Borean Pharma's technology platform was made possible by building on combinatorial protein engineering tools developed elsewhere for the creation of one of the technologies that enabled the generation of ‘fully human’ therapeutic monoclonal antibody products. Borean Pharma has extended the application of the combinatorial protein technology to a new class of human proteins of the so-called ‘C-type lectin related protein’ family, and demonstrated that these slightly modified ‘designer proteins’ can be used as antibody mimics, which are expected to lay the foundation for a new generation of safe competitive protein therapeutics. C-type lectins have a distinct ”LEGO”-structure and are easy to re-configure. In contrast, antibody molecules have a complicated architecture and are costly to produce on an industrial scale. Borean Pharma has established a dominant patent position for all aspects of the technology and holds a number of patents and patent applications.