| CATEGORY: SMALL CAPS NEWS SECTOR: PHARMACEUTICALS & BIOTECHNOLOGY |
Acambis narrows year loss |
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Thu 15 Mar 2007
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LONDON (SHARECAST) - Vaccine maker Acambis has narrowed full year pre-tax losses and reported a profit in the fourth quarter, it said today, just days after axing its chief executive, finance director and 40 others.
The pre-tax loss for the three months to 31 December fell to £15.9m from £27.7m, while the group reported a pre-tax profit of £2.2m in the final three months versus a £5.1m loss a year earlier.
Revenue for the year came to £30.9m, down from £40.9m, which the group said is in line with the revenue guidance given last year.
It said the financial position of the company has been strengthened by a settlement with Novartis relating to ARILVAX, the sale of the US marketing operations and a further order for its ACAM2000 smallpox vaccine from the US Centers for Disease Control and Prevention.
“Through the board and management changes, the restructuring of our business and cost base, and the good progress made in the pipeline projects, we have made a strong start towards setting Acambis on a firmer footing for its next stage of growth,” the group said.
“We are committed to transitioning Acambis away from biodefence-related activities by building out its non-biodefence pipeline, where we have had some notable successes recently,” it added.
R&D expenditure is expected to be significantly lower this year, at around £25-30m, having completed phase III trials of its Japanese encephalitis vaccine ChimeriVax-JE.
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