18 August 1999 18:42 [Source: ICIS news]
LONDON (CNI)--Oxford BioMedica's pre-tax losses in the first half deepened despite a jump in turnover as the UK company pushed ahead with a number of drug research programmes.
Pre-tax losses in H1 were down to £2.1m ($3.4m/Euro3.1m) from £1.8m while the company's two collaborations with RPR increased turnover to nearly £195 000 from only £5000 last time.
Oxford BioMedica's boosted R&D expenditure 44% to £1.9m from £1.3m. The company reported in results received Wednesday that it had "promising results" from its TroVax cancer vaccine programme, which has led to "substantial interest" from potential partners.
It added that R&D work on its MetXia-P450 treatment for late-stage breast cancer is on course, and that regulatory submissions have been made for a trial of MetXia-P450 to treat ovarian cancer.
In recent months the company also established collaborative programmes with South Korea's ViroMed and Modex of Switzerland. It said: "This creative approach to product development is not intended to generate significant immediate cash, but it establishes potentially valuable opportunities for the future."
In the mean time, Oxford BioMedica has increased its resources with a rights issue in March which raised net proceeds of £3.2m. The company said it had cash reserves of £5m at 30 June.
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