SciGen revenues, loss up

Singapore-based generics company SciGen (ASX:SIE) has posted a net loss of SGD$5.6 million (AUD$4.43 million) for 2004-05, up 29 per cent from the previous financial year.

SciGen also saw a 19 per cent increase in revenue to SGD$7.7 million, due mainly to increased sales of recombinant human insulin SciLin and recombinant human growth hormone SciTropin in the Asia-Pacific region.

The company's net loss included termination benefits of SGD$779,000 paid to former CEO Mark Compton. While Compton left SciGen on August 5, 2005, his payout was included in the 2004-05 financial year because the termination agreement was signed in June 2005.

Asked why Compton had left SciGen, CEO Saul Mashaal said: "We are moving the executive management from Australia to Singapore to be closer to the market that we serve. As such, we will now be looking at setting our executive office in Singapore."

A share placement with Polish biotech Bioton saw an injection of SGD$11.7 million for SciGen, with total cash reserves at June 30, 2005 of $15.4 million.