CeNeS' first-half 2007 loss reaches L4.0 million

UK drugmaker CeNeS says that its first-half 2007 loss after tax increased to $4.0 million ($8.1 million) from L3.6 million in the like, year-ago period. During the six months, turnover from out-licensing activities amounted to L25,000 versus L27,000, while R&D costs remained constant at L3.0 million.

The Cambridge-headquartered company noted that administrative expenses increased to L1.1 million vs L1.0 million as it continues to maintain its focus on keeping a low cost base in line with an outsourcing business model. There was no other operating income vs L26,000.

The decrease in the group's net assets to L6.0 million, more than 40%, is principally a result of lower net funds arising from R&D spend and the group's overheads. Net funds at June 30 were L800,000 vs L5.4 million. There was a net decrease in cash and cash equivalents of L5.5 million, which was primarily the result of a net cash outflow from operating activities and the settlement of creditors incurred on the large M6G022 Phase III study which completed in February 2007. In August, the company raised L5.75 million by a placing of shares.