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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Catco Reinsurance Opportunities Fund Limited | LSE:CAT | London | Ordinary Share | BMG1961Q3242 | ORD USD0.00013716 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 13.00 | 35.00 | 24.00 | 24.00 | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 6.33M | 5.44M | 3.6440 | 6.59 | 35.84M |
RNS Number:7286U Cambridge Antibody Tech Group PLC 27 November 2000 For further information contact: Cambridge Antibody Technology Tel: +44 (0) 1763 263233 David Chiswell, CEO John Aston, Finance Director Rowena Gardner, Head of Corporate Communications HCC De Facto (Europe) Tel: +44 (0) 20 7496 3300 Nikul Odedra (trade) Sue Charles (city/financial) BMC Communications/The Trout Group (USA) Tel: 001 212 477 9007 Brad Miles, ext 17 (media) Brandon Lewis, ext.15 (investors) CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2000 Highlights Successful follow on equity financing, raising #93 million before expenses and providing future financial security and flexibility. Wide ranging strategic alliance signed with Pharmacia. Major alliance with HGS including co-development rights to develop human antibody therapeutics against genomics targets. Exclusive product license granted to Wyeth-Ayerst to develop human monoclonal antibody products specific for the amyloid b peptide - widely implicated in Alzheimer's disease. Wide ranging strategic partnership with Genzyme for the co-development of anti-TGFb monoclonal antibodies for non-ophthalmic uses. Option exercised by HGS to an exclusive development partnership on antibodies against BLyS, the B-Lymphocyte Stimulator implicated in several autoimmune diseases and certain cancers. Phase III clinical trials initiated by BASF Pharma for D2E7, the human anti-TNFa monoclonal antibody for rheumatoid arthritis isolated and optimised by CAT in collaboration with BASF Pharma. J695, a human monoclonal antibody against IL-12, isolated and optimised in a collaboration between CAT, BASF Pharma and Genetics Institute, entered Phase II clinical trials with BASF Pharma and Genetics Institute for the treatment of autoimmune diseases including rheumatoid arthritis. Good Phase I/IIa one-year results for CAT-152, a human monoclonal antibody against TGFb2 as a potential treatment to prevent post-operative scarring in patients undergoing surgery for glaucoma. A multicentre Phase II trial for CAT is ongoing. CAT-192, a human anti-TGFb1 monoclonal antibody being developed by CAT as a potential treatment in a range of scarring and fibrotic conditions, completed Phase I clinical trials. A new programme, CAT-213, an anti-eotaxin1 human monoclonal antibody, which is a potential treatment for allergic disorders, has entered pre-clinical development. Professor Peter Garland, CAT's Chairman, said " I am pleased to be able to report that CAT has made excellent progress during the past year and has reinforced its position as a world leader in the field of human monoclonal antibody therapeutics. The clinical programmes of CAT-derived products are making progress and we have secured further significant collaborations with major pharmaceutical and genomics companies." CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2000 Statement by the Chairman During the past year CAT has made excellent progress and reinforced its position as a world leader in the field of human monoclonal antibody therapeutics. CAT's technologies are now well established and are being been used by both the Company and its partners to develop a pipeline of novel medicines. The Company's business is driven from a proprietary platform of phage display technologies, which includes powerful functional genomics applications underpinned by strong informatics and efficient process industrialisation. As understanding of the human genome unfolds, we expect that CAT's technologies will play a vital role in new drug target discovery, validation and the development of antibody drugs. To maximise the commercial opportunities offered by our platform technologies, CAT has secured a number of high value strategic collaborations with leading pharmaceutical and biotechnology companies worldwide. During the year we signed new alliances with Pharmacia, Human Genome Sciences (HGS) and Genzyme. We are now able to negotiate deals with our partners that allow us to retain more potential value and, as an indication of partner confidence, all three of the collaborations signed during the year included an element of equity investment in CAT. Our alliance with Genzyme is particularly significant since it is the first of CAT's alliances to include product candidates that CAT has itself discovered and taken through the pre-clinical stage into clinical trials. In addition to product collaborations, CAT has formed research collaborations. In the year we entered into a partnership with the UK-based proteomics company, Oxford GlycoSciences, for the development of antibody micro-arrays. Such collaborations, together with the advancements we continue to make in-house, will assist our efforts to remain at the forefront of technological advancement. During the year we raised #93 million in a follow-on equity financing. In a volatile sector, we are now in a position to develop our future business strategies from a base of financial security, giving us improved operational flexibility. The four CAT-derived products in clinical trials continue to make progress and, at the year end, there were more human monoclonal antibody drugs in clinical development derived by CAT than by any other company. The most advanced of these is D2E7, a human antibody for rheumatoid arthritis initially isolated and optimised by CAT in collaboration with BASF Pharma. D2E7 entered Phase III clinical trials in February and is the first fully human monoclonal antibody therapeutic product to enter Phase III trials. Phase II clinical trials have progressed on CAT-152, a potential treatment to reduce scarring following glaucoma surgery. J695, isolated and optimised in collaboration with BASF Pharma and Genetics Institute, has now entered Phase II clinical trials for certain autoimmune diseases, including rheumatoid arthritis. Finally, CAT-192, a potential treatment for fibrosis and scarring, completed a Phase I clinical trial during the year. In addition, CAT-213, a potential treatment for allergic disorders, moved into pre-clinical development, and is expected to progress to Phase I clinical trials in 2001. CAT's initial collaboration with HGS has resulted in the identification of clinical candidate antibodies against B-Lymphocyte Stimulator (BLyS) (a protein implicated in several autoimmune and neoplastic disorders) and it is expected that clinical trials will start in 2001. We are pleased to report progress with two of our major strategic alliances. Within the collaboration with Wyeth-Ayerst, initiated in 1999, CAT has granted Wyeth-Ayerst an exclusive product licence to develop antibody therapeutics for the amyloid b peptide that has been widely implicated in Alzheimer's disease. Additionally, HGS exercised an option to enter an exclusive development partnership on antibodies against BLyS. CAT also continued to strengthen and defend its patent portfolio, covering both technologies and product candidates, during the year. As our business grows and matures, the Company must continue to invest in its people and its facilities. With our staff numbers increasing from 146 to 189 in the last year, and a plan to expand further within the next 12 months, we have reviewed our needs and have announced plans to move to larger purpose-designed facilities at Granta Park, South Cambridgeshire, UK. This move will be phased over two years, commencing in 2001, and will allow us to consolidate our operations, invest in new systems, further industrialise our processes and, most importantly, provide an environment in which the innovation and productivity of our staff can flourish. We are grateful to all who have contributed to our success this year - our staff, our board, our scientific advisory board and other expert advisors, our partners and our shareholders, and we look forward to further productive times ahead. Review of 2000 During the year, CAT's business strategy and phage display antibody technologies have been further validated. The Company and its partners have continued to make progress in clinical trials with human monoclonal antibody therapeutic candidates. Investment in the technology base and continued process industrialisation continue to deliver results in drug discovery, both for in-house and partnered programmes. A number of significant alliances have been entered into during the year. Technology platforms During the year, CAT has invested in process industrialisation with the development and further automation of its systems that significantly increases the capacity for rapid target identification using antibody phage display technology. Powerful, advanced integrated information systems are essential to maximise the application of the wealth of information emerging from modern drug discovery programmes. CONTINUITY, CAT's integrated internet-enabled bioinformatics framework at the cutting edge of software engineering, has been enhanced during the year in response to the new technical demands and bottlenecks in genomics, proteomics and high throughput screening. This integrated knowledge-based drug discovery project management system is used both in-house and with our partners for the effective communication and analysis of complex proprietary data. CAT continues to innovate, maintaining its technology leadership in the antibody field. CAT has made significant progress in the initial process development of its ribosome display system and has introduced this technology into its antibody discovery programmes. In the future, ribosome display will be used alongside phage display to provide a complementary route to lead antibody identification, with the potential to increase the speed and efficiency of the process. In September 2000, CAT announced the formation of a strategic research collaboration with the UK-based proteomics company, Oxford GlycoSciences (OGS), for the development of protein chip technology. CAT and OGS will combine their respective world-leading technologies to develop new protein detection and screening technology based on antibody microarrays. The goal is to create a new generation of protein detection technology with the speed, throughput and sensitivity to serve the development of research tools, diagnostics and other applications. This is CAT's first collaboration designed to help solve the technological and commercial challenges in developing protein chips and unlock the potential value in this new market. At the other end of the drug development process, CAT published the results of a pre-clinical collaboration with Weston Medical, to evaluate a novel delivery system that could offer advantages in both product differentiation and patient compliance. Initial research results demonstrated that CAT-192, as a prototype human monoclonal antibody therapeutic, could be successfully delivered through the skin using Weston Medical's Intraject needle-free drug delivery system without compromising molecular integrity and biological activity. This collaboration opens new opportunities and potential applications for monoclonal antibody therapeutics where delivery using conventional needle injection would be inappropriate or inconvenient for patients. Intellectual property CAT protects its technology and product candidates through timely patent filings and appropriate defence. CAT has a strong patent estate, giving it the commercial freedom to operate within its chosen field. Where necessary, CAT has sought to defend its position and protect its interests. CAT's position as a world leader in phage display technology is reflected in the breadth of the Company's patent portfolio. CAT's key patents fall into three main families: Winter II covers the production of large expression libraries of human antibody genes; McCafferty covers the method (phage display) developed by CAT to obtain the desired antibodies from these libraries; and the Griffiths patent covers the isolation of antibodies from these libraries which specifically recognise human 'self' antigens. Last year CAT and Scripps settled a US infringement action between Winter II and the Scripps' Huse Lerner patent family from which CAT gained worldwide commercial rights to the Huse Lerner patent. In Europe the first patents from the Huse Lerner family have been granted, the main patents are pending and CAT expects the first US patent to be granted in 2001. Patents from both the Winter II and McCafferty families have been granted in Europe and upheld after opposition proceedings in the European Patent Office. Both CAT and MorphoSys have appealed against a modification of part of the Winter II patent that was requested by the Opposition Division at the European Patent Office. CAT has been advised that Morphosys' HuCAL Library is covered by the Winter II patent as modified by the Opposition Division. The independent claims of the McCafferty patent were upheld without amendment by the Opposition Division. This decision is appealable. CAT is pursuing a patent infringement action against MorphoSys under the Winter II and McCafferty patents in the Munich District Court. This action was commenced in 1998 and was stayed by the German Court pending proceedings by the Opposition Division. In April 1999, MorphoSys commenced an action against CAT in the US District Court of Washington DC concerning the Griffiths patent. The MorphoSys action asked the court to revoke CAT's Griffiths patent and/or declare that MorphoSys does not infringe the patent. Following preliminary 'Markman' hearings in the second half of the year, a trial date has now been set for March 2001. In September 1999, MorphoSys commenced a similar action in respect of CAT's US McCafferty patent. A trial date has been set for April 2002. CAT is vigorously defending both lawsuits and does not believe there is merit in the claims. In July 2000, Crucell issued a writ against the Medical Research Council (MRC), in a Dutch national court, seeking a declaration that the Winter II patent was invalid or that Crucell did not infringe the claims of the patent. Subsequently, in September 2000, Crucell issued a second writ seeking an identical declaration in respect of the McCafferty patent. Pursuant to the terms of its agreement with the MRC, CAT is responsible for the defence of these proceedings. CAT intends to defend both these proceedings vigorously and does not believe that there is merit in these claims. Whatever the outcome of current litigation activity, CAT believes that its ability to operate its own technology will not be materially and adversely affected. In the US, patents were granted on chemisynthetic libraries, use of self-splicing introns with the loxP dual combinatorial system, and on CAT's ProxiMol technology. During the year, CAT significantly strengthened its patent portfolio relating to TGFb antagonists. A European patent covering CAT-152 was granted, whilst notice of allowance was received for a patent on TGFb1-specific antibodies. In June, CAT purchased a US patent, covering use of TGFb antagonists in the central nervous system, from the Whittier Institute for Diabetes and Endocrinology. CAT's recent deal with Genzyme includes rights to the 'Dasch' patents covering monoclonal antibodies which bind to TGFb1 and TGFb2. In addition, CAT has expanded the scope of its licence from the Burnham Institute to cover use of TGFb antagonists in dermal applications. Partnerships and Alliances During the year, CAT has been successful in securing further major strategic alliances. The commercial potential of human monoclonal antibody drugs is being increasingly recognised by the pharmaceutical industry. Through its strategic alliances, CAT is in a position to access novel drug targets, thereby helping it to build a pipeline of human monoclonal antibody drugs. In December 1999, CAT announced a multidisciplinary strategic alliance with Pharmacia (previously Searle), the pharmaceutical business of Monsanto Company, for the development of fully human monoclonal antibody-based therapeutic drugs across multiple disease areas, focusing particularly on the field of cancer. This was CAT's largest alliance at the time with a headline potential deal size in excess of $200 million. Pharmacia made an equity investment of $12.5 million in CAT; $14.5 million was committed over three years in research funding; and CAT can receive up to a further $35 million in licence fees, research funding and technical performance milestones over the potential five-year term of the research collaboration. If the expected number of human monoclonal antibody-based drugs are successfully developed and receive regulatory approval, the scale of the collaboration offers CAT the potential to receive an additional $150 million in clinical development and regulatory approval milestones. CAT will also receive royalties on sales of both antibody-based drugs and small molecule drugs developed by Pharmacia where CAT's technology is used to validate a target. This was followed in March 2000 by the announcement of a major alliance with Human Genome Sciences (HGS), dedicated to developing human antibody therapeutics against genomics-derived disease targets. This represented a significant broadening of CAT's existing relationship with HGS, coming just six months after the initial collaboration. It included the equivalent of $67 million in up-front funding for CAT - $55 million in equity, and $12 million in licensing and research support fees. HGS and CAT are combining their resources with the aim of developing a significant number of therapeutic antibody products. The agreement provides HGS with rights to develop and sell fully human antibodies for therapeutic and diagnostic purposes. Also under the agreement, CAT will have access to selected HGS-derived sequence and biological information, and has the right to select up to 24 proprietary HGS antigens for pre-clinical development. CAT has rights to develop six such products on its own. HGS is entitled to clinical development milestones and royalty payments on these products. In addition, HGS has the option to share clinical development costs and to share the profits equally with CAT on up to 18 other products. Already progress is being made with this second CAT/HGS alliance and antibody drug candidates have already been identified for HGS against several therapeutic targets. The rapid progress being made under the first CAT/HGS alliance was demonstrated immediately post year end, when HGS exercised an option to enter into an exclusive development partnership on human antibodies against the target BLyS. BLyS, a B-Lymphocyte Stimulator discovered by HGS, is a protein made by the human immune system, which stimulates the production of antibodies; its overproduction is anticipated to be a central component of several autoimmune and certain neoplastic (cancerous) disorders. The companies have worked in close collaboration to isolate over 10,000 antibody clones specific to BLyS and to characterise over 1,000 distinct human antibodies in detail. By focusing on high throughput functional screening of these antibody leads, clinical candidate antibodies have been demonstrated in record time. HGS plans to start clinical trials in 2001. Under the terms of this exclusive agreement, CAT will receive a product license fee with the upside potential for future clinical milestones and royalties on product sales. In September 2000 CAT announced that it has granted Wyeth-Ayerst an exclusive product licence to develop human monoclonal antibody products specific for the amyloid b peptide that has been widely implicated in Alzheimer's disease. CAT received a licensing fee, with upside potential for future clinical milestone payments and royalties on product sales. CAT started its collaboration with Wyeth-Ayerst in March 1999 to apply CAT's functional genomics and antibody engineering expertise to the discovery of new therapeutics based on targets identified by Wyeth-Ayerst. Wyeth-Ayerst had previously announced an alliance with Elan Corporation to develop immunotherapeutic agents that may be used for the treatment of mild to moderate Alzheimer's disease and possibly prevent the onset of the disease. Elan researchers have recently shown for the first time that certain monoclonal antibodies can cross the blood-brain barrier. Previously this had limited the prospect of using antibody-based therapy for neurodegenerative disorders. The agreement between CAT and Wyeth-Ayerst allows Wyeth-Ayerst and Elan to use CAT's technology to explore further both preventative and potential therapeutic treatments for Alzheimer's disease. Also in September 2000, CAT announced a broad strategic alliance with Genzyme to develop and commercialise human monoclonal antibodies directed against TGFb for the treatment of scarring-related and other serious medical disorders. Both Genzyme and CAT had separately invested in anti-TGFb programmes - CAT in isoform-specific and Genzyme in pan-specific antibodies - and the collaboration offers the potential to strengthen and accelerate these anti-TGFb programmes. This agreement is of particular note as it is the first agreement that CAT has signed for product candidates it has developed through pre-clinical and into clinical trials and, as such, is a strong endorsement of CAT's drug development capabilities. As part of the deal, Genzyme has received an exclusive worldwide licence to CAT's human antibodies directed against TGFb for all uses except ophthalmology. Additionally, Genzyme has received a non-exclusive worldwide licence from CAT for non-antibody antagonists of TGBb in exchange for milestones and royalties. In connection with the agreement, Genzyme made a $20 million equity investment in CAT. The agreement is based on sharing costs and profits. CAT and Genzyme will focus initially on developing a human monoclonal antibody-based treatment for diffuse scleroderma, a chronic and life-threatening disorder in which the production of excess collagen leads to scarring of the skin and vital internal organs. Other potential clinical indications of anti-TGFb treatment include post-surgical scarring, fibrosis of all major organs such as the lungs, liver and kidneys, and certain forms of cancer. CAT has retained full rights for ophthalmology indications of its anti-TGFb monoclonal antibodies CAT-152 and CAT-192 and will continue the clinical development of CAT-152, currently in Phase II clinical trials. Progress in Clinical Trials Human monoclonal antibodies are now emerging as the preferred format for monoclonal antibody therapeutics - and in this CAT has been pioneer. The Company can demonstrate solid progress in clinical development during the year, both in partnered and in-house programmes. D2E7, the human monoclonal antibody that neutralises TNFa, made positive progress in the period as a potential treatment for rheumatoid arthritis. In November 1999, data presented at the American College of Rheumatology Conference (ACR) showed that, in a randomised, double-blind placebo-controlled study with 283 patients, D2E7 was significantly superior to placebo when given by self-injection at a dose of 20mg to 80mg once weekly over a three month period. In February 2000, CAT's partner, BASF Pharma, announced that it had initiated Phase III trials of D2E7. These trials are expected to progress through 2001. Further Phase I and Phase II clinical data were presented at the European League Against Rheumatology meeting (EULAR) in June 2000 and at the ACR conference in October 2000. It is anticipated that additional Phase II clinical data will be presented during 2001. D2E7 is the first fully human monoclonal antibody to enter Phase III clinical trials - over 1,900 patients have been treated worldwide with D2E7 and over 1,500 patient years of treatment experience have been documented by BASF Pharma. Taken together with the three other human monoclonal antibodies developed with CAT's technology that are also in clinical trials, this positions CAT's technology as the leading technology platform in the development of human monoclonal antibodies as drugs. CAT-152, a human monoclonal antibody against TGFb2, is being developed by CAT as a treatment to prevent post-operative scarring in patients undergoing surgery for glaucoma. In May 2000, one-year results from the Phase I/IIa clinical trial of CAT-152 were presented at the annual meeting of the Association for Research in Vision and Ophthalmology (ARVO). Treatment with CAT-152 was associated with encouraging trends for a lower intraocular pressure together with a reduced need for subsequent intervention and topical anti-glaucoma treatment. These outcomes could represent evidence of clinically relevant anti-scarring activity, albeit based on low patient numbers. A multicentre Phase II study commenced in October 1999. Recruitment has been slower than expected and the trial is now scheduled for conclusion in early 2001. Further trials are expected to commence in mid 2001. It is CAT's intention to develop CAT-152 further, thus enhancing its value as a candidate for partnering at a later stage. Also in the ophthalmology area, encouraging pre-clinical studies of CAT-152 in the possible prevention of secondary cataracts have recently been presented at a major European ophthalmology research conference. CAT-152 also has the potential to be developed for other indications outside of the ophthalmic field, and these would form part of the collaboration with Genzyme. J695 is a human monoclonal antibody that neutralises Interleukin 12, a pro-inflammatory molecule associated with many severe autoimmune disorders. J695 continues to progress in clinical development having recently entered Phase II clinical trials, conducted by BASF Pharma and Genetics Institute, in autoimmune diseases including rheumatoid arthritis. CAT-192 is a human anti-TGFb1 monoclonal antibody that has been developed by CAT as a potential treatment in a range of scarring and fibrotic conditions and is currently under investigation. CAT-192 entered Phase I clinical trials in November 1999. Results to be presented at the British Pharmacological Society in December 2000 show that CAT-192 appears to be well tolerated, with a prolonged half-life of around 40 days in healthy volunteers. Under the agreement with Genzyme, the immediate focus is on systemic sclerosis/ scleroderma. Phase II clinical trials, which are Genzyme's responsibility, are anticipated to start in 2001. CAT-192 has the potential to be developed for a number of indications other than scleroderma. CAT-213, a human anti-eotaxin1 monoclonal antibody with potential in the treatment of allergic disorders, moved into pre-clinical development during the year. Satisfactory progress is being made with toxicology and other pre-clinical studies and the programme is on target to enter Phase I trials during 2001. CAT is working with HGS on a programme to develop anti-BLyS antibodies (ie: antibodies against B-Lymphocyte Stimulator, a protein which may play a crucial role in several autoimmune and neoplastic disorders). Following the isolation of over 10,000 antibody clones and the characterisation of over 1,000 antibodies in detail, clinical candidate antibodies have been demonstrated. HGS plans to start clinical trials in 2001. Financial Review CAT made a loss for the financial year ended 30 September 2000 of #5.2 million (1999: #12.7 million). Net cash outflow for the financial year was #0.3 million (1999: #11.8 million) and CAT raised #132.3 million (net of expenses) from the issue of equity (1999: #0.5 million). Net cash and liquid resources at the year end were #155.6 million (1999: #23.6 million). Financing CAT announced an equity fundraising in March 2000 aimed at raising #100 million. The offering was structured to allow the marketing of shares to international investors in the United States and continental Europe. In difficult market conditions the offering was successfully concluded in April, albeit that the amount raised was reduced from the original target of #100 million to #93 million (before expenses). During the financial year and immediately following its end, CAT has issued equity to three corporate partners for cash in connection with collaboration agreements. These were to Monsanto Europe SA in January 2000 for #7.8 million, to Human Genome Sciences Inc. in April 2000 for #34.7 million and to Genzyme Corporation in October 2000 for #13.7 million (all before expenses). The Company also received #2.4 million in cash from the exercise of share options. The Company has progressed with preparations for a NASDAQ listing and hopes to announce the conclusion to this process in the near future. CAT does not plan the NASDAQ listing to be accompanied by an offering of its securities. Results of operations Revenues in the year totalled #10.1 million (1999: #1.8 million.) CAT's historical profile of revenues has been irregular due to the nature of CAT's business although latterly some collaborations are providing a more regular source of income. During the year CAT received a milestone payment from BASF following the entry of D2E7 into Phase III clinical trials and a licence exclusivity fee from Wyeth-Ayerst related to antibodies to amyloid b. Additionally, income was generated from fees receivable under ongoing collaborations with Wyeth-Ayerst, Pharmacia and Human Genome Sciences. Of monies received for such services, a proportion relates to services to be provided in future periods: such income has been deferred and will be recognised as the services are provided. Operating expenses of #20.6 million (1999: #16.3 million) were broadly in line with expectations and reflect the increasing scale and complexity of CAT's activities. Staff numbers have risen over the year from 146 to 189 at year end (the average over the year was 161) with a resulting impact on staff and associated costs. Further recruitment is ongoing and staff numbers are anticipated to build to approximately 250, with the greater part of that increase in the current year. There was a charge during the year of #0.5 million (1999: #nil) for employer's National Insurance payable on the exercise of certain options granted in December 1999 and a provision for the cost of shares to be allocated under the employee share scheme of #0.5 million (1999: #0.2 million.) External development costs were lower than in the comparative period due to the incidence of expenditure but significant increases are anticipated in future periods as CAT's product pipeline matures. Expenditure during the year included payments for access to intellectual property totalling #1.1 million, principally to Burnham Institute and Integra Lifesciences (for rights relating to TGF beta), Stratagene and The Whittier Institute for Diabetes and Endocrinology. Such payments in the comparative period amounted to #0.6 million of which the majority was to The Scripps Research Institute and Stratagene. Operating costs were also impacted by fees connected with current patent litigation, the total spend in the year on such litigation and patent oppositions being #1.7 million (1999: #0.3 million). This level of expenditure on litigation is expected to continue in the current year. The increase in investment income for the financial year reflects the increase in cash balances over the year, particularly from April 2000 onwards. The high level of deferred income, the provision for employer's National Insurance on certain options and the provisions for legal costs and share scheme allocations have all contributed to a substantial increase in creditors during the year. Capital expenditure during the year was #1.0 million (1999: #2.7 million), chiefly on laboratory equipment. The comparative year included #1.1m for the purchase of the freehold interest in Cambridge House and residual fitting out costs. Capital expenditure is expected to increase significantly for the next two years as CAT's new facilities at Granta Park are fitted out and equipped and further investment is made in process automation. CAT's total expenditure on the planned facilities at Granta Park is expected to be of the order of #7 million. As CAT continues to expand its operations and incurs associated capital expenditures, the Group anticipates a significant net cash outflow during the current financial year. It is anticipated that CAT's net cash burn rate for the current year, taking account of expected revenues, will be approximately #1.8 million per month. CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2000 Consolidated Profit and Loss Account For the year ended 30 September 2000 2000 1999 #'000 #'000 Turnover 10,146 1,799 Direct costs (381) (81) Gross profit 9,765 1,718 Research and development expenses (15,728) (13,574) General and administration expenses (4,842) (2,684) Operating loss (10,805) (14,540) Interest receivable (net) 5,644 1,810 Loss on ordinary activities before taxation (5,161) (12,730) Taxation on loss on ordinary activities - (1) Loss for the financial year (5,161 (12,731) Loss per share - basic and fully diluted (pence 17.1p 52.4p Consolidated Statement of Total Recognised Gains and Losses 2000 1999 #'000 #'000 Loss for the financial year (5,161) (12,731) Loss on foreign exchange translation (7) (1) Total recognised gains and losses (5,168) (12,732) relating to the year The losses for both years arise from continuing operations. Consolidated Balance Sheet At 30 September 2000 2000 1999 #'000 #'000 Fixed assets Intangible assets 4,448 4,822 Tangible fixed assets 5,008 5,837 9,456 10,659 Current assets Debtors 3,452 894 Investment in liquid resources 156,502 22,773 Cash at bank and in hand 26 849 159,980 24,516 Creditors Amounts falling due within one year (8,427) (3,275) Net current assets 151,553 21,241 Total assets less current liabilities 161,009 31,900 Creditors Amounts falling due after more than one year (1,975) - Net assets 159,034 31,900 Capital and reserves Called-up share capital 3,477 2,528 Share premium account 179,706 48,465 Other reserve 13,451 13,339 Profit and loss account (37,600) (32,432) Shareholders' funds - all equity 159,034 31,900 Consolidated Cash Flow Statement 2000 1999 For the year ended 30 September 2000 #'000 #'000 Net cash outflow from operating activities (3,609) (11,188) Returns on investments and servicing of finance 4,245 2,100 Taxation - (1) Capital expenditure and financial investment (974) (2,672) Net cash outflow before management of liquid resources and financing (338) (11,761) Management of liquid resources (133,729) 12,051 Financing 132,293 535 (Decrease)/increase in cash (1,774) 825 Notes to the financial information Accounting policies This financial information has been prepared on a basis consistent with the accounting policies set out in the annual report for the year ended 30 September 1999. Loss per share Potentially dilutive issueable shares are only included in the calculation of fully diluted earnings per share if their issue would decrease net profit per share or increase net loss per share. The Group's basic and fully diluted earnings per share are therefore equal. Loss per ordinary share (basic and fully diluted) is based on the loss for the financial year of #5,161,000 (1999: #12,731,000) and a weighted average number of ordinary shares of 30,179,818 (1999; 24,314,191). Analysis and reconciliation of net funds 1 October Cash Exchange 30 September 1999 Flow movement 2000 #'000 #'000 #'000 #'000 Cash at bank 849 (825) 2 26 Overdrafts - (949) - (949) Liquid resources 22,773 133,729 - 156,502 Finance leases (9) 9 - - Net funds 23,613 131,964 2 155,579 1999 #'000 #'000 (Decrease)/increase in cash in the year (1,774) 825 Increase/(decrease) in liquid resources 133,729 (12,051) Decrease in lease financing 9 4 Change in net funds resulting from cash flows 131,964 (11,222) Exchange movement 2 4 Movement in net funds in year 131,966 (11,218) Net funds at 1 October 1999 23,613 34,831 Net funds at 30 September 2000 155,579 23,613 Reconciliation of movements in group shareholders' funds 2000 1999 #'000 #'000 Loss for the financial year (5,161) (12,731) Other recognised gains and losses relating to the year (7) (1) (5,168) (12,732) New shares issued 132,302 2,824 Shares to be issued - deferred consideration - (1,650) Net reduction in shareholders' funds 127,134 (11,558) Opening shareholders' funds 31,900 43,458 Closing shareholders' funds 159,034 31,900 Financial Statements The preceding information does not constitute the company's statutory financial statements for the year ended 30 September 2000 within the meaning of section 240 of the Companies Act 1985 but is derived from those financial statements. The statutory financial statements for the company for the year ended 30 September 2000 will be delivered to the Registrar of Companies after the Company's Annual General Meeting. The auditors have reported on those financial statements and their report was unqualified. The annual report and financial statements for the year ended 30 September 2000 will be posted to shareholders by 22 December 2000 and will be available shortly thereafter from: The Company Secretary Cambridge Antibody Technology Group plc The Science Park Melbourn Cambridgeshire SG8 6JJ, UK Tel: +44 (0) 1763 263233 This preliminary announcement was approved by the Board on 24 November 2000. Notes to Editors Cambridge Antibody Technology (LSE: CAT) CAT is a UK biotechnology company using its proprietary technologies in fully human monoclonal antibodies for drug discovery and drug development. Based in Melbourn, 10 miles south of Cambridge, England, CAT currently employs nearly 200 people. CAT is listed on the London Stock Exchange, having raised #41m in its IPO in March 1997. A secondary offering in March 2000 raised #93m. CAT has a world-leading platform technology for rapidly isolating fully human monoclonal antibodies using phage display systems. CAT has an extensive phage display antibody library, currently incorporating around 100 billion distinct antibodies. This library forms the basis for the company's strategy to develop a portfolio of clinical development programs and for discovering new drug leads using functional genomics. Four fully human therapeutic antibodies developed by CAT are at various stages of clinical trials. CAT has a number of license and collaborative agreements in place with pharmaceutical and biotechnology companies including: AstraZeneca, BASF Pharma, Eli Lilly, Genentech, Genetics Institute, Genzyme, Human Genome Sciences, ICOS Corporation, Oxford GlycoSciences, Pharmacia Corporation, Pfizer, Wyeth-Ayerst.
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