UK life-sciences company BTG plc has turned in a stellar set of results for the six months ended September 30, as soaring revenues and flat operational costs helped its profit swell.
The group booked total revenues of £47.6 million, more than double the £20.8 million generated in the year-earlier period. Sales growth was driven by an upsurge in non-recurrent transactions, which rocketed from £300,000 to £15.1 million, coupled with a steady stream of royalty income of£12.1 million.
Operating and administrative costs stayed fairly flat at£8.9 million (£9.1 million last year) and research and development expenses increased marginally to £4.8 million, which helped the company to turn in a profit before tax of £15.2 million, a massive increase on the £1.7 million result recorded for the year-ago period.
But BTG’s achievements during the first half of 2007/8 go beyond the financial, its internal development programme is performing well too. A Phase II study of Varisolve - the microfoam sclerosant for varicose veins and venous stasis ulcers - is on track to end next year, and results from Phase I trials of its sleep apnea (BGC20-0166) and head lice (BGC20-0582)treatments are expected in the first quarter of 2008.
Alzheimer’s candidate moves to Phase II
Furthermore, its Alzheimer’s candidate BCG20-1259 is on the verge of entering Phase II testing, while the firm is preparing to assess its potential migraine and multiple sclerosis therapies in clinical studies for the first time.
“These excellent financial results are supported by strong progress in our internal and licensed development programmes,” beamed Louise Makin, BTG’s Chief Executive Officer. And the good news looks set to continue over the next six months. “We look forward to an exciting second half-year in which we anticipate achieving a number of significant development milestones while continuing to seek to strengthen our pipeline by in-licensing or acquiring new programmes,” she added.