Half-year results: Chemeq, Eqitx, Life Therapeutics, Rockeby; BTC

Anti-microbial company Chemeq's (ASX:CMQ) half-year loss has soared 242 per cent to $14.3 million, as the company poured $7.3 million into the commissioning and validation of its Rockingham manufacturing facility. Research and development expenses also increased to from $1.2 million to $2.1 million.

Chemeq has staked its hopes on gaining an unconditional license from the Australian Pesticides and Veterinary Medicines Authority before the end of May, fulfilling the first part of its deal with investor Mizuho International. Independent engineering consultants, S2F -- who had been appointed to evaluate plant commissioning -- have advised Chemeq that progress is "reasonable, and on schedule given a project of its nature". S2F have also advised that they believe Chemeq's developmental plans to remedy the filtration constraint currently limiting production to less than name-plate capacity should result in nameplate production capacity being met. At December 31 Chemeq had cash of $11.4 million.

Eqitx's (ASX: EQX) half-year loss before tax has risen 126 per cent to $1.2 million on higher R&D, salary and consultants costs. At December 31, the company had cash of $1.8 million. Eqitx also told the market it would relocate from Perth to Melbourne.

Life Therapeutics (ASX:LFE) has almost halved its half-year net loss from $5.3 million to $2.8 million, after sales revenues jumped from $2.2 million to $18.6 million. Around 75 per cent of these revenues came from specialty plasma business, Life Sera, which Life Therapeutics acquired on in January 2004. Life Sera made a half-year profit of $2 million on plasma sales. Life Gels was beset by manufacturing problems, and made a loss of $824,000, as did two other business divisions. The company recorded negative cash flow from operating activities and had cash at December 31 of $3.8 million.

Rockeby Biomed (ASX:RBY) logged an increase in half-year sales revenue from its CanDia5 and SysCan diagnostics from $1000 to $48,000. Most sales were recorded in Australia. Rockeby is awaiting FDA and CE mark approvals for both products. The company's decrease in net loss from $2.7 million to $2.3 million was primarily due to an income tax benefit of $189,000 from a research and development tax grant. The company had cash at December 31 of $2 million.

Biotech Capital (ASX:BTC) has reported a half-year profit after tax to $655,000 on revenues of $900,000, almost double revenues in the corresponding period last year. However, declines in value of its holdings in Proteome Systems (ASX:PXL) and Clinical Cell Culture (ASX:CCE) caused the fund's net tangible asset backing to dropfrom 56 cents to 48 cents per share. Proteome Systems' share price has halved in value since its IPO last year.

"The performance of Proteome Systems since its IPO has been extremely disappointing and arguably does not accurately reflect the strength of the company's core intellectual property platform," the fund said in a statement. BTC revealed that it had made a profit of $514,000 on the sale of its stake in Queensland biotech Xenome for $3.9 million.