R&D Costs Increase Losses At Peptide

UK-based Peptide Therapeutics Group's results for the six months endedJune 30, 1997, have been boosted by its major alliances with SmithKline Beecham and Medeva, with its product pipeline developing on track. Turnover for the period stood at L2.5 million ($4.1 million), due to the L2.4 million license fee received from SB to develop Peptide's allergy vaccine portfolio (Marketletter February 17), with a Phase II trial expected in the first half of 1998.

R&D costs rose 157% over the like, year-earlier period to L5.4 million, reflecting a L1 million payment to Medeva for its mucosal delivery technology and product candidates. Cash balance for the period increased 16.5% to L24 million. John Brown, chief executive, noted that the company's work on tolerizing peptides against hay fever and rheumatoid arthritis was progressing well.