Proteus Looking For Further Funding

Although operating expenditures have been reduced, Proteus International says agreements entered into to date, along with those it expects to conclude in the next few months, are not sufficient to provide short-term funding for the group. It is therefore urgently pursuing fund-raising opportunities.

UK-based Proteus announced that for the six months ended September 1995, turnover had reached a level of L30,000 ($46,1698), while it was reported as nil in the like, year-earlier period. This results in a six-month loss of L3.6 million, some 15% or L48,000 less that the corresponding 1994 period. The group's cash resources are depleted to around L2.4 million.

Research Underway Preclinical toxicology studies involving Proteus' GnRH immunotherapeutic, targeted at treatment of human prostate and breast cancer, have been successfully completed, according to the company, with animal models showing reductions in testosterone concentrations comparable to those achieved by an existing GnRH agonist but with less frequent dosing and without the hormonal surge associated with this class of agonists. A Phase IIa clinical trial is planned for the summer.