The UK’s Cambridge Antibody Technology has reported a widening of first quarter losses in spite of news that Anglo-Swedish company had taken a 20% stake in the firm as part of a major inflammatory disease alliance [[22/11/04f]].
Neither did the financials reflect last week’s High Court ruling that the firm was entitled to a 5% royalty on sales generated by Abbott Laboratories’ sale of the rheumatoid arthritis offering, Humira (adalimumab), and had received almost $24 million dollars in royalty arrears, plus $1.3 million in interest, as the ruling is still subject to appeal [[31/01/05e]].
During the three months, CAT says it made an after-tax loss of £11.7 million pounds – versus a £9.1 million loss during the same period last year [[09/02/04d]]. Revenue in the period was £2.7 million – slightly down on the £3.8 million recorded last year, but the firm ended the quarter with cash and liquid resources of some £159.3 million, which is up on the previous quarter’s figure of £93.7 million [[08/09/04e]].
