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December 27, 2007 |
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PHOSPHAGENICS LIMITED: Six-month Net Loss Totals AU$3.47 Million Phosphagenics Limited reported a net loss of AU$3.47 million for the six months ended June 30, 2007, a slight increase from the AU$3.12-million net loss the company reported for the six months ended June 30, 2006. The company had total revenues of AU$1.29 million for the half- year ended June 30, 2007, while cost of sales amounted to AU$3,000, giving the company a gross profit of AU$1.28 million. The company had research expenses of AU$2.82 million, compounded by other expenses. According to the company, during the period, the company continued and accelerated its commercial development program and: * started a multi-phase morphine and insulin study, continuing from Phase 1 study completed in 2006; * concluded a collaboration agreement with Nestle for development of Phospa E for food and beverage markets; * established an OTC/QX listing in the United States; and * extended the company's drug delivery technologies to other routes of administration e.g. oral, intravenous. The company also said that to ensure that it has the ability to fund the commercial development program it raised equity capital, and that as of June 30, 2007, funds in hand totaled AU$16.30 million. As of June 30, 2007, the company had accumulated losses of AU$50.67 million. Headquartered in Melbourne, Australia, Phosphagenics Limited -- http://www.phosphagenics.com/main/home.htm -- is engaged in the production, sale and licensing of products for the nutraceutical and pharmaceutical industries. The Company operates in two divisions: Nutraceutical and Pharmaceutical. The Nutraceutical division is engaged in the licensing of dietary supplements, and production and sale of products for the personal care industry. The Pharmaceutical division is engaged in the licensing of pharmaceuticals and transdermal technologies. The company had annual net losses of AU$6.12 million and AU$7.32 million for the years ended Dec. 31, 2006, and 2005. |
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