Transgene reveals cash position

Transgene SA of France has announced its cash position and net cash expenditures for the three months ending March 31, noting that cash, cash equivalents and short-term investments totaled 13.9 million euros ($18.6 million).

For the first three months of the year, net cash expenditures amounted to 6.7 million euros compared to 5.3 million euros for the first three months of 2006. The increase is mainly due to a reduction of the cash received for third-party manufacturing while expenses remained stable. This evolution is in line with the net cash expenditure projections of 25.0 million euros made by the management for the whole of 2007. However, these projections do not take into account cash to be received from Swiss drug major Roche under the recently-announced product development partnership (Marketletter April 16).