Alizyme Progressing To Stock Exchange Listing
Alizyme, the UK-based drug discovery and development group whichcommenced trading in June 1996, has announced its intention to move from the Alternative Investment Market onto the main London Stock Exchange, following solid results for the six months ended June 30, 1997.
The company, which focuses on obesity-related diseases and gastrointestinal disorders, reported a within-budget loss of L1.3 million ($2.1 million), as a result of its L3.5 million investment in R&D programs since start-up. The most advanced is AZM-128 for the treatment of mucositis and its first drug candidate from the program, ATL 101, is scheduled to commence human trials in 1998.
Sir Brian Richards, Alizyme chairman, said that the company is moving into the second half of the year in a strong financial position with cash balances of L4 million, although he added that spending over the next six months will increase as products progress towards human clinical development.
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