Exonhit cuts losses

French biotechnology company ExonHit Therapeutics has reported a reduction in net losses for 2005 at 4.2 million euros, from 11.5 million euros in 2004. The group has cut its R&D budget 37% to 6.6 million euros and spending on clinical studies has been reduced, with only one drug candidate up for trials. The use of reserves last year fell from 8.0 million euros to 2.2 million euros and, following the appeal to the marker which raised 7.0 million euros, the company's reserves now total 13.6 million euros. Revenues remained low, rising 7% to 4.5 million euros in 2005, and were largely derived from ExonHit's partnership with US firm Allergan.