PROTHERICS ANNOUNCES INTERIM RESULTS
FOR SIX MONTHS ENDED 30 SEPTEMBER 2008
Strong revenue growth and significant pipeline development
Recommended all share offer from BTG plc
London, UK, Brentwood, TN, 20 November 2008 - Protherics PLC
("Protherics" or the "Company"), the biopharmaceutical company focused
on critical care and cancer, today announces its unaudited interim
results for the six months ended 30 September 2008.
Proposed Merger with BTG plc
. Recommended all share offer from BTG plc to create one of the UK's
leading specialty biopharmaceutical companies:
- Protherics shareholders offered 0.291 BTG shares for
each Protherics share and on completion will own
approximately 40.8% of the enlarged company
- Approved by both Protherics and BTG shareholders at
respective EGMs
- Merger completion expected on 4 December 2008 following
Court approval
Financial Highlights
. Revenues increased by 16% to GBP17.2m (2007: GBP14.8m) with
underlying revenue growth of 10%, bolstered by the stronger US
dollar
. Gross profit up 13% to GBP9.3m (2007: GBP8.2m) with gross
margins of 54.2% (2007: 55.4%)
. R&D expenditure increased, as planned, by 13% to GBP9.7m (2007:
GBP8.6m) following initiation of several new clinical studies
. G&A expenses decreased significantly by 23% to GBP5.1m (2007:
GBP6.7m) due to favourable foreign exchange movements
. Loss before tax reduced to GBP5.0m (2007: GBP6.1m)
. Net cash decrease of GBP9.6m (2007: increase of GBP6.9m) in line
with expectations, providing a cash position of GBP28.1m (2007:
GBP46.9m)
. Cost reduction programme recently initiated at the manufacturing
sites in Wales and Australia
Operational Highlights
. VoraxazeTM:
- Protherics today announced the start of the submission
of a rolling Biologics License Application (BLA) with the
Food and Drug Administration (FDA) to seek marketing
approval in the US (see separate release)
- Continued revenue growth from European Named Patient
sales and supply under a Treatment Protocol with cost
recovery in the US
. Angiotensin Therapeutic Vaccine:
- Start of a phase 2a clinical study in June 2008 in
hypertension with a formulation which incorporates
Protherics' promising new vaccine adjuvant, CoVaccine HTTM
. ProlarixTM:
- Start of a phase 2a proof-of-concept study in primary
liver cancer in August 2008
Commenting on the results, Stuart Wallis, Chairman, said:"Protherics
delivered solid financial results in the first half of the
year, with a healthy increase in revenues and gross profits.
We continued to make good progress in developing our product pipeline
and announced today the start of the submission of a marketing
application for Voraxaze in the US. We believe that the proposed merger
with BTG, which recently won shareholder approval, will create a new
flagship specialty biopharmaceutical company in the UK with the
required financial strength and product portfolio to deliver enhanced
value to shareholders."
/ Ends /
For further information contact:
Protherics PLC +44 (0) 20 7246 9950
+44 (0) 7919 480510
Andrew Heath, CEO
Rolf Soderstrom, Finance Director
Nick Staples, Corporate Affairs
Protherics Inc +1 615 327 1027
Saul Komisar, President
Financial Dynamics
London: Ben Atwell / Lara Mott +44 (0) 20 7831 3113
New York: John Capodanno +1 212 850 5600
Notes for Editors:
About Protherics
Protherics (LSE: PTI, NASDAQ: PTIL) is a leading international
biopharmaceutical company focused on specialist products for critical
care and cancer.
The Company has two critical care products, CroFabTM and DigiFabTM,
approved for sale in the US. The Company has the opportunity to sell
these products in the US from October 2010 together with VoraxazeTM, a
supportive cancer care product, following anticipated marketing
approval in the US in 2010. Protherics is also developing a number of
other specialist hospital products in the cancer arena.
In addition, Protherics has several potential blockbuster products that
require development and commercialisation partners. These include
CytoFabTM which has been partnered by AstraZeneca in a major licensing
deal, and also Angiotensin Therapeutic Vaccine and, potentially Digoxin
Immune Fab, for which licensing partners will be sought in 2009.
For further information visit www.protherics.com.
Disclaimer
This document contains forward-looking statements that involve risks
and uncertainties including with respect to products under development
and the progress and completion of clinical trials. Although we believe
that the expectations reflected in such forward-looking statements are
reasonable at this time, we can give no assurance that such
expectations will prove to be correct. Given these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. Actual results could differ materially from
those anticipated in these forward-looking statements due to many
important factors discussed in Protherics' Annual Report on Form 20-F
and other reports filed from time to time with the U.S. Securities and
Exchange Commission. We do not undertake to update any oral or written
forward-looking statements that may be made by, or on behalf of,
Protherics.
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