Agenix readies for phase I trials, pre-tax profits up

Brisbane biotech Agenix saw its first half revenues decline slightly while posting a 32 per cent rise in before-tax profits on a like-to-like comparison with the same period last year.

But the most important message from Agenix results may be that it remains on track to start human clinical trials of its next-generation product, the blood clot imager ThromboView.

The Phase I trials, due to start in at Brisbane's Q-Pharm facility on March 17, will be a milestone not only for Agenix but Australia, in the view of chief executive officer Don Home.

"This will be the first time that a humanised monoclonal antibody will enter a phase I trial in Australia and the first time that ThromboView will be injected into a human anywhere in the world," he said.

Agenix's net before-tax profit for the six months to Dec 2002 was $AUD2.6 million against $1.94 million for the same period last year. However, that figure shrank to $204,000 when adjusted for R&D costs of $1.7 million, which were accounted for on an expense basis for the first time by the company, and a $480,000 writedown in assets. After tax, Agenix posted a $21,000 loss.

Consolidated revenue of $18.3 million for the half year compared to $18.8 million in the corresponding 2002 period in 2002. Of that, human and veterinary diagnostic test kit supplier Agen Biomedical contributed $8.9 million, marginally down from last year, while , Agenix other major subsidiary, Milton Pharmaceuticals, showed a slight pick-up in revenues after trimming two non-performing products.

The company's cash position improved by $4.4 million during the period to stand at more than $8 million.

During the period, the company completed a consolidation and rationalisation exercise which centralised its offices in Brisbane.