Metabolic records 'straightforward' result

Melbourne-based Metabolic Pharmaceuticals (ASX:MBP) has reported a loss of AUD$10.7 million for the year ended 30 June 2005, up 13 per cent from $9.5 million last year.

"As usual our numbers are very straightforward," said Metabolic CEO Roland Scollay. "We spent just under $11 million last year, a significant part of which was on clinical trials. But I am pleased with our current cash balance which, following a $10 million placement and $4 million share purchase plan (in July) provides us sufficient capital to complete our current clinical trials for both our obesity and our pain therapeutics."

Total expenses for 2004-05 were $9 million compared to $10.4 million in 2003/04. Income for the period was $792,288 ($675,515 interest and grant income $116,773) down 72 per cent from last year due to reduced grant income. Metabolic currently has $19 million in the bank.

"The phase I trial for ACV1 is proceeding exactly on schedule and we expect to complete dosing in about three weeks and planning for phase II dose finding study for AOD9604, our obesity drug, is on track to start in October," said Scollay. "Our outlook for 2006 would include the completion of the obesity study and initiation of phase IIa study of ACV1."