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Protherics expects £16 million revenue for 2005, excluding CytoFab results
By Lisa Kerner
Erie, Pa., April 6 - Protherics plc estimates revenues for the year ended March 31 will be about £16 million, excluding any contribution from CytoFab, according to a form 6-K filed with the Securities and Exchange Commission.
CroFab sales have met expectations and DigiFab sales are expected to be about £3.6 million, the company said.
Protherics had about £25 million in cash and cash equivalents as of March 31.
The company said the key event for the year ended March 31 was the signing of a major licensing agreement with AstraZeneca for commercialization of Protherics' anti-sepsis product CytoFab.
Under the licensing agreement, AstraZeneca is responsible for the development and commercialization costs, and Protherics will be its principal manufacturer, according to a news release.
Protherics said the agreement has a potential total deal value of £195 million in upfront and milestones payments, including a £16.3 million non-refundable initial payment on signing and a £7.5 million equity investment from AstraZeneca.
Additionally, Protherics can receive payments on supply of material to AstraZeneca and a net 20% royalty on global net sales of CytoFab.
"Protherics is in a strong position to deliver increasing growth and value for its shareholders," chief executive officer Andrew Heath said in the release.
"The CytoFab program is progressing according to plan to meet future milestones, and we continue to prepare our Voraxaze filing for the Food and Drug Administration while progressing our other projects. We look forward to giving a more detailed update in our preliminary results announcement in early June."
London-based Protherics is an integrated biopharmaceutical company focused on the development and marketing of products for critical care and oncology.
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