Antisense reports loss in lead-up to MS trial

Australia's newest listed biotechnology company, Antisense Therapeutics (ASX:ANP), today recorded a first-half loss of $1.6 million as it prepares for a pre-clinical study of its multiple sclerosis therapy.

Antisense also told the market it was company policy to expense all research and development costs, another contributor to the interim loss.

The Melbourne company listed on the Australian Stock Exchange on December 20, raising $13 million in its public offering and putting its market capitalisation at $59 million as at December 31.

Its work involves antisense drugs, intended to enter cells and block the protein-producing activity of specific genes rather than the proteins themselves and therefore acting at an earlier stage of disease than conventional therapies.

Its most advanced projects are currently its ATL1102 multiple sclerosis project, done in collaboration with US company Isis Pharmaceuticals, and its ATL1101 psoriasis therapy, which is being developed in conjunction with the Murdoch Children's Research Institute.

In its statement to the market today, the company said $1.1 million of its declared loss related to the supply by Isis of the active drug substance to be used for pre-clinical toxicology studies of its lead multiple sclerosis agent.

Antisense also revealed a humble $21,000 in revenue for the past six months.