Scotia Reduces Interim Loss

Scotia, a UK-based drug company, reduced its pretax loss for the first six months of 1994 by 40.5% to L1.54 million ($2.39 million). The operating loss was also reduced, down 28% to L2.38 million. The company's losses were reduced by the receipt of L1.5 million.

Turnover rose 13.6% to L8.81 million. Sales of pharmaceuticals declined 3.2% in the first half of the year, but sales of nutritional products were ahead 31.3%. The decline in pharmaceutical sales was said to reflect government pressures to reduce pharmaceutical costs in most major countries. The rise in nutritional sales included a substantial element of pipeline filling in both the UK and the USA, according to the company.

The company spent L5.29 million on R&D, an increase of 40.3%. Scotia says it has around 30 projects in late clinical development or Phase I and II clinical trials. It has six of its most promising projects ready to enter full scale Phase III programs during the next two years.