UK's Antisoma hit by 30% rise in Q1 losses to £3.01m

13 November 2002 17:17  [Source: ICIS news]

LONDON (CNI)--UK pharmaceuticals firm Antisoma announced Wednesday a 30% rise in fiscal first quarter pre-tax losses to £3.01m ($4.78m/Euro4.72m), citing as the main reason higher research and development (R&D) expenses.

Revenues for the three months to 30 September fell 27% to £358 000. These came from US group Abbot Laboratories for the development of the cancer drug pemtumomab.

Operating expenses rose 22% to £3.55m, with R&D expenses up 33% at £2.65m as manufacturing and pre-clinical developmental costs grew due to additional products in the pipeline.

The company had £15.4m in cash and cash equivalents on 30 September 2002, down from £18.9m on 30 June.

Chairman Barry Price said: “The company achieved an important milestone during the quarter by reaching the target for recruitment of patients into our phase III trial of pemtumomab in ovarian cancer. An independent analysis has indicated that we can expect to complete this major study before the end of 2004.”

He added: “As well as significant progress on our lead product, the pipeline has been further reinforced by the receipt of new patents, and our management team has been enhanced by the appointment of Miroslav Ravic as chief clinical officer [in September].”

 

By: Russell Ong
+44 208 652 3214

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