Protherics falls deeper into loss in fiscal 2007/8
UK-based biopharmaceutical company Protherics reported an increased loss for the financial year ending March 31, 2008, partially due to increased R&D spending.
The firm recorded a fall in revenue for the year to L26.1 million ($51.2 million) versus L31.1 million in the previous financial year. This brought the company's net loss to L16.7 million vs L3.4 million year-on-year, or loss per share of L0.05 vs L0.01. Protherics attributes these results to expected increased R&D spending on its development pipeline and acquisitions made in January 2007. R&D expenditure was L19.1 million vs L14.0 million in the year before.
Loss increased despite the firm receiving a L10.0 million milestone payment from AstraZeneca for the CytoFab anti-TNF-alpha polyclonal antibody fragment, indicated to treat sepsis resulting from uncontrolled infection. Sales of the drug decreased to L2.3 million vs L12.2 million, as it entered into a Phase II trial conducted by AstraZeneca.
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