Protherics cuts loss 23% over six months

UK-headquartered biopharmaceuticals firm Protherics achieved higher revenues and lower costs year-on-year for the six months to September 30, 2008, due to favorable exchange rates, reducing its loss by 23%.

Turnover increased by 16% to l17.2 million ($25.9 million), partially due to the stronger dollar, the firm noted. R&D expenses rose 13% to l9.7 million, but this was balanced by selling, general and administrative costs, which fell 24% to l5.1 million, again due to foreign exchange movements.

The London-based company narrowed its net loss to l4.8 million, or 1.4 pence per share, versus l6.2 million, or 1.8 pence per share. At the end of the period, the firm had cash and cash equivalent assets totalling l28.1 million, vs l46.9 million.