ReGen's 1st half loss up 50% on R&D costs

UK-based biotechnology firm ReGen Therapeutics says that, for the six months to June 30, 2007, its loss after tax increased 50% to 1.5 million ($3.0 million). The company said that the results, which are the first announced under international financial reporting standards, reflect the 30% increase, to 467,000, in R&D expenditure in the period.

First-half sales, which increased 127% to 117,000, were due entirely to Guildford Clinical Pharmacology, a clinical research organization that ReGen acquired in 2004 (Marketletters passim). The firm added that, taking into account the work that GCPUL conducts its behalf, particularly in terms of the developmental antidormancy agent zolpidem, GCPUL achieved a profit in the reported period.

In his commentary Percy Lomax, ReGen's executive chairman, highlighted the Australian launch of Colostrinin, a neuro-protective agent derived from bovine colostrum, as a validation of the firm's long-term research efforts. He added that the firm was preparing for a US launch later this year.