Recommendations » UK

BTG (LON:BGC) report: Interim results

Contributed by Daniel Stewart & Company

By Daniel Stewart & Co

- Revenue of ?46.1m (H1 09/10: ?47.9m)

- Profit before tax of ?1.6m (H1 09/10: ?2.4m)

- Cash and cash equivalents at 30 September 2010 of ?63.9m (31 March 2010: ?82.6m)

- US commercial platform established – BTG now directly marketing its own products in the US

- Clinical programmes progressing well: Varisolve US Phase III trials under way; Voraxaze submission now anticipated mid-2011; OncoGel Phase IIb patient enrolment completed; BGC20-0134 Phase IIa study ongoing.

- Very strong recent progress in partnered programmes:

- Campath – Genzyme reported sustained reductions in relapses and disability in five-year follow-up data from a Phase II trial in multiple sclerosis patients

- CB7630 – Johnson & Johnson reported that interim Phase III data showed significant survival benefit in patients with metastatic advanced prostate cancer; marketing applications to be filed in the US and EU by the end of 2010

- AZD9773 (CytoFab™) – global Phase IIb trial initiated in October by AstraZeneca