Financial results in brief

Cancer therapy developer Meditech (ASX:MTR) has received an AusIndustry Commercial Ready Grant worth $2.988 million over the next three years towards the development and commercialisation of HyCAMP, its lead anti-cancer product which is in phase II clinical testing. Meditech has also reported a half year loss of $1.68 million and a cash balance of $3.4 million.

Melbourne-based Cytopia (ASX:CYT) posted a $5.1 million loss in 2004-05, up from $4.3 million in the previous year, due to costs associated with preclinical testing of cancer drug CYT997 and additional R&D costs associated with the acquisition of Myomatrix's cardiovascular program. The company had $12.9 million in cash at June 30, having raised $13.2 million from a fully underwritten issue and $0.89 million from a placement and from issues on exercise of options. In addition, Cytopia sold its entire holding in Xenome for $3.75 million contributing a net gain of $0.75 million.

Melbourne speciality pharmaceutical company Epitan (ASX:EPT) has reported a loss of AUD$11 million, up 45 per cent from $6.4 million last year, due to higher activity levels involving the clinical development and drug delivery research costs for its leading drug candidate EPT1647 for melanogenesis.

Cell therapy company CyGenics (ASX:CYN) has increased its revenue for the year ending 30 June 2005 by 40 per cent. Revenue for ordinary activities was $4.1 million, up from $2.9 the previous year. CyGenics has $13.7 cash in the bank.

Melbourne-based Medical Developments International (ASX:MVP), which produces the pain-relieving Penthrox Inhaler, saw an increase in gross revenues of 76 per cent this financial year from $3 million in 2003-04 to $5.5 million in 2004-05. However, net profit was down to $481,000 (2004-05) from $168,000 (2003-04). The company's cash decreased from $1.7 million in the previous financial year to $542,000 at June 30, 2005.

Medical diagnostic company Panbio (ASX:PBO) has posted a loss of $1.7 million, a 46 per cent reduction from the previous year's $3.1 million loss. Revenues were up 17 per cent to $17.358 million.

Melbourne-based Optiscan Imaging (ASX:OIL) has posted an operating revenue of $2.9 million in 2004-05, down 36 per cent from the previous financial year (2004: $4.4 million). In 2003-04, total revenue included a one-off development contribution from Pentax of $2.3 million. Optiscan worked collaboratively with Pentax to launch the ISC 1000 flexible endo-microscope in May 2005. Optiscan's total expenses for 2004-05 increased by approximately $800,000 over the previous year, to $8.6 million. This included increased costs associated with achievement of regulatory approvals and the transfer of technology to manufacturing. Net loss for 2004-05 was $5.8 million (2004: $3.7 million). Optiscan had $11.7 million cash at June 30, 2005 (2004: $9.7 million).

Genesis Biomedical (ASX:GBL) has seen a 36 per cent decrease in revenues, posting a figure of about $360,000 for 2004-05 (2004: $570,000). Net loss for the company also increased to $390,000 in 2004-05 (2004: $340,000). The company raised $300,000 through a share placement in November 2004 and had cash of $1.1 million at June 30, 2005, almost exactly the same as the cash it held in 2004 ($1.1 million). Genesis Biomedical's CellGen is a non-invasive therapy that reproduces bioelectrical signals to promote injury recovery and tissue regeneration. The company is presently searching for a full time CEO.

Sunshine Heart (ASX:SHC) has posted a loss of $5 million up 245 per cent from $1.45 million last year, largely due to an increase of $2.55 million in research and development. The company commenced clinical trials of its C-Pulse heart-assist device in New Zealand in May and progressed the design and build of its next generation wearable driver unit which acted to increase expenditure by 55 per cent. Revenues increased to $500,672 from $33,515 in 2005 due to an increase in interest revenue. Sunshine Heart has $7.88 million in the bank.