Half-year results: Metabolic, Bionomics, Cytopia, Ventracor, Antisense

Metabolic Pharmaceuticals (ASX:MBP) has reported a half-year after-tax loss of AUD$6.3, up from $4.2 million in the corresponding period in 2003. That included $6.1 million of expenditure on research and development, up from $5.0 million in 2003. The company's statement of cash flows reveals it took a $500,000 stake in Neuren Pharmaceuticals' (ASX:NEU) IPO earlier this month. Metabolic has also contracted Neuren to conduct in vitro experiments to provide supporting data on the biochemistry of its growth hormone obesity drug AOD9604.

Bionomics' (ASX:BNO, BNOOA, US OTC:BMICY) half-year operating loss was up 7 per cent on the corresponding period last year to $1.9 million. Revenue from ordinary activities was increased 89 per cent to $1.6 million as income began to roll in from the company's licensing deals with Athena Diagnostics and Genetic Technologies. At December 31, 2004, Bionomics had cash of $7.4 million.

Cytopia has reported a half-year net loss from ordinary activities of $1.1 million, compared with a net loss of $2.4 million for the corresponding period last year. Cytopia recorded $3.7 million in revenues from the sale of its interest in unlisted Queensland biotech Xenome. However, it recorded a write-down of $801,534 on investments sold. The company's cash balance as at 31 December 2004 of $17 million included $13 million from a rights issue.

Ventracor (ASX:VCR) has announced a loss for the half-year of $13 million -- almost twice as much as the corresponding period last year, when it booked a loss of $7.3 million. The company's total expenditure for the six months increased from $8.4 million in the previous corresponding period to $14.6 million as spending on manufacturing ballooned by 1,578 per cent, and production, regulatory and marketing costs also climbed. It is currently producing approximately 200 heart assist devices per annum. Research and development expenditure rose 31 per cent to $2.7 million. At December 31, 2004, Ventracor had cash reserves of $46 million.

Antisense Therapeutics (ASX:ANP) has reported a half-year loss of AUD$3.6 million, up from $1.6 million in the same period in 2003. The loss was increased by higher spending on the company's lead compounds: ATL1102 is moving into Phase IIa clinical trials and ATL1101 into proof-of-concept clinical trials. Antisense has $10 million cash at hand.