Intercell Q1 net loss declines 19.3 pct to 7.1 mln eur UPDATE |
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Published
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Mon, 14 May 2007 08:16
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(Updating with liquid assets penultimate para, analyst comment last para)VIENNA (Thomson Financial) - Austrian vaccine company Intercell AG said net loss for the first quarter narrowed 19.3 pct year-on-year to 7.1 mln eur thanks to an increase in revenues and a decrease in the share of loss of associated companies.Revenue for the first quarter grew to 1.5 mln eur, compared with 0.3 mln in the first quarter of 2006, due to higher grant income and higher revenue from existing partnerships and licensing agreements with pharmaceutical companies, Intercell said in a statement.The company said research and development expenses in the first three months increased 8.8 pct to 7.4 mln eur year-on-year.The US market launch of its Japanese Encephalitis vaccine remains on track for early 2008 and will be brought to market in Europe in late 2008, Intercell said.Intercell's liquid funds were 86.3 mln eur by Mar 31, of which 20.2 mln was cash and cash equivalents and 66.1 ln eur was availableforsale financial assets.'The figures were inline with our expectations.' said Oppenheim analyst Peter Duellmann.'I think, however, the big signal today is the broad strategic use of Intercell's IC31 flu vaccine, which will be of great significance to producers of flu vaccines especially for TB and the elderly,' Duellmann added.fiona.flanagan@thomson.comff/am/ff/ejpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Intercell Q1 net loss declines 19.3 pct to 7.1 mln eur 