Steady Progress At Cantab Pharma In 1st Half

Revenues for the first six months of 1994 for Cantab Pharmaceuticals were down 31.4% to L424,000 ($653,808). All revenues to June 30th were for collaborative contract development work. A net loss was posted of L1.8 million or L0.19 per share. The loss per share improved from a loss of L0.21 in the like, year-earlier period. This was due to a significant year-on-year increase in net interest earned and the increased number of shares since the listing on the London Stock Exchange in 1993.

The company's major development programs are on target, and the company says it should meet its 1994 objectives. It has had encouraging preclinical data on its DISC HSV vaccine for genital herpes, and a multicenter trial has started in the USA for LM-CD45, a product candidate for organ transplant. Also, the company has been granted a British patent covering major areas of its DISC-virus technology.

Guy Wood-Gush and Jonathan de Pass at Barclays de Zoete Wedd Research said that while there was little in Cantab's set of results that was unexpected, it is clear that very deliberate progress is being made on all fronts.