Heavy R&D spend sees Antisense book $6.3m loss

Biopharmaceutical research and development company Antisense Therapeutics reported on Wednesday a net loss of $6.3 million for the 12 months to June 30, 2002, driven largely by heavy early-stage expenditure on R&D, the company said. "We have taken our multiple sclerosis drug into pre-clinical toxicology studies and have made progress on our psoriasis drug," Antisense chief executive Mark Diamond told Australian Biotech News.

"The loss was expected and was in line with predictions in our prospectus."

The loss compares with the $400,000 loss posted for the six months to 30 June, 2001.

Accounting for the expanded loss, Diamond said that the company had made considerable headway in galvanising important collaborations with Isis Pharmaceuticals and the Murdoch Children's Research Institute.

Both of these, he added, have enabled Antisense to advance its multiple sclerosis project (ATL1102) while also undertaking pre-clinical toxicology studies in preparation for Phase I clinical studies, and to progress its psoriasis (ATL1101) project.

The company said that it had also started to develop its research pipeline with the production of six new antisense lead compounds designed to treat large disease markets involving viral, skin, growth and inflammatory disorders.

Antisense raised $13 million when it listed on the Australian Stock Exchange in December last year, enough money, Diamond believes, to fund core activities until February 2003: "We see we have sufficient funds based on our $13 million raised in December to last us through until February."

Diamond said that some sort of equity-raising activity would be announced later this year, although specifics of the offering are yet to be decided.