Biota winds back loss, despite legal expenses
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.
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