BTG on course

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - Current trading at life sciences company BTG is in line with expectations and the company’s outlook for the full year remains unchanged.

In the year to date the company has received a milestone payment from Cougar Biotechnology triggered by the initiation of Cougar’s phase III trial of CB7630 in prostate cancer.

Further one-off payments are imminent, including $5m on completion of the announced acquisition of Protez Pharmaceuticals by Novartis, and a milestone from Tolerx on initiation of dosing in a phase III trial of TRX4 in type 1 diabetes planned in the current quarter.

BTG will also retain a higher portion of the gross royalty revenues from BeneFIX, the haemophilia treatment marketed by Wyeth, as a result of changes in the revenue-sharing obligations.

The group’s research and development spending is expected to fall in the range of £10m to £15m this year, while operating expenses should be on a par with last year.

“Having successfully completed the Varisolve phase II safety study, we are now preparing for the pivotal phase III trials and have started to look for a development and commercial partner,” said Louise Makin, chief executive officer of BTG.

“Our programmes in Alzheimer's disease, obstructive sleep apnoea, multiple sclerosis and migraine pain are all progressing towards phase II studies, which are expected to be under way within the next 12 months,” Makin added.

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