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Share Name | Share Symbol | Market | Type |
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CAT Strategic Metals Corporation | CSE:CAT | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.005 | 100.00% | 0.01 | 0.005 | 0.01 | 0.01 | 0.01 | 0.01 | 14,000 | 14:30:00 |
RNS Number:2390L Cambridge Antibody Tech Group PLC 19 May 2003 03/CAT/12 FOR IMMEDIATE RELEASE 07.00 BST, 02.00 EST Monday 19 May 2003 For Further Information Contact: Cambridge Antibody Technology Weber Shandwick Square Mile (Europe) Tel: +44 (0) 20 7067 0700 Tel: +44 (0) 1223 471 471 Kevin Smith Peter Chambre, Chief Executive Officer Graham Herring John Aston, Chief Financial Officer Rowena Gardner, Director of Corporate Communications BMC Communications/The Trout Group (USA) Tel: 001 212 477 9007 Brad Miles, ext 17 (media) Brandon Lewis, ext.15 (investors) CAMBRIDGE ANTIBODY TECHNOLOGY INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003 * First CAT-derived human monoclonal antibody, HumiraTM, launched in US (Abbott) * Clinical trials of TrabioTM commenced in US * Enrolment complete in CAT-192 Phase I/II clinical trial * Good Phase I results for LymphoStat-BTM; awarded "fast track" status (HGSI) * IND for ABthraxTM to be filed in near future (HGSI) * Principal patent litigation resolved * Proposed merger with Oxford GlycoSciences not completed * Level of Humira royalty disputed by Abbott * Loss for the six months ended 31 March 2003 of #18.8 million * Cash and liquid resources at 31 March 2003: #118.2 million * Cash burn for year ended 30 September 2003 to be less than #40 million Professor Peter Garland, CAT's Chairman, said: "The core value of the Company is in the pipeline of products derived from our exceptional technology. The last six months have been a period of good progress for CAT's product development: Humira has been launched in the US by Abbott, Trabio has commenced clinical trials in the US and there has been advancement in other CAT-derived products under development. Also, important agreements have been reached in respect of CAT's patents and licensing." "Despite the disappointments of the Oxford GlycoSciences outcome and the disagreement over Humira royalties with Abbott, our five-year objectives of profitability and strengthening our pipeline to deliver rapid growth thereafter, remain unchanged. We are focussed on developing our pipeline and our core technologies, in particular Ribosome Display, while licensing our technology and capabilities in areas outside our primary focus. The fundamentals on which CAT is based remain strong and we will continue to enhance and demonstrate the value of our pipeline. We will plan prudently for the future of the business, including ensuring the adequacy of our cash position. We remain committed to building a strong, product-based, profitable biopharmaceutical company." Product development HumiraTM On 31 December 2002, Abbott Laboratories announced that it had received US Food and Drug Administration (FDA) approval to market Humira (adalimumab, previously known as D2E7), a human anti-TNFa monoclonal antibody, in the US, earlier than anticipated, as a treatment for rheumatoid arthritis (RA). Humira was isolated and optimised by CAT and Abbott as part of a collaboration and is the first CAT-derived antibody to receive approval for marketing. Abbott launched Humira in the US in January 2003 and has reported sales of $26 million in Q1 2003. Approval for marketing in Europe from the European Agency for the Evaluation of Medicinal Products (EMEA) is expected by the end of the first half of 2003. In March 2003, Abbott announced that it has expanded its Humira programme by starting a randomised, multi-centre Phase II clinical trial in patients with chronic plaque psoriasis and a Phase III clinical trial in patients with psoriatic arthritis. Phase III clinical trials in juvenile RA and Crohn's disease continue. CAT's entitlement to royalties in relation to sales of Humira is governed by an agreement dated 1 April 1995 between Cambridge Antibody Technology Limited and Knoll Aktiengesellschaft (now a subsidiary of Abbott Laboratories). The agreement allows for offset, in certain circumstances, of royalties due to third parties against royalties due to CAT, subject to a minimum royalty level. Abbott indicated to CAT in March 2003 its wish to initiate discussions regarding the applicability of these royalty offset provisions for Humira. CAT believes strongly that the offset provisions do not apply and will seek an outcome consistent with that position. CAT Products Following regulatory clearance from the FDA, a clinical trial of Trabio (lerdelimumab, CAT-152), a human anti-TGFb2 monoclonal antibody, being developed for improving outcomes in glaucoma filtration surgery, have started in the US. The trial is a head-to-head comparison of Trabio with 5-Flurouracil (5-FU) in patients undergoing first time glaucoma surgery. In the Phase III European clinical trial recruitment is on schedule to be complete by the end of the first half 2003 and in the Phase III International clinical trial recruitment is expected to be complete by the end of 2003. In May 2003 three-year follow-up results of the Phase I/IIa clinical trial of Trabio in patients undergoing first time glaucoma filtration surgery were presented at the annual meeting of the Association for Research in Vision and Ophthalmology (ARVO). The results show a clinically significant benefit in the outcome of surgery in patients treated with Trabio after surgery for glaucoma. Additionally, there were no significant long-term safety issues observed. Discussions continue with a number of potential partners with a view to the marketing and selling of Trabio. Patient recruitment in the Phase I/II clinical trial of CAT-192 (metelimumab), a human anti-TGFb1 monoclonal antibody, as a potential treatment for diffuse systemic sclerosis being conducted by CAT's partner, Genzyme, is complete, with patients recruited in four countries. Data are expected to be available in the fourth quarter of 2003. In the Phase I/II allergen challenge study of CAT-213, a human anti-Eotaxin1 monoclonal antibody, in allergic conjunctivitis, patient recruitment is complete. Data are expected to be available in the third quarter of 2003. Licensed Products In April 2003, Human Genome Sciences, Inc (HGSI) announced the results of a Phase I clinical trial of LymphoStat-B, a human anti-B-Lymphocyte Stimulator (BLyS) antibody, and reported that these results show that it is safe, well tolerated and biologically active in patients with systemic lupus erythematosus (SLE). In consideration of LymphoStat-B's potential to address this serious unmet medical need, the FDA has awarded LymphoStat-B "Fast Track Product" designation for the treatment of SLE, which will facilitate the development and review of the product. HGSI has reported that it is expecting to initiate Phase II trials in patients with SLE soon and in patients with RA in the second half of 2003. The Phase I clinical trials of TRAIL-R1 mAb, a human anti-TRAIL-R1 monoclonal antibody, being carried out by HGSI in the US in patients with advanced cancers continue. HGSI expects to complete enrolment by the end of 2003 and to publish results in 2004. A Phase I clinical trial in patients with multiple myeloma has commenced. Since exercising an option, in May 2002, for an exclusive licence to TRAIL-R2 mAb, a human anti-TRAIL-R2 monoclonal antibody, HGSI has stated that it expects to initiate Phase I clinical trials for cancer in mid-2003. In March 2003, HGSI publicised its work in developing a human anti-protective antigen monoclonal antibody, ABthrax, and reported that it is effective in protecting against anthrax in multiple experimental models. This antibody was isolated and developed by HGSI from antibody libraries licensed from CAT, and an exclusive licence to the antibody was granted to HGSI by CAT in September 2002. HGSI is planning to submit an IND to seek clearance from the FDA to start a Phase I clinical trial to evaluate the safety, tolerability and pharmacology of ABthrax in healthy adults in the near future. HGSI expects to initiate the trial in mid-2003. J695, a human anti-IL12 monoclonal antibody, continues in two Phase II clinical trials, conducted by Abbott. Pre-clinical and discovery stage programmes There are five CAT-derived human monoclonal antibodies in pre-clinical development, both at CAT and at CAT's collaborators. Pre-clinical studies of GC-1008, a human anti-panTGFb monoclonal antibody, being developed jointly by CAT and Genzyme, continue and it is expected that an IND will be filed in the fourth quarter of 2003 for clinical trials in idiopathic pulmonary fibrosis. A further CAT human monoclonal antibody, derived from proprietary research programmes and being developed for the treatment of asthma and chronic obstructive pulmonary disease, has entered pre-clinical development. This antibody has been optimised using Ribosome Display, a technology increasingly used in CAT's drug discovery activities. There are ongoing research programmes to 16 distinct molecular targets at CAT. Over half of these programmes are funded or co-funded by CAT, including programmes with Amgen, Amrad and Elan. Activity in the last six months has reflected the weak market for research collaborations between biotechnology and major pharmaceutical companies. Against this background, in January 2003, CAT announced a short extension to the term of its research collaboration with Pfizer (previously Pharmacia). Further discussions on the future of this collaboration are underway. HGSI continues to utilise the libraries it licensed from CAT in 2000 to identify and optimise antibody candidates, however the research collaboration in which CAT carried out funded research for HGSI concluded in March 2003, when its planned three year term expired. Discussions are underway with Wyeth regarding the next phase of that collaboration. Intellectual property During December 2002 and January 2003 CAT successfully resolved all principal patent litigation. Patent disputes with MorphoSys and Crucell were settled with agreements that demonstrate the strength of CAT's patent portfolio. CAT entered into a cross-licensing arrangement with XOMA for antibody-related technologies and also reached agreement with Dyax Corporation to expand access and freedom to operate under each other's phage display patents, an agreement which also included the removal of CAT's obligation to pay royalties to Dyax on antibody products it develops, except in respect of Humira. CAT has options to buy out, under a predetermined schedule, any royalty obligation which CAT may have in respect of Humira. CAT has subsequently informed Dyax that it does not believe royalties are due to Dyax in respect of Humira; Dyax is disputing that view. Operations In December 2002, CAT completed its relocation to new laboratories and offices at Granta Park, Cambridge. One of the two vacated premises in Melbourn has been disposed of; the other is on the market. CAT employed 299 staff at 31 March 2003 (293 at 30 September 2002). In response to the weak market for early stage research collaborations, and to achieve its long-term ambitions in proprietary product development, CAT is adapting its skill base. To reflect this changing environment a limited number of positions within the research team are being made redundant. Oxford GlycoSciences In January 2003, CAT and Oxford GlycoSciences Plc (OGS) announced that they had agreed the terms of a merger between the two companies by way of a share for share exchange. CAT shareholders subsequently approved the merger at an Extraordinary General Meeting held in February. However, a decline in CAT's share price, particularly after the announcement of the dispute with Abbott over the level of Humira royalties, depressed the value of CAT's offer. A competing cash offer made to OGS shareholders by Celltech subsequently became unconditional. Antibody Microarrays In November 2002, CAT announced its intention to seek independent financing for its development of the application of antibodies on microarrays for personalised medicine, as this fell outside CAT's focus on therapeutic antibodies. Discussions are currently ongoing with a potential purchaser of this business. Board Dr Kevin Johnson, CAT's Chief Technology Officer, whose focus since 2001 has been on leading CAT's development of antibodies on microarrays, will leave the Company upon conclusion of that project. Kevin has made an enormous contribution to CAT over the last thirteen years and we wish him every success in his future endeavours. CAT is pleased to have welcomed two Non-Executive Directors, Dr Peter Ringrose and Ake Stavling, to its Board during the period. Peter Ringrose is an eminent scientist, having successfully led research and development organisations at the pinnacle of the pharmaceutical industry, and has recently been appointed as Chairman of the Biotechnology and Biological Sciences Research Council. Ake Stavling has extensive senior management experience covering finance and the pharmaceutical industry; succeeds Dr Jim Foght as chairman of the Audit Committee. Financial results CAT made a loss after taxation for the six months ended 31 March 2003 of #18.8 million (six months ended 31 March 2002 (H1) #9.1 million; six months ended 30 September 2002 (H2) #19.1 million). Net cash outflow before management of liquid resources and financing for the period was #13.2 million (H1 - #10.7 million outflow; H2 - #17.6 million outflow). Cash and short-term investments at 31 March 2003 amounted to #118.2 million (31 March 2002 #147.3 million; 30 September 2002 #129.8 million). Revenue in the period was #4.0 million (H1- #4.9 million; H2 - #4.6 million). Licence fees of #0.9 million were recognised in the period, principally licence fees released from deferred income brought forward at 30 September 2002. The library licence granted to Merck & Co., Inc. came into effect during the second quarter of the current financial year. Revenues of #2.5 million were generated from contract research fees under ongoing collaborations with Pfizer, HGSI, Wyeth Research and Merck & Co., Inc. Technical milestone payments of #0.2 million were received from Pfizer during the first quarter of the financial year. In December 2002, CAT settled all patent disputes with Crucell and MorphoSys. As part of these settlement agreements CAT has received, and will continue to receive for a number of years, annual payments giving rise to the majority of other revenue recognised in the period. A clinical milestone payment was received from Abbott following the US FDA approval of Humira; this has not been recognised as revenue in the period as it is creditable against future royalties receivable. Operating costs for the period amounted to #25.3 million (H1 - #18.3 million in total, #17.1 million excluding the Drug Royalty Corporation of Canada (DRC) transaction costs; H2 - #29.2 million in total, #22.5 million excluding the DRC transaction costs). External development costs have risen significantly from #2.8 million in the six months ended 31 March 2002 to #5.8 million in the six months ended 31 March 2003, with increased activity on clinical trials, particularly Trabio and the Genzyme collaboration. Staff and infrastructure costs were higher in the current period than for the six months ended 31 March 2002 primarily as a result of the increase in staff numbers (from an average of 266 during the six month period ended 31 March 2002 to an average of 300 during the first half of the current financial year), and the leasing of new premises at Granta Park. Spend in the period on patent litigation and oppositions, was #0.2 million compared to #0.5 million for the six months ended 31 March 2002. This reduction results from the successful resolution of all principal outstanding patent litigation in the first quarter of the current financial year. General and administration expenses include #1.6 million of costs incurred in the six months ended 31 March 2003 relating to the offer made for OGS (comparative periods - none). A break fee of #1.1 million receivable from OGS has been offset against these costs. During the period the Group accrued interest receivable on its cash deposits of #2.5 million (H1 - #3.4 million; H2 - #3.0 million) reflecting the reduced level of cash and liquid resources held in interest bearing securities and the lower interest rates available. Purchases of tangible fixed assets for the period were #4.3 million (H1 - #1.6 million; H2 - #2.2 million), principally due to the final costs associated with the construction and fit out of CAT's new premises at Granta Park. Outlook Recurring revenues, representing contract research revenues and income from licensing arrangements entered into as at 30 September 2002, were #2.6 million in the current period. On the basis of contracts in place at 31 March 2003 recurring revenues are expected to be in the region of #4.5 million to #5.5 million for the full financial year. Operating costs are expected to show only a modest increase in the second half of the financial year. Staff numbers are expected to reduce over the remainder of the financial year. In November 2002 we gave guidance that net cash burn for the year was expected to be up to #40 million. Cash outflow is expected to increase in the second half of the year but overall cash burn for the year is now expected to be less than #40.0 million. CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT (unaudited) Convenience Sx months Six months Year ended 30 translation ended 31 ended 31 March September 2002 Six months March 2003 2002 (audited) ended 31 March 2003 US$'000 #'000 #'000 #'000 Turnover 6,280 3,977 4,852 9,471 Direct costs (39) (25) (64) (80) Gross profit 6,241 3,952 4,788 9,391 Research and development expenses (33,704) (21,345) (13,762) (31,307) Drug Royalty Corporation - - (1,235) (7,913) transaction costs Other general and (6,193) (3,922) (3,283) (8,321) administration expenses General and administration expenses (6,193) (3,922) (4,518) (16,234) Operating loss (33,656) (21,315) (13,492) (38,150) Interest receivable (net) 3,913 2,478 3,424 6,386 Loss on ordinary activities before (29,743) (18,837) (10,068) (31,764) taxation Taxation on loss on ordinary - - 920 3,557 activities Loss for the financial period (29,743) (18,837) (9,148) (28,207) Loss per share - basic and diluted 51.9p 25.7p 78.7p (pence) CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited) Convenience Six months Six months Year ended translation ended ended 31 30 September Six months 31 March 2003 March 2002 2002 ended (audited) 31 March 2003 US$'000 #'000 #'000 #'000 Loss for the financial period (29,743) (18,837) (9,148) (28,207) Gain (loss) on foreign exchange 129 82 (61) 96 translation Total recognised losses relating to the (29,614) (18,755) (9,209) (28,111) period The losses for all periods arise from continuing operations. This financial information has been prepared in accordance with UK GAAP. The dollar translations are solely for the convenience of the reader. CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003 CONSOLIDATED BALANCE SHEET (unaudited) Convenience As at 31 As at 31 As at 30 translation March 2003 March 2002 September as at 2002 31 March 2003 (audited) US$'000 #'000 #'000 #'000 Fixed assets Intangible assets 11,697 7,408 8,459 7,933 Tangible fixed assets 23,027 14,583 7,589 12,429 Investments 339 215 215 215 35,063 22,206 16,263 20,577 Current assets Debtors 6,583 4,169 5,950 6,556 Short term investments 185,215 117,299 144,222 126,694 Cash at bank and in hand 2,790 1,766 3,099 3,081 194,588 123,234 153,271 136,331 Creditors Amounts falling due within one year (25,163) (15,936) (13,309) (12,563) Net current assets 169,425 107,298 139,962 123,768 Total assets less current liabilities 204,488 129,504 156,225 144,345 Creditors Amounts falling due after more than one year (18,612) (11,787) (7,787) (8,580) Net assets 185,876 117,717 148,438 135,765 Capital and reserves Called-up share capital 5,741 3,636 3,572 3,621 Share premium account 320,894 203,226 196,359 202,534 Other reserve 21,247 13,456 13,451 13,456 Profit and loss account (162,006) (102,601) (64,944) (83,846) Shareholders' funds - all equity 185,876 117,717 148,438 135,765 This financial information has been prepared in accordance with UK GAAP. The dollar translations are solely for the convenience of the reader. CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003 CONSOLIDATED CASH FLOW STATEMENT (unaudited) Convenience Six months Six months Year ended 30 translation ended 31 ended 31 September Six months March 2003 March 2002 2002 ended (audited) 31 March 2003 US$'000 #'000 #'000 #'000 Net cash outflow from operations (19,717) (12,487) (10,866) (26,808) Returns on investments and servicing of finance Interest received 5,661 3,585 4,081 7,558 Interest paid (16) (10) - - 5,645 3,575 4,081 7,558 Taxation 4,162 2,636 - 920 Capital expenditure and financial investment Purchase of intangible assets (4,221) (2,673) - (2,067) Purchase of tangible fixed assets (6,734) (4,265) (3,932) (7,894) Sale of tangible fixed assets 5 3 - - (10,950) (6,935) (3,932) (9,961) Net cash outflow before management of liquid resources and financing (20,860) (13,211) (10,717) (28,291) Management of liquid resources 14,835 9,395 12,006 29,534 Financing Issue of ordinary share capital 1,116 707 1,368 1,448 Proceeds from new finance lease 1,699 1,076 - - commitments Capital elements of finance lease rental (162) (103) - - payments 2,653 1,680 1,368 1,448 (Decrease)/increase in cash (3,372) (2,136) 2,657 2,691 This financial information has been prepared in accordance with UK GAAP. The dollar translations are solely for the convenience of the reader. Notes to the financial information Accounting policies This financial information has been prepared in accordance with the policies set out in the statutory financial statements for the year ended 30 September 2002. Convenience translation The consolidated financial statements are presented in pounds sterling. The consolidated financial statements as of and for the period ended 31 March 2003 are also presented in United States Dollars as a convenience translation. The Dollar amounts are presented solely for the convenience of the reader and have been calculated using an exchange rate of #1:US$1.579, the noon buying rate as of 31 March 2003. No representation is made that the amounts could have been or could be converted into United States Dollars at this or any other rates. Drug Royalty Corporation transaction costs General and administration expenses include #7.9 million of costs incurred in the year ended 30 September 2002 relating to the two transactions entered into with Drug Royalty Corporation Inc. of Canada (DRC) during that year. In January 2002, CAT announced a recommended offer for the whole of DRC. A competing offer was made by Inwest Investments Ltd of Canada which was accepted in April 2002. Under an agreement with DRC, the Group received a payment of #1.5 million in 1994 in return for rights to a percentage of revenues (and certain other payments) received by the Group over a period terminating in 2009. The #1.5 million was deferred and recognised over the period for which the rights were purchased. On 2 May 2002, CAT bought out this royalty obligation to DRC for #6.1 million (C$14 million) with the issue of 463,818 CAT shares to DRC. The remaining balance of #0.6 million of deferred income was all released in 2002. The professional fees incurred in the Group's bid and royalty buy-back were #1.8 million. Loss per share The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share or increase the net loss per share. The calculation is based on the following for the six months ended 31 March 2003, the six months ended 31 March 2002 and the year ended 30 September 2002 respectively: losses of #18,837,000, #9,148,000, and #28,207,000. Weighted average number of shares in issue of 36,307,483, 35,533,453 and 35,828,446. The Company has ordinary shares in issue of 36,359,874 and a total of 1,748,727 ordinary shares under option as of 31 March 2003. Reconciliation of operating loss to operating cash outflow Convenience Six months Six months Year ended 30 translation ended 31 ended 31 September Six months March 2003 March 2002 2002 ended 31 March 2003 US$'000 #'000 #'000 #'000 Operating loss (33,656) (21,315) (13,492) (38,150) Depreciation charge 2,372 1,502 1,429 2,617 Amortisation of intangible fixed assets 829 525 356 882 Shares issued to buy out DRC royalty - - - 6,149 agreement Loss on disposal of fixed assets 148 94 - - Increase in debtors (2,125) (1,346) (747) (158) Increase in creditors 12,715 8,053 1,588 1,852 (19,717) (12,487) (10,866) (26,808) Analysis and reconciliation of net funds 1 October Cash flow Exchange 31 2002 movement March 2003 #'000 #'000 #'000 #'000 Cash at bank and in hand 3,081 (1,320) 5 1,766 Overdrafts - (816) - (816) (2,136) Finance leases - (973) - (973) Liquid resources 126,694 (9,395) - 117,299 Net funds 129,775 (12,504) 5 117,276 Six months Year ended 30 ended 31 September March 2003 2002 #'000 #'000 (Decrease)/increase in cash in the period (2,136) 2,691 Cash inflow from increase in lease financing (973) - Decrease in liquid resources (9,395) (29,534) Change in net funds resulting from cash flows (12,504) (26,843) Exchange movement 5 (32) Movement in net funds in period (12,499) (26,875) Net funds at 1 October 2002 129,775 156,650 Net funds at 31 March 2003 117,276 129,775 Reconciliation of movements in group shareholders' funds Six months Year ended 30 ended 31 September March 2003 2002 #'000 #'000 Loss for the financial period (18,837) (28,207) Other recognised gains and losses relating to the period 82 325 (18,755) (27,882) New shares issued 707 7,597 Net decrease in shareholders' funds (18,048) (20,285) Opening shareholders' funds 135,765 156,050 Closing shareholders' funds 117,717 135,765 Financial Statements The preceding information, comprising the Consolidated Profit and Loss Account, Consolidated Statement of Total Recognised Gains and Losses, Consolidated Balance Street, Consolidated Cash Flow Statement and associated notes, does not constitute the Company's statutory financial statements for the year ended 30 September 2002 within the meaning of section 240 of the Companies Act 1985, but is derived from those financial statements. Results for the six month periods ended 31 March 2003 and 31 March 2002 have not been audited. The results for the year ended 30 September 2002 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies and upon which the auditors reported without qualification. The annual report and financial statements for the year ended 30 September 2002 are available from the Company's registered office: The Company Secretary Cambridge Antibody Technology Group plc Milstein Building Granta Park Cambridge CB1 6GH, UK Tel: +44 (0) 1223 471471 Quarterly financial information Three months Three months ended 31 ended 31 March 2003 December 2002 #'000 #'000 Consolidated profit and loss account (unaudited): Turnover 2,572 1,405 Direct costs (16) (9) Gross profit 2,556 1,396 Research and development expenses (10,111) (11,234) General and administration expenses (1,914) (2,008) Operating loss (9,469) (11,846) Interest receivable (net) 1,172 1,306 Loss on ordinary activities before taxation (8,297) (10,540) Taxation on loss on ordinary activities - - Loss for the financial period (8,297) (10,540) Consolidated cash flow statement (unaudited): Net cash outflow from operations (7,073) (5,414) Returns on investments and servicing of finance Interest received 2,537 1,048 Interest paid (10) - 2,527 1,048 Taxation - 2,636 Capital expenditure and financial investment Purchase of intangible assets - (2,673) Purchase of tangible fixed assets (1,439) (2,826) Sale of tangible fixed assets 3 - (1,436) (5,499) Net cash outflow before management of liquid resources and financing (5,982) (7,229) Management of liquid resources (850) 10,245 Financing Issue of ordinary share capital 19 688 Proceeds from new finance lease commitments 572 504 Capital elements of finance lease rental payments (67) (36) 524 1,156 (Decrease) /increase in cash (6,308) 4,172 Notes to Editors: Cambridge Antibody Technology (CAT) * CAT is a UK-based biotechnology company using its proprietary technologies and capabilities in human monoclonal antibodies for drug discovery and drug development. Based near Cambridge, England, CAT currently employs around 290 people. * CAT is a leader in the discovery and development of human therapeutic antibodies and has an advanced proprietary platform technology for rapidly isolating human monoclonal antibodies using phage display systems. CAT has extensive phage antibody libraries, currently incorporating more than 100 billion distinct antibodies. These libraries form the basis for the Company's strategy to develop a portfolio of antibody-based drugs. * HumiraTM is the leading CAT-derived antibody. Six other CAT-derived human therapeutic antibodies are at various stages of clinical trials. * CAT has alliances with a large number of pharmaceutical and biotechnology companies to discover, develop and commercialise human monoclonal antibody-based products. CAT has also licensed its proprietary human phage antibody libraries to several companies for target validation and drug discovery. CAT's collaborators include: Abbott, Amgen, Amrad, Chugai, Elan, Genzyme, Human Genome Sciences, Merck & Co, Pfizer and Wyeth Research. * CAT is listed on the London Stock Exchange and on NASDAQ since June 2001. CAT raised #41m in its IPO in March 1997 and #93m in a secondary offering in March 2000. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This press release contains statements about Cambridge Antibody Technology Group plc ("CAT") that are forward looking statements. All statements other than statements of historical facts included in this press release may be forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward looking statements are based on numerous assumptions regarding CAT's present and future business strategies and the environment in which CAT will operate in the future. Certain factors that could cause CAT's actual results, performance or achievements to differ materially from those in the forward looking statements include: market conditions, CAT's ability to enter into and maintain collaborative arrangements, success of product candidates in clinical trials, regulatory developments and competition. This information is provided by RNS The company news service from the London Stock Exchange END IR SFLESMSDSEII
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