BTG reports surge in profit and revenues

UK drug developer BTG reported a third straight year in profit, with nearly four times the income for the financial year ending March 31, 2008, as the year before, due to a 60% increase in revenue and an 11% reduction in costs.

The firm's sales rose to L42.9 million ($83.5 million) during the 2007/2008 period, versus L26.8 million for the year ending March 31, 2007. Total operating expenses were reined in to L16.0 million. This led to a profit after tax of L8.8 million, or L0.06 per share, vs L2.4 million, or L0.02 per share.

BTG also reported on its product pipeline, highlighting several strong results. Many had already been made available (Marketletters April 14, March 17, February 4), yet the firm also reported new information on its Alzheimer's candidate BCG20-1259 a multifunctional compound in development to simultaneously inhibit acetycholinesterase, serotonin transport and calcium channels to improve cognitive behavior, a dosing trial has already been completed and a Phase II European study is due to begin this year, amongst other products.