British Biotech: interim results for the six months ended 31 October 2002
04 December 2002
British Biotech plc (LSE: BBG, Nasdaq: BBIOY) today announced its interim results for the six months ended 31 October, 2002.
Operational highlights
Progress with clinical studies:
- Phase II study started with the novel thrombolytic BB-10153
- Phase I weekly-dosing study successfully completed with the anti-cancer agent BB-10901
- Start of Phase II weekly-dosing study with BB-10901 announced today
- Second Phase I study started with more frequent dosing of BB-10901
- Phase I started with the novel antibiotic BB-83698
Progress in research:
- R&D collaboration formed with antibiotic specialist GeneSoft Pharmaceuticals, Inc.
- Anti-inflammatory collaboration with Serono extended
- Potential M&A opportunities continue to emerge
- Dr Peter Fellner appointed Chairman from 1 January, 2003 (see separate statement)
Financial highlights:
- Loss for the period reduced to £8.1 million (2001: £8.4 million)
- Net cash outflow for the period of £7.6 million (2001: £2.8 million)
- Cash and short-term investments of £42.8 million at 31 October, 2002 (30 April 2002: £50.4 million)
Tim Edwards, acting Chief Executive Officer of British Biotech, said: "Our strategy is to create value for shareholders through focusing first, on managing the portfolio of products and research opportunities; and second, on completing a corporate transaction. We continue to evaluate a number of opportunities in this area."
View the financial results (PDF file - 210KB)
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Safe harbour statement: this news release contains forward-looking statements that reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process.
