UK biopharmaceutical company Vanguard Medica Group, which was floated on the London Stock Exchange in May raising L4.6 million ($7.2 million), reports pretax losses for first-half 1996 at L3.7 million (L1.8 million in the like, 1995 period). R&D spending rose from L1.5 million to L3.8 million, with total operating costs up from L3 million to L4.5 million. Cash and revenues at June 30 amounted to L57.3 million, including net proceeds from the flotation.
Vanguard notes highlights of the reporting period as: VML 251 (for migraine) Phase IIb trials are ahead of schedule; VML 252 (for hyperphosphatemia) Phase I trials have started ahead of schedule and a large-scale manufacturing process has been developed; VML 295 (for inflammatory conditions) Phase II trials have started in a second indication, ulcerative colitis); and the company has exercised its option for exclusive worldwide rights on VML 262 (for psoriasis).
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