Proteus More Confident At Fiscal Year-End

With losses reduced 29% to L3.8 million ($6.3 million) in the year endedMarch 1997, David Gration, chairman of Proteus International of the UK, said in London last week that he was a lot more confident than he was a few months ago, and that the company has taken some major strategic decisions in the last 12 months.

A new approach has been adopted, with a much tighter focus on far fewer R&D projects, and a reduction in staff numbers from 120 to 47. The firm successfully raised L9.4 million in a fund-raising exercise in May 1996, and at the fiscal year-end had cash of L6.9 million. Mr Gration said that at the firm's current cash burn rate, it can run to the end of calender 1998. A decision will then have to be made as to whether it is viable to go back to the shareholders to raise more funds, or consider selling products early, he commented.

The firm's new approach focuses on drug design on the basis of 3D structures of molecular targets such as enzymes or DNA. The best of these are then synthesized and tested biologically, with the objective of generating new drug leads. To meet this objective, Proteus has installed new chemistry and biology laboratories within its existing building in Macclesfield.