Cortecs Reports Year-End Reduced Turnover

UK pharmaceutical company Cortecs International has announced itsresults for the financial year ended June 30, 1997, noting that turnover was reduced to L7.7 million ($12.2 million), a fall of 26.6% on the corresponding period last year. The company said that the decrease was due to reduced milestone and licensing payments, and noted that R&D had risen by 95% since last year to L11.5 million.

Cortecs claimed that it had reached its goals for the year, most notably positive European Phase III trials of Macritonin (oral salmon calcitonin), for which the company has filed its first registration application in Ireland. Cortecs also achieved encouraging results in the first Phase II trial of its two studies for oral therapeutic vaccine Pseudostat, which demonstrated evidence of cutting the rate of infection involving patients with chronic bronchitis (Marketletter August 18).

Cortecs also noted that it had received approval from the High Court in Western Australia whereby a newly-formed company, Cortecs plc, will become the immediate holding company of the Cortecs group. Its shareholders have approved the scheme and, as a result, full listing on the London Stock Exchange is expected to take place in fourth-quarter 1997, following final court approval.