Biota winds back loss, despite legal expenses

By Renate Krelle
Monday, 30 August, 2004

Melbourne-based Biota (ASX:BTA) has reported a loss of $7.8 million, down 25 per cent from its 2003 loss of $10.3 million. This is despite a hefty legal bill of just under $1 million for Biota’s lawsuit against marketing partner GlaxoSmithKline for failure to promote its influenza drug, Relenza.

Biota’s revenues were up 88 per cent to $8.0 million due to increased profit share revenues from diagnostic sales of the company’s FLU OIA and FLU OIA A/B diagnostics product by US marketing partner Thermo Electron -- up 117 per cent to $3.5 million. Royalties from flu therapeutic Relenza were $0.6 million, half of 2003 payments.

Biota announced earlier this month that it would relocate its US research operations -– currently based at Biota Inc in California -- to new facilities in Melbourne in a bid to save costs. Operating expenses decreased by 12 per cent to $16.1 million, as R&D costs were wound back in the US.

Marketing and business development expenses rose to $2.3 million. Biota has cash reserves of $22.9 million, having raised $8.4 million via a share purchase plan in October 2003.

Related News

Mouth bacteria linked to increased head and neck cancer risk

More than a dozen bacterial species that live in people's mouths have been linked to a...

Life expectancy gains are slowing, study finds

Life expectancy at birth in the world's longest-living populations has increased by an...

Towards safer epilepsy treatment for pregnant women

New research conducted in organoids is expected to provide pregnant women with epilepsy safer...


  • All content Copyright © 2024 Westwick-Farrow Pty Ltd