Cantab Goes Into Black With GW Payment

Cantab Pharmaceuticals of the UK says revenues for the first half of1997 were L6 million ($9.8 million) compared to L25,000 for the like, 1996 period. The increase is largely the result of an upfront licence payment of L5 million from Glaxo Wellcome and around L1 million in contract development fees.

This also means that Cantab has moved into the black, with first-half profits of just under L2 million, compared with a loss of nearly L4 million in first-half 1996. Operating expenses increased to L5.3 million from L4.0 million, reflecting significant investment in Cantab's R&D portfolio. The company says this was a "strong financial performance ahead of budget."