Loss Reduced At Cantab In 1st Nine Months

Cantab Pharmaceuticals has reduced its loss in the first nine months of 1996 from L4.6 million ($7.7 million) to L2.3 million. The firm said that revenues for the nine months were L3.1 million, compared to L672,000. The major component of this amount was L3 million in license fees paid by SmithKline Beecham in July. Cantab signed a deal with SB for the company to develop its lead product TA-GW, an immunotherapeutic for genital warts (see also Marketletter December 9).

The company has completed an institutional share placing, raising L25.7 million net of expenses. Its cash position has improved, with a cash balance for the quarter ended September 30 of L38.2 million.

Operating expenditure for the nine-month period was L6.1 million, up from L5.8 million a year earlier. Cantab noted that while operating expenses are increasing, in particular during the third quarter of 1996, the company has continued to maintain expenditure well within budget.