Celltech Reduces Losses
UK biotechnology company Celltech said that it has reduced its pretax losses for the six-month period ended March 31, 1996, from L4.1 million ($62.1 million) to L3.7 million. Sales for the period were up 32% to L9.5 million.
Celltech Biologics was the driving force behind the improved performance. The division achieved operating profits of L1.3 million, up 30%, and sales of L9.4 million, an increase of 30.5%.
Finance director Peter Allen said: "the first quarter of 1997 will be a very exciting time. We are on the threshold in terms of becoming profitable." The firm is expecting drug trials results in the interim.
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