Evolutec's 1st-half losses hit L5.7M, on R&D costs

UK biopharmaceutical group Evolutec says that its losses for the first six months of 2006 were L5.7 million ($7.2 million), an increase of 213% on the comparable period in 2005. The firm attributed the deepening losses to its increased R&D expenditure associated with trials of rEV131, it developmental agent for the treatment of allergic rhinitis.

In addition, Evolutec said that it expects to complete ongoing trials of the drug as a treatment for post-cataract eye inflammation in the first half of next year. The company's chief executive. Mark Brown, said that its "discussions with potential partners for rEV131 [in] respiratory indications are ahead of schedule."

Mr Brown went on to say that the firm planned to move another of its drug candidates, rEV576. a complement inhibitor, into clinical trials for use in myasthenia gravis, Gullian-Barre Syndrome and asthma, and believes that the product has the potential to achieve Orphan Drug designation for the first two indications.