Loss Of L8 million In 1st Quarter For British Biotech
British Biotech made a loss in the first quarter of the 1996/97 fiscal year ended July 31 of L8 million ($12.5 million), compared with L7 million a year earlier, which the company says was well within budget. Turnover was L530,000, compared with L344,000 a year earlier. The revenues came from a L300,000 milestone payment in respect of BB10153 from JT Pharmaceuticals, and from the continuing biological research agreement with R&D Systems.
R&D expenditure for the quarter was L7.9 million, up 23.4%. BB said that the rise was primarily due to the increased development resources supporting the expanding clinical programs for marimastat and lexipafant both in the USA and in Europe.
During the quarter, BB completed a one for eight rights issue raising around L143 million (Marketletters passim). The company said that the balance sheet was significantly strengthened at the end of the quarter with cash reserves in excess of L200 million.
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