N@N

Protherics PLC: Protherics PLC announces Interim Results

^{Published on 2008-11-20 00:53:32 - Market Wire}
 

Cheshire, UK--(Marketwire - November 20, 2008) -

 PROTHERICS ANNOUNCES INTERIM RESULTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2008 Strong revenue growth and significant pipeline development Recommended all share offer from BTG plc London, UK, Brentwood, TN, 20 November 2008 - Protherics PLC ("Protherics" or the "Company"), the biopharmaceutical company focused on critical care and cancer, today announces its unaudited interim results for the six months ended 30 September 2008. Proposed Merger with BTG plc . Recommended all share offer from BTG plc to create one of the UK's leading specialty biopharmaceutical companies: - Protherics shareholders offered 0.291 BTG shares for each Protherics share and on completion will own approximately 40.8% of the enlarged company - Approved by both Protherics and BTG shareholders at respective EGMs - Merger completion expected on 4 December 2008 following Court approval Financial Highlights . Revenues increased by 16% to GBP17.2m (2007: GBP14.8m) with underlying revenue growth of 10%, bolstered by the stronger US dollar . Gross profit up 13% to GBP9.3m (2007: GBP8.2m) with gross margins of 54.2% (2007: 55.4%) . R&D expenditure increased, as planned, by 13% to GBP9.7m (2007: GBP8.6m) following initiation of several new clinical studies . G&A expenses decreased significantly by 23% to GBP5.1m (2007: GBP6.7m) due to favourable foreign exchange movements . Loss before tax reduced to GBP5.0m (2007: GBP6.1m) . Net cash decrease of GBP9.6m (2007: increase of GBP6.9m) in line with expectations, providing a cash position of GBP28.1m (2007: GBP46.9m) . Cost reduction programme recently initiated at the manufacturing sites in Wales and Australia Operational Highlights . VoraxazeTM: - Protherics today announced the start of the submission of a rolling Biologics License Application (BLA) with the Food and Drug Administration (FDA) to seek marketing approval in the US (see separate release) - Continued revenue growth from European Named Patient sales and supply under a Treatment Protocol with cost recovery in the US . Angiotensin Therapeutic Vaccine: - Start of a phase 2a clinical study in June 2008 in hypertension with a formulation which incorporates Protherics' promising new vaccine adjuvant, CoVaccine HTTM . ProlarixTM: - Start of a phase 2a proof-of-concept study in primary liver cancer in August 2008 Commenting on the results, Stuart Wallis, Chairman, said:"Protherics delivered solid financial results in the first half of the year, with a healthy increase in revenues and gross profits. We continued to make good progress in developing our product pipeline and announced today the start of the submission of a marketing application for Voraxaze in the US. We believe that the proposed merger with BTG, which recently won shareholder approval, will create a new flagship specialty biopharmaceutical company in the UK with the required financial strength and product portfolio to deliver enhanced value to shareholders." / Ends / For further information contact: Protherics PLC +44 (0) 20 7246 9950 +44 (0) 7919 480510 Andrew Heath, CEO Rolf Soderstrom, Finance Director Nick Staples, Corporate Affairs Protherics Inc +1 615 327 1027 Saul Komisar, President Financial Dynamics London: Ben Atwell / Lara Mott +44 (0) 20 7831 3113 New York: John Capodanno +1 212 850 5600 Notes for Editors: About Protherics Protherics (LSE: PTI, NASDAQ: PTIL) is a leading international biopharmaceutical company focused on specialist products for critical care and cancer. The Company has two critical care products, CroFabTM and DigiFabTM, approved for sale in the US. The Company has the opportunity to sell these products in the US from October 2010 together with VoraxazeTM, a supportive cancer care product, following anticipated marketing approval in the US in 2010. Protherics is also developing a number of other specialist hospital products in the cancer arena. In addition, Protherics has several potential blockbuster products that require development and commercialisation partners. These include CytoFabTM which has been partnered by AstraZeneca in a major licensing deal, and also Angiotensin Therapeutic Vaccine and, potentially Digoxin Immune Fab, for which licensing partners will be sought in 2009. For further information visit [ www.protherics.com ]. Disclaimer This document contains forward-looking statements that involve risks and uncertainties including with respect to products under development and the progress and completion of clinical trials. Although we believe that the expectations reflected in such forward-looking statements are reasonable at this time, we can give no assurance that such expectations will prove to be correct. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many important factors discussed in Protherics' Annual Report on Form 20-F and other reports filed from time to time with the U.S. Securities and Exchange Commission. We do not undertake to update any oral or written forward-looking statements that may be made by, or on behalf of, Protherics. Click on, or paste the following link into your web browser, to view the associated PDF document. [ http://www.rns-pdf.londonstockexchange.com/rns/5371I_1-2008-11-19.pdf ] This information is provided by RNS The company news service from the London Stock Exchange END