Progress At ML Labs In First Half

UK company ML Laboratories posted growth in the first six months of itsfiscal year to March 31, with the firm's dialysis solution Icodial (icodextrin) beating expectations in its first year since its launch.

The product, which is used for peritoneal dialysis, is marketed in Europe by Baxter Healthcare, and preparations for its registration in the USA are said to be progressing well. ML said that it is developing additional products based on Icodial, with a view to increasing the penetration of icodextrin-based products in dialysis therapy.

Turnover in the fiscal first half was L5.6 million ($9.3 million), an increase of almost 100%. Pretax profits were just under L3 million, up from L83,105 a year earlier. Earnings per share were 169 pence, compared with 6 pence. The firm's licensing payments were the driver, more than doubling to L4.6 million. ML's share price rose 2 pence to 160 pence on the news.