Interim Results
Cambridge Antibody Tech Group PLC
17 May 2004
04/CAT/08
FOR IMMEDIATE RELEASE
07.00 BST, 02:00 EST Monday 17 May 2004
For Further Information Contact: Weber Shandwick Square Mile (Europe)
Cambridge Antibody Technology Tel: +44 (0) 20 7067 0700
Tel: +44 (0) 1223 471 471 Kevin Smith
Peter Chambre, Chief Executive Officer Louise Robson
John Aston, Chief Financial Officer
Rowena Gardner, Director of Corporate
Communications
BMC Communications/The Trout Group
(USA)
Tel: 001 212 477 9007
Brad Miles, ext 17 (media)
Brandon Lewis, ext 15 (investors)
CAMBRIDGE ANTIBODY TECHNOLOGY
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2004
Cambridge, UK Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) today
announces financial results for the six months ended 31 March 2004 and a
business update.
Summary
Developments since the First Quarter results:
• Trial for litigation with Abbott set by London High Court for
November 2004
• Library licences granted to Genzyme and Wyeth
• Enrolment in US trial of Trabio(R) to be completed in the third
quarter of 2004
• Wyeth progressing an anti-GDF-8 antibody, licensed from CAT
• Further pre-clinical studies of GC-1008 underway
• Plans for anti-TGFb collaboration with Genzyme in development
Previously announced:
• Preliminary results from CAT-192 Phase I/II clinical trial
• Enrolment complete in Phase III pivotal International clinical
trial of Trabio
• Co-development agreement with Amgen restructured on attractive
terms
• Co-development agreement with Elan terminated by CAT
• Extension of manufacturing agreement with Lonza
• Second tranche of equity investment by Genzyme
Financial:
• Net cash and liquid resources of £107.6 million at 31 March 2004
(£107.8 million at 30 September 2003)
• Net cash outflow before management of liquid resources and
financing: £14.2 million for the six months ended 31 March 2004 compared with
£13.2 million for the six months ended 31 March 2003
• Revised financial guidance: net cash outflow before management of
liquid resources and financing for the year to 30 September 2004 expected to be
less than £35 million (after Genzyme investment, net cash outflow after
financing less than £21 million)
Paul Nicholson, CAT's Chairman, said "We are pleased to report that CAT has
continued to make progress in the first half of the financial year. We are also
pleased that the High Court has fixed a trial date in November 2004 to hear our
dispute with Abbott in accordance with our wish that the courts resolve the
dispute at the earliest opportunity. We look forward to putting our case before
the High Court in November."
CAT Product Candidates
In April 2004, three-year follow up results of a Phase II clinical trial of
Trabio (lerdelimumab), a human anti-TGFb2 monoclonal antibody, in patients
undergoing first time phacotrabeculectomy (combined surgery to simultaneously
treat glaucoma and a cataract) were presented at the annual meeting of the
Association for Research in Vision and Ophthalmology (ARVO). The results show
that patients treated with Trabio at the time of surgery have lower intraocular
pressure (IOP) levels compared to placebo-treated patients. Additionally, the
proportion of patients returning to IOP-lowering medication remains lower for
Trabio than placebo groups.
In the US clinical trial of Trabio compared to 5-fluorouracil (5FU) in patients
undergoing surgery for glaucoma (trabeculectomy) enrolment is ongoing and is now
expected to be complete in the third quarter of 2004.
In the Phase II/III European clinical trial of Trabio in 344 patients undergoing
first time trabeculectomy, it is expected that preliminary data at one year
follow up will be available in the fourth quarter of 2004.
Enrolment is complete in the Phase III pivotal International clinical trial of
Trabio in patients undergoing first time trabeculectomy. A total of 393 patients
in six European countries and South Africa were randomised in the double-blind
trial which compares Trabio with placebo. Data from this trial are expected in
early 2005 when all patients will have completed at least one year of follow-up
post surgery.
In February, preliminary results from a Phase I/II clinical trial of CAT-192
(metelimumab), a human anti-TGFb1 monoclonal antibody, were announced. The
double-blind, placebo-controlled trial enrolled 45 patients at 12 medical
centres in the US and Europe. Patients were randomised to receive one of three
dose levels of CAT-192 (0.5 mg/kg, 5 mg/kg or 10 mg/kg) or matching placebo,
given as an intravenous infusion every six weeks for four doses.
The primary objective of the trial was to assess the safety, tolerability and
pharmacokinetics of CAT-192 in patients suffering from diffuse systemic
sclerosis. Preliminary results show that the primary objective of the trial was
met; CAT-192 was generally safe and well-tolerated at each dose level.
Elimination half-life was consistently around three weeks. There were no
treatment-related serious adverse events observed. The secondary objective was
to evaluate the potential clinical outcomes for any future trial in systemic
sclerosis, however, no definitive conclusions regarding the efficacy of CAT-192
are able to be drawn at this time.
An Investigational New Drug (IND) application for a Phase I trial in the US in
idiopathic pulmonary fibrosis (IPF) of GC-1008, a pan-specific human anti-TGFb
monoclonal antibody being developed by CAT and Genzyme, has been filed with the
US Food and Drug Administration (FDA). Following discussions with the FDA
further pre-clinical studies are underway, prior to commencing the Phase I
trial.
Utilising the information obtained from the CAT-192 trial and other pre-clinical
studies, CAT and Genzyme are working closely to define the most appropriate
indications and clinical trial designs to take full advantage of the potentially
significant opportunities in anti-TGFb antibodies.
CAT-213 (bertilimumab) is a human anti-eotaxin1 monoclonal antibody which CAT
has been evaluating as a treatment for severe allergic disorders. Early
discussions continue with potential partners to commercialise CAT-213.
CAT-354, a human anti-IL13 monoclonal antibody, is being developed as a
potential treatment for asthma and possibly other indications. A Phase I single
dose clinical trial is expected to begin before the end of 2004.
HUMIRA(TM)
HUMIRA(TM) (adalimumab) is a human anti-TNFa monoclonal antibody which was
isolated and optimised by CAT in collaboration with Abbott Laboratories. It is
the first CAT-derived antibody to receive approval for marketing and is now
approved for sale in 41 countries. Abbott has reported that HUMIRA achieved full
year sales in 2003 of $280 million and for the first quarter of 2004 of $149
million. Abbott is forecasting sales of HUMIRA of more than $700 million in 2004
and more than $1.2 billion in 2005.
Abbott has also presented new Phase II clinical trial data for HUMIRA that
demonstrated that patients with moderate to severe psoriasis receiving 40 mg
HUMIRA every other week achieved statistically significant improvement after 12
weeks' treatment. The data also showed that HUMIRA was well tolerated.
Additionally, data from clinical trials of HUMIRA in patients with active
Crohn's disease will be presented at the Digestive Disease Week conference in
New Orleans this month.
In November 2003 CAT commenced legal proceedings against Abbott Biotechnology
Limited and Abbott GmbH in the High Court in London concerning the level of
royalties due to CAT. A trial has now been set by the London High Court to
commence in November 2004, with an expected length of three weeks.
Other Licensed Product Candidates
ABT-874, a human anti-IL12 monoclonal antibody isolated and optimised by CAT in
collaboration with Abbott, and licensed by CAT to Abbott under the same 1995
agreement between CAT and Knoll Aktiengesellschaft as HUMIRA, is in Phase II
clinical trials for a number of autoimmune diseases. Data from a clinical trial
of ABT-874 in patients with active Crohn's disease will also be presented at
Digestive Disease Week.
In January 2004, Human Genome Sciences, Inc (HGSI) announced that it has begun
enrolling and dosing patients in a Phase II clinical trial of LymphoStat-B(TM) ,
a human monoclonal antibody which modulates the activities of B-lymphocytes, in
patients with rheumatoid arthritis. The double-blind, placebo-controlled multi-
centre trial will evaluate safety, optimal dosing and efficacy of LymphoStat-B
in approximately 230 patients with active rheumatoid arthritis who have failed
prior therapy. Also, HGSI is currently conducting a double-blind, placebo-
controlled, multi-centre Phase II clinical trial of LymphoStat-B in patients
with active systemic lupus erythematosus (SLE). HGSI plans to complete
enrolment of both clinical trials in 2004.
HGSI continues with the Phase I clinical trials to evaluate the safety and
pharmacology of HGS-ETR1 (previously known as TRAIL-R1 mAb) in patients with
advanced solid tumours and anticipates that the results of two Phase I trials
will be available for presentation at the Annual Society of Clinical Oncology
(ASCO) meeting in June 2004. HGSI plans to initiate Phase II clinical trials in
2004.
HGSI is currently enrolling patients with advanced tumours into two Phase I
open-label, dose-escalating clinical trials of HGS-ETR2 (previously known as
TRAIL-R2 mAb) and plans to complete enrolment of one of the Phase I trials in
2004.
In March 2004, HGSI presented results from its Phase I placebo-controlled,
dose-escalation clinical trial to evaluate the safety, tolerability and
pharmacokinetics of ABthrax(TM), a human anti Protective Antigen monoclonal
antibody isolated and developed by HGSI from antibody libraries licensed from
CAT. The results demonstrate that ABthrax is safe and well tolerated in healthy
adult volunteers, and achieved the blood levels predicted in relevant animal
models as necessary to afford significant protection from the lethal effects of
anthrax toxin.
HGSI has stated that further development of ABthrax will depend on the US
Government's willingness to commit to the purchase of ABthrax.
Wyeth is moving forward with MYO-029, a human monoclonal antibody discovered by
CAT in collaboration with Wyeth and licensed to Wyeth, that neutralises the
effects of a protein called GDF-8, which is associated with reduced skeletal
muscle mass. MYO-029 is being studied as a potential therapy for muscle-wasting
diseases, including muscular dystrophy, an inherited disease that causes
degeneration of various muscle groups, and sarcopenia, which is a loss of muscle
mass and strength that can result from ageing or from disease such as cancer.
There are four further product candidates at pre-clinical development stage at
CAT's collaborators.
Discovery Stage Programmes
There are ongoing research programmes to 13 distinct molecular targets at CAT.
Approximately half are funded or co-funded by CAT and half are funded by CAT's
licensees.
In December 2003 CAT restructured its agreement with Amgen, with Amgen taking
over responsibility for the further development and marketing of the therapeutic
antibody candidates isolated by CAT against two targets identified by Amgen and
covered by an earlier collaboration agreement between CAT and Immunex. In
return, CAT receives from Amgen an initial fee and potential milestone payments
and royalties on future sales. This agreement allows CAT to focus its investment
on a smaller number of core programmes, while retaining significant interest in
the success of these two antibody candidates.
In February 2004, CAT exercised its right to terminate its agreement with Elan.
The collaboration involved research on a number of targets in the fields of
neurology and pain. Terminating this exclusive agreement allows CAT to
collaborate with third parties in these disease areas.
In December, the research collaboration with Pfizer was extended for a further
six months to 30 May 2004. Discussions continue on extending this collaboration.
Library Licences
In the last six months CAT has continued to develop its licensing business
through the license of its proprietary phage antibody libraries in return for
upfront fees and, potentially, option, milestone and royalty payments in the
future.
In February 2004, Wyeth exercised an option to license CAT's libraries for
in-house use. The libraries will support Wyeth's activities in therapeutic
antibody drug discovery and development across a broad range of therapeutic
areas. This option was granted to Wyeth as part of the collaboration agreement
entered into in March 1999. Wyeth has a number of exclusive therapeutic and
diagnostic antibody product options related to its use of the libraries.
In April 2004 CAT granted Genzyme a Library licence. Genzyme will use CAT's
phage antibody libraries in its research and development of antibody-based
treatments across a range of medical areas. Genzyme also received option rights
to develop therapeutic and diagnostic products on an exclusive basis.
Operations
In January 2004 CAT and Lonza announced the extension of their November 2001
agreement, confirming that Lonza Biologics will manufacture and supply clinical
grade antibody drugs to CAT through to the end of 2006. This enables CAT to plan
further ahead with confidence and guarantees that CAT and its collaborators have
access to Lonza's world-class manufacturing capability at production scale (up
to 2,000L), for both ongoing programmes and future projects, in a cost-effective
way.
Financial Results
CAT made a loss after taxation for the six months ended 31 March 2004 of £18.0
million (six months ended 31 March 2003 (H1) £18.8 million; six months ended 30
September 2003 (H2) £20.4 million). Net cash outflow before management of liquid
resources and financing for the period was £14.2 million (H1 - £13.2 million
outflow; H2 - £20.4 million outflow). Net cash and liquid resources at 31 March
2004 at £107.6 million, were £0.2 million lower than at the start of the period
(31 March 2003 - £118.2 million; 30 September 2003 - £107.8 million).
Turnover in the period was £8.5 million (H1- £4.0 million; H2 - £4.7 million).
Royalty income of £2.7 million was recognised as revenue in the six month period
representing the amount received from Abbott in respect of HUMIRA sales for the
year ended 31 December 2003. Payments were received from Abbott in October 2003
and April 2004. Licence fees of £2.2 million were recognised in the period,
principally licence fees released from deferred income brought forward at 30
September 2003. Revenues from milestone payments of £2.1 million were recorded
during the period. Four technical milestone payments were received from Pfizer
in December 2003. A proportion of the clinical milestone received from Abbott in
the last financial year was released as revenue, having been offset against the
two royalty payments made by Abbott. Revenues of £1.1 million were generated
from contract research fees under collaborations with Amgen, Merck & Co., Pfizer
and Wyeth Research. Other revenues of £0.4 million were recognised in the
period.
Direct costs for the six months ended 31 March 2004 were £1.5 million (H1 -
£0.03 million; H2 - £0.7 million), reflecting royalties due to Medical Research
Council and other licensors on the royalties CAT receives on product sales under
its various licences and collaborations. In addition, the results for the six
months ended 31 March 2004 include an amount payable to Medical Research Council
following CAT's settlement of litigation with MorphoSys in 2003.
Operating costs for the period amounted to £27.0 million (H1 - £25.3 million; H2
- £28.9 million). Research and development costs for the six months ended 31
March 2004 were £21.5 million (H1 - £21.3 million; H2 - £23.7 million). Research
and development costs for the six months ended 31 March 2003 included the
one-off cost of a cross-licensing arrangement with Xoma for antibody-related
technologies. External development costs were £9.5 million in the six months
ended 31 March 2004 (H1 - £5.8 million; H2 - £9.4 million), reflecting increased
activity on the Trabio clinical trials and the CAT-354 programme.
General and administration expenses for the period were £5.5 million (H1 - £3.9
million; H2 - £5.3 million). The principal reason for this increase is a
non-cash charge of £1.4 million arising from the retranslation of CAT's trading
balances with its US subsidiary, Aptein Inc., as since 30 September 2003 there
has been a significant depreciation in the value of the US Dollar compared to
Sterling. This non-cash charge in the profit and loss account is offset by a
£1.3 million non-cash foreign exchange gain arising from the retranslation of
the net assets of Aptein reflected in the statement of total recognised gains
and losses and, therefore, the net effect on net assets is not significant. The
cost of litigation for the six month period was £0.7 million (H1 - £0.1 million;
H2 - £0.8 million).
During the period the Group accrued interest receivable on its cash deposits of
£2.1 million (H1 - £2.5 million; H2 - £1.9 million) reflecting the reduced level
of cash and liquid resources held in interest bearing securities and lower rates
of return earned during the period.
The net increase in deferred income balances in the period was £3.3 million
following the receipt of licence fees from a number of parties (primarily Amgen
and Wyeth Research) which are being recognised over the relevant future period
in accordance with CAT's established accounting policy.
In September 2003, Genzyme committed to subscribe £22.9 million in cash for 4.3
million shares in CAT. The subscription was in two tranches, the first of which
occurred during the previous financial year and the second of which occurred in
October 2004 and was for 2.5 million shares with a value of £13.3 million.
Outlook
In November 2003 CAT gave guidance that net cash outflow, before management of
liquid resources and financing, for the current financial year, was expected to
be up to £40 million.
We now expect external development costs to be lower than anticipated at that
time and as a consequence net cash outflow before management of liquid resources
and financing is now expected to be less than £35 million. Net of Genzyme
subscription monies received in the first half year this would result in net
cash outflow after financing of less than £21 million.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
INTERIM STATEMENT OF RESULTS FOR
THE SIX MONTHS ENDED 31 MARCH 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited)
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 £'000 £'000 £'000
Turnover 15,581 8,468 3,977 8,743
Direct costs (2,802) (1,523) (25) (690)
-------- -------- -------- --------
Gross profit 12,779 6,945 3,952 8,053
Research and
development
expenses (39,534) (21,486) (21,345) (44,981)
General and
administration
expenses (10,083) (5,480) (3,922) (9,196)
-------- -------- -------- --------
Operating loss (36,838) (20,021) (21,315) (46,124)
Interest
receivable
(net) 3,778 2,053 2,478 4,360
-------- -------- -------- --------
Loss on
ordinary
activities
before
taxation (33,060) (17,968) (18,837) (41,764)
Taxation on
loss on
ordinary
activities - - - 2,573
-------- -------- -------- --------
Loss for the
financial
period (33,060) (17,968) (18,837) (39,191)
-------- -------- -------- --------
Loss per share
- basic and
diluted
(pence) 41.9p 51.9p 107.5p
Consolidated Statement of Total Recognised Gains and Losses
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 £'000 £'000 £'000
Loss for the
financial
period (33,060) (17,968) (18,837) (39,191)
Gain on
foreign
exchange
translation 2,403 1,306 82 606
--------- --------- -------- --------
Total
recognised
losses
relating to
the period (30,657) (16,662) (18,755) (38,585)
--------- --------- -------- --------
The losses for all periods arise from continuing operations.
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
INTERIM STATEMENT OF RESULTS FOR
THE SIX MONTHS ENDED 31 MARCH 2004
CONSOLIDATED BALANCE SHEET
(unaudited) As at As at As at As at
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$000 £000 £000 £000
Fixed assets
Intangible
assets 11,697 6,357 7,408 6,883
Tangible
assets 24,577 13,357 14,583 14,366
Investments 5,809 3,157 215 3,373
--------- -------- -------- ---------
42,083 22,871 22,206 24,622
--------- -------- -------- ---------
Current assets
Debtors 13,138 7,140 4,169 4,526
Short term
investments 198,733 108,007 117,299 108,347
Cash at bank
and in hand 1,185 644 1,766 1,056
--------- -------- -------- ---------
213,056 115,791 123,234 113,929
Creditors
Amounts
falling due
within one
year (23,627) (12,841) (15,936) (12,657)
--------- -------- -------- ---------
Net current
assets 189,429 102,950 107,298 101,272
--------- -------- -------- ---------
Total assets
less current
liabilities 231,512 125,821 129,504 125,894
Creditors
Amounts
falling due
after more
than one year (37,952) (20,626) (11,787) (18,152)
--------- -------- -------- ---------
Net assets 193,560 105,195 117,717 107,742
--------- -------- -------- ---------
Capital and reserves
Called-up
share capital 7,557 4,107 3,636 3,834
Share premium
account 417,174 226,725 203,226 212,883
Other reserve 24,759 13,456 13,456 13,456
Profit and
loss account (255,930) (139,093) (102,601) (122,431)
--------- -------- -------- ---------
Shareholders'
funds - all
equity 193,560 105,195 117,717 107,742
--------- -------- -------- ---------
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
INTERIM STATEMENT OF RESULTS FOR
THE SIX MONTHS ENDED 31 March 2004
CONSOLIDATED CASH FLOW STATEMENT
(unaudited) Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 £'000 £'000 £'000
Net cash
outflow from
operations (29,006) (15,764) (12,487) (35,819)
--------- -------- -------- --------
Returns on investments and
servicing of finance
Interest
received 4,116 2,237 3,585 5,095
Interest
element of
finance leases (79) (43) (10) (46)
--------- -------- -------- --------
4,037 2,194 3,575 5,049
--------- -------- -------- --------
Taxation - - 2,636 5,210
--------- -------- -------- --------
Capital expenditure and financial
investment
Purchase of
intangible
fixed assets - - (2,673) (2,673)
Purchase of
tangible fixed
assets (1,102) (599) (4,265) (5,413)
Sale of
tangible fixed
assets - - 3 4
--------- -------- -------- --------
(1,102) (599) (6,935) (8,082)
--------- -------- -------- --------
Net cash
outflow before
management of
liquid
resources and
financing (26,071) (14,169) (13,211) (33,642)
--------- -------- -------- --------
Management of
liquid
resources 1,021 555 9,395 18,778
--------- -------- -------- --------
Financing
Issue of
ordinary share
capital 25,972 14,115 707 10,562
Proceeds from
new finance
lease
commitment - - 1,076 1,389
Capital
elements of
finance lease
rental
payments (313) (170) (103) (221)
--------- -------- -------- --------
25,659 13,945 1,680 11,730
--------- -------- -------- --------
Increase/
(decrease) in cash 609 331 (2,136) (3,134)
--------- -------- -------- --------
This financial information has been prepared in accordance with UK GAAP. The
dollar translations are solely for the convenience of the reader.
Notes to the financial information
Accounting policies
This financial information has been prepared in accordance with the policies set
out in the statutory financial statements for the year ended 30 September 2003.
Convenience translation
The consolidated financial statements are presented in Sterling. The
consolidated financial statements as of and for the period ended 31 March 2004
are also presented in US Dollars as a convenience translation. The Dollar
amounts are presented solely for the convenience of the reader and have been
calculated using an exchange rate of £1:US$1.84, the noon buying rate as of 31
March 2004. No representation is made that the amounts could have been or could
be converted into US Dollars at this or any other rates.
Loss per share
The loss per ordinary share and diluted loss per share are equal because share
options are only included in the calculation of diluted earnings per share if
their issue would decrease the net profit per share or increase the net loss per
share. The calculation is based on the following for the six months ended 31
March 2004, the six months ended 31 March 2003 and the year ended 30 September
2003 respectively: losses of £17,968,000, £18,837,000, and £39,191,000; weighted
average number of shares in issue of 42,913,700, 36,307,483 and 36,440,993. The
Company had ordinary shares in issue of 41,077,807 and a total of 2,047,621
ordinary shares under option as of 31 March 2004.
Reconciliation of operating loss to operating cash outflow
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 £'000 £'000 £'000
Operating loss (36,838) (20,021) (21,315) (46,124)
Depreciation
charge 2,671 1,452 1,502 2,989
Amortisation
of intangible
fixed assets 968 526 525 1,050
Loss on
disposal of
fixed assets - - 94 94
Shares
received from
MorphoSys - - - (3,589)
Increase in
debtors (5,074) (2,757) (1,346) (1,285)
Increase in
deferred
income 6,011 3,267 2,684 10,597
Increase in
creditors
(excluding
deferred
income) 3,256 1,769 5,369 449
-------- -------- -------- --------
(29,006) (15,764) (12,487) (35,819)
-------- -------- -------- --------
Analysis and reconciliation of net funds
1 October Cash Exchange 31 March
2003 flow movement 2004
£'000 £'000 £'000 £'000
Cash at bank
and in hand 1,056 (367) (45) 644
Overdrafts (1,144) 698 - (446)
-------- --------
331 (45)
Liquid
resources 107,916 (555) - 107,361
-------- -------- -------- --------
Net cash and
liquid
resources 107,828 (224) (45) 107,559
Finance leases (1,168) 170 - (998)
-------- -------- -------- --------
Net funds 106,660 (54) (45) 106,561
-------- -------- -------- --------
Reconciliation of movements in group shareholders funds
Six months Year
ended ended
31 March 30 September
2004 2003
£'000 £'000
Loss for the
financial
period (17,968) (39,191)
Other
recognised
gains and
losses
relating to
the period 1,306 606
-------- --------
(16,662) (38,585)
New shares
issued 14,115 10,562
-------- --------
Net decrease
in
shareholders'
funds (2,547) (28,023)
Opening
shareholders'
funds 107,742 135,765
-------- --------
Closing
shareholders'
funds 105,195 107,742
-------- --------
Financial Statements
The preceding information, comprising the Consolidated Profit and Loss Account,
Consolidated Statement of Total Recognised Gains and Losses, Consolidated
Balance Sheet, Consolidated Cash Flow Statement and associated notes, does not
constitute the Company's statutory financial statements for the year ended 30
September 2003 within the meaning of section 240 of the Companies Act 1985, but
is derived from those financial statements. Results for the six month periods
ended 31 March 2004 and 31 March 2003 have not been audited. The results for the
year ended 30 September 2003 have been extracted from the statutory financial
statements which have been filed with the Registrar of Companies and upon which
the auditors reported without qualification.
The annual report and financial statements for the year ended 30 September 2003
are available from the Corporate Communications Department at the Company's
registered office:
Cambridge Antibody Technology Group plc
Milstein Building
Granta Park
Cambridge
CB1 6GH
UK
Tel: +44 (0) 1223 471 471
E-mail: investor.relations@cambridgeantibody.com
Quarterly financial information
Three Three
months months
ended ended
31 March 31 December
2004 2003
£'000 £'000
Consolidated profit and loss account (unaudited):
Turnover 4,650 3,818
Direct costs (1,275) (248)
--------- ---------
Gross profit 3,375 3,570
Research and
development
expenses (11,066) (10,420)
General and
administration
expenses (2,283) (3,197)
--------- ---------
Operating loss (9,974) (10,047)
Interest
receivable
(net) 1,070 983
--------- ---------
Loss on
ordinary
activities
before
taxation (8,904) (9,064)
Taxation on loss on ordinary activities - -
--------- ---------
Loss for the
financial
period (8,904) (9,064)
--------- ---------
Consolidated cash flow statement (unaudited):
Net cash
outflow from
operations (8,355) (7,409)
--------- ---------
Returns on investments and servicing of finance
Interest
received 1,032 1,205
Interest paid (21) (22)
--------- ---------
1,011 1,183
Taxation - -
--------- ---------
Capital expenditure and financial investment
Purchase of
tangible fixed
assets (226) (373)
--------- ---------
Net cash
outflow before
management of
liquid
resources and
financing (7,570) (6,599)
--------- ---------
Management of
liquid
resources 5,241 (4,686)
--------- ---------
Financing
Issue of
ordinary share
capital 235 13,880
Proceeds from new finance lease commitments - -
Capital
elements of
finance lease
rental
payments (86) (84)
--------- ---------
149 13,796
--------- ---------
(Decrease)
/increase in
cash (2,180) 2,511
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Notes to Editors
Cambridge Antibody Technology (CAT):
CAT is a UK-based biotechnology company using its proprietary technologies and
capabilities in human monoclonal antibodies for drug discovery and drug
development. Based near Cambridge, England, CAT currently employs around 270
people.
CAT is a leader in the discovery and development of human therapeutic antibodies
and has an advanced proprietary platform technology for rapidly isolating human
monoclonal antibodies using phage display and ribosome display systems. CAT has
extensive phage antibody libraries, currently incorporating more than 100
billion distinct antibodies. These libraries form the basis for the Company's
strategy to develop a portfolio of antibody-based drugs.
Three CAT human therapeutic antibody products are now at various stages of
clinical development, with two further product candidates in pre-clinical
development.
HUMIRA, the leading CAT-derived antibody, isolated and optimised in
collaboration with Abbott, has been approved for marketing as a treatment for
rheumatoid arthritis in 41 countries.
Five further licensed CAT-derived human therapeutic antibodies are in clinical
development, with five further licensed product candidates in pre-clinical
development.
CAT has alliances with a number of pharmaceutical and biotechnology companies to
discover, develop and commercialise human monoclonal antibody-based products. In
particular, CAT has a broad collaboration with Genzyme for the development and
commercialisation of antibodies directed against TGFb, a family of proteins
associated with fibrosis and scarring. This collaboration has so far given rise
to one antibody product candidate at clinical development stage, and one at
pre-clinical development stage.
CAT has also licensed its proprietary technologies to several companies. CAT's
licensees include: Abbott, Amgen, Chugai, Genzyme, Human Genome Sciences, Merck
& Co, Pfizer and Wyeth Research.
CAT is listed on the London Stock Exchange and on NASDAQ. CAT raised £41m in its
IPO in March 1997 and £93m in a secondary offering in March 2000.
Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains statements about Cambridge Antibody
Technology Group plc ("CAT") that are forward looking statements. All statements
other than statements of historical facts included in this press release may be
forward looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934. These forward looking statements are based on numerous
assumptions regarding the company's present and future business strategies and
the environment in which the company will operate in the future. Certain factors
that could cause the company's actual results, performance or achievements to
differ materially from those in the forward looking statements include: market
conditions, CAT's ability to enter into and maintain collaborative arrangements,
success of product candidates in clinical trials, regulatory developments and
competition. We caution investors not to place undue reliance on the forward
looking statements contained in this press release. These statements speak only
as of the date of this press release, and we undertake no obligation to update
or revise the statements.
This information is provided by RNS
The company news service from the London Stock Exchange IR SFAEFLSLSESI
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