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February 8, 2008 |
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ICPBIO LTD: Halves Loss to NZ$3.2 Mil. in July-Dec. 2007 New Zealand-based protein biologics manufacturing company ICPbio said it has an improved financial result for the first half year ending December 31, 2007. The accounts are prepared in accordance with International Financial Reporting Standards. Financial and business highlights: -- Total income increased by 165% to NZ$4.7 million. -- While a loss continues to be reported as expected, total loss was approximately halved to NZ$3.2 million, compared to the same period last year. -- Overhead costs were reduced by approximately 20%, compared to the start of the period. -- Total liabilities were approximately halved to NZ$15.6 million, compared to the start of the period. -- Total equity improved to a NZ$5.06 million credit from an NZ$8.7 million deficit at the start of the period. The current result is mainly because of the successful restructuring of the company's balance sheet, and efforts to revive the veterinary products business following the board's decision last year not to sell. Simultaneously, the company has driven its new plasma proteins business, creating increased global customer awareness through its continued sampling activity. Sales are expected to result in this second half of the current financial year. Under the distribution agreement with VWR in the United States, ICPbio promotes its plasma protein product to US pharmaceutical companies. Recently, these products have also been made available to the U.S. life science research community which has resulted in a flow of new orders. Order sizes are steadily increasing and creating regular shipments. ICPbio Chairman, Roger Gower, said the Board reiterated its advice of mid 2007 that the company's first surpluses are forecast for the last quarter of the current June 2008 financial year. About ICPbio New Zealand-based ICPbio (NZX: BIO) manufactures and markets products for use in biopharmaceutical manufacturing, diagnostics and animal reproduction to North America, Europe, Australasia and South America. It is one of New Zealand's longest established biotechnology companies with two manufacturing facilities and core technologies in large scale purification of proteins and in production of sterile products. Next to its traditional veterinary embryo transfer product range, ICPbio's state of the art chromatographic technology yields high quality plasma protein products such as Albumin, Transferrin, Immunoglobulin and Thrombin, for use in the making of biological medicine, diagnostics and in general biopharmaceutical research. On the net http://www.icpbio.com As of June 30, 2007, the company's balance sheet showed total assets of NZ$21.45 million, total liabilities of NZ$30.05 million resulting in a shareholders' equity deficit of NZ$8.60 million. |
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