SR Pharma's 2005 loss up 20% after Atugen buy

London, UK-headquartered drugmaker SR Pharma says that, for full-year 2005, its pretax losses deepened 20% on the previous year, to L3.6 million ($6.5 million). However, the firm stressed that this was in line with its expectations after its L7.5 million acquisition of Germany-based siRNA therapeutics specialist Atugen AG in July 2005, as well as the adoption of International Financial Reporting Standards.

In July, the firm, which currently has no marketed products, raised L10.0 million of new investment from blue-chip institutions, including a $3.0 million equity investment by US biotechnology firm Introgen, which helped it improve its cash postition to L9.1 million, significantly up from the reserves of L3.1 million it had in 2004. Outside the reporting year, in March 2006, SR granted Merck & Co a license to allow it to evaluate a target gene owned by Atugen.