Healthy cash fund at SF Pharma

By THIS IS MONEY
Updated: 18:00 EST, 27 March 2000

Biotechnology company SR Pharma's year-end cash balance exceeded £10.5m, after a placing and move to a full listing, which would fund operations in the foreseeable future.

The group, whose core strategy is focused on the development of SRL172 for the treatment of cancer and allergic asthma, reported a net loss of £2m in 1999 from a loss of £1.57m last time.

Turnover increased to £1.37m, from £0.2 million previously but the company said as clinical trials progressed, research and development costs had risen to over three million pounds from £1.7m last time.

The company said the success of its latest small cell lung cancer trials, indicating its SRL172 improved patient survival rates, could result in such a product being successfully promoted in certain markets.

'In the event of a positive outcome and based on the estimated time required for approval in major territories, product marketing should commence early in 2002,' the company said.

The company raised £8m in December when it transfered to a full listing on the London Stock Exchange from AIM.

SR Pharma's shares were trading down 0.5% or 2- 1/2p at 486- 1/2p by 0840 GMT. ©Reuters