Cantab Puts Itself Up For Sale?
Following the disappointing results from Phase II clinical trials of LM-CD45, a treatment for kidney transplant being codeveloped with Baxter Healthcare Corporation, and losses in the first quarter of 1995 amounting to L1.6 million ($2.6 million), Cantab Pharmaceuticals is reviewing its future. The first-quarter loss was double the loss in the 1994 quarter, and revenues in the quarter were L135,000, down 32.5%. The loss per share was $0.16.
"The first quarter of 1995 has not been without its challenges," commented Paul Haycock, Cantab's chief executive. The company has indicated that it is retaining Lehman Brothers as strategic advisor to evaluate "a wide range of strategic alternatives."
This may result in Cantab entering into one or more collaborative agreements "and/or an offer for Cantab's shares," according to a statement issued by the company. It is now focussing on its most clinically advanced immunotherapeutic programs and supporting technology.
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