Peptech to join AIM, as 2006 income falls 80.2%

Australian biopharmaceutical company Peptech, a developer of antibody and peptide therapeutics for the treatment of inflammatory diseases and cancer, has issued an investment circular which confirms its proposed admission to the Alternative Investments Market of the London Stock Exchange. The firm's ordinary shares, which are currently listed on the Australian Stock Exchange, are expected to begin trading on the AIM on December 15.

Financial performance for 2006

Peptech also reported that, for the year ended September 30, 2006, it saw profits of A$5.1 million ($4.0 million), down from the A$25.7 million it recorded for the previous year. The company explained that its earnings had been affected by a range of factors, including increased raw materials costs, higher external R&D expenses and increased depreciation and amortization expenditure.