SOURCE: Protherics PLC

June 05, 2007 02:02 ET

Protherics PLC - Final Results

Cheshire, UK--(Marketwire - June 5, 2007) -


London, UK, Brentwood, TN, 5 June 2007 - Protherics PLC, ("Protherics" or the "Company"), the biopharmaceutical company focused on critical care and cancer, today announces its preliminary results for the 12 months ended 31 March 2007.

Financial Highlights (for the 12 months to 31 March 2007)

-  Revenues increased to GBP31.1 million (2006: GBP17.7 million) with
   higher CytoFabTM, CroFabTM and VoraxazeTM revenues, offset by reduced
   DigiFabTM shipments to our US distributor

-  Gross profit increased to GBP19.8 million (2006: GBP6.4 million
   including exceptional costs of GBP1.4 million) on CytoFabTM milestone
   and increased CroFabTM volumes

-  Research & Development ("R&D") increased to GBP14.0 million (2006:
   GBP6.7 million) mainly due to increased investment in CytoFabTM and

-  General & Administrative ("G&A") expenses were GBP10.2 million (2006:
   GBP9.2 million) reflecting the increasing scale of the business,
   offset by benefits on foreign exchange positions and reduced share
   option charges

-  Loss before tax GBP3.6 million (2006: GBP9.6 million), slightly less
   than market expectations

-  Strong cash position at end of period of GBP40.0 million (2006: GBP25.4
   million) following fundraising in January 2007, and excluding a
   GBP10.0 million milestone payment from AstraZeneca received after the
   financial year end.

Operational Highlights

-  Pipeline expanded and diversified through agreements with Glenveigh
   Pharmaceuticals LLP ("Glenveigh") and Advanced In Vitro Technologies
   S.A. ("Advancell"), and the acquisition of MacroMed Inc. ("MacroMed"),
   financed by a GBP38.2 million equity fundraising in January 2006

-  Integration of MacroMed completed and solid progress made with three
   new programmes:

   * OncoGelTM:  phase 1/2 brain cancer study initiated in US and
     positive results reported in phase 2a study in oesophageal cancer

   * Digoxin Immune Fab: phase 2b pre-eclampsia study progressing well
     following positive interim safety assessment and expected to
     report in first half of 2008

   * Acadesine: proof of concept phase 1/2 study to start in second
     half of 2007 

-         CytoFabTM:

   * GBP10.0 million milestone payment from AstraZeneca for the successful
     development of a large scale CytoFabTM manufacturing process

   * AstraZeneca to expand global clinical development programme for
     CytoFabTM in severe sepsis following positive discussions with
     regulatory agencies

-         VoraxazeTM:

   * Fast Track Designation granted by the Food and Drug Administration

   * Biologicals Licensing Application ("BLA") to be resubmitted in
     the US under a rolling submission starting in early 2008

   * FDA approval to charge for compassionate use supply in the US to
     help recover costs

   * Marketing Authorisation Application ("MAA") withdrawn in EU

   * Clinical programme initiated to support the repeated planned use
     of VoraxazeTM

-  Significant progress made with other development programmes.

Commenting on the results, Stuart Wallis, Chairman, said:

"This has been a year of good progress for Protherics as we expanded and diversified our portfolio of products. We expect to have nine clinical studies ongoing over the next 12 months and we see the data from these programmes as our biggest opportunity to deliver shareholder value in the near to mid term. With a strong cash position, a healthy pipeline and considerable activity across the business, we have good reason to look forward with confidence."

| Ends |

A presentation and conference call for analysts will be held today at 9.30 am UK time. Please call Mo Noonan on +44 (0)20 7269 7116 in the UK or Maxine Stephenson on 212-850-5752 in the US for further details.

For further information contact:

Protherics PLC                                 +44 (0) 20 7246 9950
                                               +44 (0) 7919  480510
Andrew Heath, CEO
Barry Riley, Finance Director
Nick Staples, Corporate Affairs

Protherics Inc                                 +1 615 327 1027
Saul Komisar, President

Financial Dynamics
London: David Yates/Ben Atwell                 +44 (0) 20 7831 3113
New York: Jonathan Birt/John Capodanno         +1 212 850 5600
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