British Biotech plc: preliminary financial results for the year ended 30 April 2003
3 July 2003
British Biotech plc (LSE: BBG, Nasdaq: BBIOY) today announced its preliminary results for the year ended 30 April 2003.
Business highlights
- Merger with RiboTargets completed in April 2003
- Management team strengthened with appointments of Dr Peter Fellner as Executive Chairman and Simon Sturge as Chief Executive Officer
- Progress on product development
- BB-10153: Phase II proof of concept study under way with TIMI Group
- BB-10901: Phase I study completed, Phase II study under way
- BB-83698: Phase I studies ongoing
- MG98: Phase I studies ongoing
- Progress on research
- Anti-inflammatory R&D collaboration with Serono extended
- Anti-infectives R&D collaboration formed with GeneSoft
Financial highlights
- Loss for the year of £17.5 million (2002: £17.2 million)
- Cash and short term investments of £43.9 million at 30 April, 2003 (2002: £50.4 million)
- Net funds of £41.0 million at 30 April, 2003 (2002: £48.3 million)
- Integration of RiboTargets largely completed; restructuring on track to achieve predicted cost savings
Dr Peter Fellner, Chairman of British Biotech, said: "The past year has seen major change at British Biotech, arising from its merger with RiboTargets".
"When I joined British Biotech in December 2002 I said that I believed there was an opportunity to create significant new value within the biotechnology sector, through the consolidation of companies with good research and development and/or pipeline products but which are hampered by high cost bases and inadequate financial resources. The integration of British Biotech and RiboTargets has now been largely and successfully completed, and has created a strong platform for further participation by the Company in the consolidation of the biotechnology sector."
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