Meditech results show decreasing losses
Wednesday, 27 August, 2003
Meditech Research (ASX:MRL) has announced its half-year results, reporting a decreased loss of AUD$1.06 million after tax compared to the same period last year.
The 28 per cent decrease was attributed to a 32 per cent reduction in expenditure after the completion of Phase I clinical trials for cancer therapeutics HyDOX and HyFIVE, and was offset by lowered revenues due to completion of the company's R&D Start grant.
At the end of the reporting period, Meditech had $2.45 million in cash. The company is currently enrolling patients for a Phase II clinical trial of hyCAMP, which utilises Meditech's HyACT technology with the widely used cancer drug irinotecan (Campotsar).
CEO Chris Carter said Meditech was actively seeking commercialisation partners, as initially foreshadowed at the company's AGM in April, and noted the board is optimistic of being able to make "material and very positive announcements" during the second half of the company's financial year.
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