Higher R&D Costs Raise Cortecs' Losses

UK company Cortecs International reported sales of L4 million ($6.4million) for the six months ended December 31, 1996, a fall of 18.4% - largely as a result of higher R&D, selling, distribution and administration costs - and a loss of L4.3 million for the period, compared with L1.6 million for the like, 1995 term. The loss per ordinary share was 3.0 pence, compared with 1.4 pence.

According to executive chairman Glen Travers, "the increased pace of R&D has allowed us to exploit the adaptability of our technology platforms and to progress them towards product opportunities." Cortecs now has four lead projects in human trials and has launched its One Step format for rapid diagnosis which ties into the group's disease management strategy, he added.

Half-Year Highlights Phase II/III trial data of Cortecs' oral calcitonin product Macritonin is now in analysis, and subject to positive results in April, a European registration application is planned. Ferrer International of Spain has been appointed as the first marketing partner for this product in Europe.