Ardana's sees losses of L8.8 M in 2005/6

UK-based pharmaceutical company Ardana says that its losses for the financial year ended 31 March, 2006, were L8.8 million ($16.2 million) before tax, which included it's write-off of L6.4 million in R&D costs.

The firm, which specializes in the development of products for the reproductive health market, added that its total revenues of L490,000 for the year were derived from both the performance of its hypogonadism treatment Striant SR and its contract service activities.

Ardana also said that the reporting period had seen the continued development of key products in its pipeline. These included: positive Phase II trial results for the firm's long-acting gonadotrophin releasing hormone Teverelix SA used in prostate cancer and benign prostatic hyperplasia; good early data from studies of EP01572, the firm's developmental Growth Hormone Secretagogue; and a positive discussion with the US Food and Drug Administration, at a pre-Investigational New Drug meeting, on the next steps in the development of the company's testosterone replacement cream.