Norwood Immunology FY pretax loss narrows on lower R&D expenses UPDATE |
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Tue, 30 Oct 2007 09:40
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(Adds further details)LONDON (Thomson Financial) - Norwood Immunology Ltd reported a narrower full-year pretax loss, primarily due to lower research and development costs, and said that it looks forward to progressing its clinical development and commercialisation in 2007-08.The biopharmaceutical company posted a pretax loss of 4.86 mln aud for the year ended June 30, compared with a loss of 6.71 mln last year.Norwood said it is disappointed at the delay in the commencement of the Solvay phase II clinical study regarding the virosomal vaccine for intra nasal influenza, and also at the slow rate of recruitment of patients in respect of its phase II BMT/cancer study in the US.But the company said it is encouraged by the progress in its Lupron/vaccination phase II clinical trial in the US, and hopes to release a report detailing interim results in the first half of 2008.Norwood said the overall progress in achieving its aims during the year has been slower than expected, principally as a result of delays in trial commencement or recruitment rather than any technology setbacks.Action to address these delays is being taken, as far as this is within its control, the company said.Norwood added that it continues to pursue value-enhancing opportunities through partnering or mergers and acquisitions.TFN.newsdesk@thomson.comkal/ra/kal/raCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Norwood Immunology FY pretax loss narrows on lower R&D expenses 