Cheshire, UK--(Marketwire - June 5, 2007) -
PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 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
VoraxazeTM
- 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
("FDA")
* 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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