REINACH and BASEL, Switzerland, August 28 /PRNewswire-FirstCall/ -- Arpida Ltd (SWX: ARPN) announced today its financial results for the six months ending 30 June 2007.
Highlights 2007 to date
Major pipeline progress:
Iclaprims second pivotal Phase III trial in complicated skin and skin structure infections (cSSSI) also achieves its pre-specified primary endpoint
Results from a Phase I study in special populations confirm iclaprims safety profile
Novel antibiotic AR-2474 achieves preclinical proof of concept
Promising results of first-in-man studies with AR-709
FDA authorises a Phase II trial with iclaprim in hospital pneumonia
Raised CHF 51.9 million
Late-stage antifungal therapy added to pipeline via acquisition of TLT Medical Ltd.
Harry Welten, MBA, Senior Vice President and CFO, said: In terms of spending, the first half of 2007 developed in line with our expectations. A major financial highlight of the first half was the share offering of last March. In a matter of a few hours, we successfully raised CHF 51.9 million, significantly boosting our cash position. Going forward, spending on the now completed Phase III programme with intravenous iclaprim in cSSSI will fall substantially. On the other hand, additional costs will be incurred for the NDA filing, pre-launch activities and the recently announced development programmes. On balance, we expect cash used in operating activities in the second half of the year to remain around the level of the first half.
Dr Khalid Islam, President and CEO of Arpida, said: Progress in the
year 2007 to date has been tremendous. Our lead compound, intravenous
iclaprim, has achieved the pre-specified primary endpoint in its second
pivotal Phase III trial in cSSSI, confirming the result of the first. We
have subsequently initiated discussions with the FDA in order to prepare
for the next step: the filing of a New Drug Application for intravenous
iclaprim in cS
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