NeuTec Pharma's excellent progress

Manchester, UK-based NeuTec Pharma, a biopharmaceutical company targeting drug-resistant infections, recorded a loss before taxation of £1,643,000 (31 December 2003: £1,189,000).

The increase in the loss reflects the commencement of commercial scale manufacturing of the lead product, Mycograb. The cash balance at the period end was £30,403,000, an increase of £20,982,000 since 31 December 2003, principally due to the receipt of £24,543,000 (net of issue costs) resulting from a successful placing and open offer in July 2004. Anthony Martin, chairman, commented: 'NeuTec continues to make excellent progress in transforming the company into a successful bio-pharmaceutical business. Mycograb has clearly demonstrated an impressive safety and efficacy profile and we remain confident of the drug's commercial prospects. The ccompany is now well funded and continues to make good progress with a low cash burn. Our phase III Aurograb trial for MRSA is progressing on schedule and we expect to complete recruitment in 2005.'

Key points

The company's lead product, Mycograb, targets invasive yeast infections, which can affect almost any part of the body. NeuTec reported the successful completion of a confirmatory trial in July 2004, with 'convincing' statistical significance reported for both primary and secondary endpoints, and a significant reduction in Candida-attributable mortality

The company's Aurograb, product, which targets methicillin-resistant Staphylococcus aureus ("MRSA"), the hospital 'superbug' is in Phase III clinical trial, and progressing with completion of patient enrolment expected in 2005