British Biotechnology losses increase to 13m pounds
Wednesday 30 June 1993
However, spending on the research of new drugs in the 12 months to 30 April was maintained at the previous year's levels.
Losses of this nature are par for the course for such companies. James Noble, finance director, said losses would continue for at least three years before the investment on research showed the expected returns.
Biotechnology is developing drugs to fight Aids, asthma and cancer, all of which are in clinical trials. This means the company has the added costs of paying hospitals to test the drugs.
Operating losses were pounds 17.7m, compared with pounds 15.2m. Biotechnology was helped by interest on cash balances of pounds 50m. Interest received was pounds 4.8m in 1993, up from pounds 3.9m. The company's balance sheet was bolstered by pounds 30m raised when Biotechnology was floated on the stock market last July.
The company also sold its medical equipment business yesterday. British Biotechnology Products, mainly a distribution operation, was acquired by Techne, a US company, for dollars 5m ( pounds 3.2m). BBP was the sole source of revenue for the group, but Mr Noble said the division needed capital investment and the company did want to spend money on a non-core activity.
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 Friends 20th anniversary: The highs and lows of the cast's careers since 2004
- 4 The response to my Pizza Express review has been overwhelming, and taught me a lot about journalism
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Glasgow 'riots': 'Dishonest' social media users accused of fuelling panic with pictures from London riots
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...