Peptide Therapeutics Increase Losses, Up R&D Spend In 1996

- Peptide Therapeutics' operating losses rose from L3.84 million($6.17 million) in 1995, to L6.06 million for the year ended December 31, 1996. Losses on ordinary activities were L4.6 million (L3.6 million in 1995). Turnover stood at L147,000, down from L155,000 in 1995. Operating expenditure increased to L6.2 million from L4 million in 1995, of which L5 million was spent on R&D. Cash and liquid resources at year-end were L20.6 million (L27 million in 1995), but since then have risen to L27.4 million due to cash injections from partners SmithKline Beecham and Medeva. PT says it aims to use this strong financial position to make further progress in R&D.