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2016-11-18

Vistin Pharma ASA : Vistin Pharma's metformin production temporarily halted due to an unscheduled maintenance stop

Oslo, Norway, 18 November 2016

Production at Norwegian pharmaceutical company Vistin Pharma ASA's metformin
plant in Kragerø, Norway has been temporarily halted due to an unscheduled
maintenance stop to repair one of the reactors. The maintenance team at the
plant has discovered a fracture in a reactor, which will have to be replaced
before normal production can resume. Vistin Pharma estimates that production
downtime will last for approximately five weeks and will result in a lowered
production volume in the fourth quarter of approximately 300 metric tonnes.
Despite this unforeseen event, the Company does not expect any major negative
consequences or problems in supplying existing orders, as customers will be
supplied from the Company's existing inventory.

Vistin Pharma estimates a negative EBITDA-impact in the fourth quarter of NOK
4-5 million from this incident.

"We have uncovered a fracture in our metformin reactor which needs to be
repaired. Unfortunately, this will take approximately five weeks to resolve.
However, we have a good overview of the situation and measures needed to
resume production. I can assure all our stakeholders that we are working as
hard as we can to repair the component with the goal to resume production as
soon as possible," said Kjell-Erik Nordby, CEO of Vistin Pharma.

As a consequence of the reactor defect, a discharge of butanol and metformin
to water, which exceeded the current permit levels, occurred. The incident
has been reported to the Norwegian Environment Agency.

The reactor was last inspected during a scheduled inspection by the equipment
manufacturer in October 2016, and certified for another five years.

Vistin Pharma's metformin plant has been running at full capacity throughout
2016. Earlier this year, the Company decided to invest in a major expansion
of the plant, effectively doubling the annual production capacity to in
excess of 6 000 metric tonnes. Vistin has a pipeline of new business
development opportunities across its metformin business and continues to grow
its premium customer base.

For further information, please contact:

Kjell-Erik Nordby
CEO
+47 91 36 42 80

kjell-erik.nordby@vistin.com

Gunnar Manum
CFO
+47 95 17 91 90

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vistin Pharma ASA via Globenewswire

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