Revenues up, loss down for ChemGenex

Melbourne- and California-based ChemGenex Pharmaceuticals (ASX:CXS) posted revenues of AUD$4.1 million, up 13.9 per cent and has reduced its loss by 8.7 per cent to $4.7 million for the year ending 30 June 2005.

ChemGenex's noted increased revenues were predominately from its partnership with UK biopharmaceutical company Vernalis for depression research. The company has more than $9 million in the bank, compared to $1 million in 2003/04.

"In the past year we have achieved several major strategic milestones, and have seen ChemGenex emerge as an integrated biopharmaceutical company using genomics from discovery through to clinical trials," said ChemGenex CEO and managing director Dr Greg Collier in a statement. "We are looking forward to a year of significant advances in our clinical programs which should deliver strong growth in shareholder value."