Ark Thera's 2006 loss up 16%, on R&D costs

UK-based drugmaker Ark Therapeutics said that, for the full year ended December 31, its loss was L17.5 million ($34.0 million), up 15.9% from the L15.1 million deficit it recorded in 2005. The firm said that this was due to increased investment in its biologics manufacturing facility, as well as the timing of a milestone payment under its licensing agreement with Germany's Boehringer Ingelheim (Marketletters passim).

Ark added that its revenues for the year, down 73.9% to L300,000, were lower than those achieved in 2005, which included a L2.0 million milestone payment from its German partner. The company added that it expects to receive further payments in 2007, as more of the deal's pre-defined development goals are met.

Ark went on to say that, while current sales are dominated by its Kerraboot wound care device, future turnover is expected to come from products in its late-stage development pipeline, such as: Trinam (EG004), its novel gene therapy to prevent blood vessels blockage in kidney dialysis patients who have undergone vascular access graft surgery; Vitor (imadapril), its oral drug for the treatment of weight loss and muscle wasting (cachexia) associated with cancer; and Cerepro, its adenovirus-mediated therapy for high-grade glioma.