Half-year results: Agenix, Progen, C3, Cygenics

Brisbane's Agenix (ASX:AGX, NASDAQ OTC:AGXLY) is not yet out of the red, announcing a net operating loss of AUD$5.2million, up from $2.1 million in the corresponding period last year.

The company said that excluding the effect of last week's sale of its Milton subsidiary it would have recorded a net loss after tax of $3.9 million; Milton contributed an operating loss of $0.6 million and an additional $1.5 million balance sheet write-down.

Sales revenue was down 39 per cent to $13 million, despite a $0.2 million increase in sales and marketing spend. Expenses overall were up $0.9 million on the corresponding period last year.

Expenses did not include the payment of a deposit for the manufacture of Phase III clinical trials material, which has been deferred.

R&D expenditure on the company's ThromboView blood clot diagnostic increased from $2.2 million to $2.3 million and Agenix anticipates full expenditure on the project to be $7 million. The company expects to conclude a sales, marketing and distribution deal for ThromboView within the next 12 months.

Cash at the end of the financial period was $1.7 million. The company also has a $9.8 million undrawn bank facility. The disposal of Milton is expected to increase Agenix's cash resources by $6 million by 30 June2005.

Progen (ASX:PGL) has announced a half-year loss after tax up 31 per cent to $2.5 million. Excluding the results of the life sciences division, which was sold in November, the net loss decreased 12 per cent. Research and development expenditure fell 13 per cent to $1.7 million.

Having raised $2.8 million through the exercise of share options, Progen now has cash reserves of $14.4 million.

Clinical Cell Culture's (ASX: CCE) first-half results reveal an after-tax loss of $5.2 million, up 67 per cent on the previous corresponding period.

Revenue increased 25 per cent to $784,334. A decrease in sales revenue to $116,194 from $430,850 was offset by license fee revenue of $350,000, which took the form of an upfront payment from C3's Japanese distribution partner.

The company had cash at the end of the half-year of $12.8 million.

Cygenics (ASX:CYN) has announced a half year loss after tax of $3.7 million. The Singapore-based company -- which listed on the ASX in mid-2004 -- recorded overall revenue from ordinary activities of $1.9 million, including revenue from cord blood banking services of $761,000, sales of goods of $271,000 and government grants and contracts of $539,000 and interest income of $379,000. The company had $16 million cash at the end of the period.