WSE-listed synthetic-insulin maker Bioton will sell its stakes in foreign factories and repay almost two-thirds of its loans by the end of the year, according to a development strategy unveiled last week following the publication of its first quarter losses.

Bioton’s total Q1 revenues from product sales amounted zł.73.6 million, an increase of 11 percent y/y. However, the firm noted a net loss of zł.19.7 million at the close of Q1, as a result of heavy investment in its international expansion, and a y/y increase in costs in Q1 2009. According to documents revealed by Parkiet, the company’s EBITDA will come in at zł.53 million this year.

Company president Janusz Guy confirmed the sale of their 38 percent stake in their Russian factory Bioton Wostok, which Parkiet reported would raise zł.130 million.

“We are at the last stage of finalizing the sale of the factory in Russia. The price is already fixed,” he told a press conference. The transaction is expected to go through in June 2009. Guy also announced that Bioton had received offers for its factories in Israel and India.

The firm is in the process of a restructuring program, overseen by consultancy firm Roland Berger, which is expected to free up approximately zł.75 million of capital in Poland.

The company’s short-term strategic objectives include the restructuring of group operations and management, as well as reducing debt from zł.444 million to over zł.165 million by the end of the year. Bioton also acquired zł.277.1 million from investors in April by issuing shares and warrants.

Guy said the firm had also found a partner in the Chinese market and an announcement could be expected shortly.

“A marriage is just a matter of time, certainly this year,” said Guy.