12 November 2003 13:31 [Source: ICIS news]
LONDON (CNI)--A jump in revenues enabled UK biopharmaceuticals firm Antisoma to dramatically cut pre-tax losses for the first quarter of 2003-4 despite a significant rise in operating expenses.
Antisoma's pre-tax losses for the three months ended 30 September were reduced by 93% to £212 000 ($353 900/Euro308 000) from £3m last time. The operating loss was cut by 84% to £500 000 from £3.2m.
Revenues rose on income from the firm's alliance with Swiss pharmaceuticals group Roche, which included £2.2m in upfront payments and £2.8m towards development costs of treatments based on the R1549 and R1550 compounds. The firm's revenues leapt to £5.05m from £358 000 last time.
A significant rise in research and development (R&D) spending pushed up Antisoma's operating costs, which increased by 56% to £5.5m from £3.5m.
Chairman, Barry Price, said: "This has been another quarter of strong progress for Antisoma. We have continued to build a broadly based pipeline, both through development of our existing portfolio and by in-licensing promising new agents."
Cash and cash equivalents at 30 September were £31.2m compared to £34m at the end of the 2002-3 financial year on 30 June.
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