In the first half of 2007, revenues of CHF 0.1 million were generated, related to contract research carried out for third parties.
Total operating expenses increased to CHF 33.7 million for the first six months of 2007.Of these expenses CHF 2.7 million relate to IFRS 2 non-cash charges for options accounting whereas this charge was CHF 1.0 million in the first half of 2006.
In the first half of 2007, 82% of the total operating expenses or CHF 27.7 million (first half of 2006: CHF 23.9 million) was spent on research & development, a substantial part of which was related to the phase III clinical trial programme with intravenous iclaprim.
Management and general expenses were CHF 6.0 million in the first half of 2007 (first half of 2006: CHF 4.6 million), thus remaining at a low level relative to the total operating expenses.
Financial income rose from CHF 0.6 million to CHF 0.8 million. This increase is mainly due to higher levels of cash invested and higher interest rates in Swiss Francs money market accounts. Financial expenses increased to CHF 0.8 million due to unrealised currency translation differences on inter-company relationships and CHF 0.3 million of realised exchange losses. On balance, the net financial result amounts to zero.
Balance sheet / cash flow
Cash and financial investments stood at CHF 94.7 million as per 30 June 2007, an increase of CHF 21.9 million relative to the situation at year-end 2006. The funds are held in current and money market accounts with leading banks.
Cash used in operating activities amounted to CHF 29.8 million (first half of 2006: CHF 24.0 million), while investing activities required CHF 0.9 million, compared with CHF 2.8 million in the first half of 2006. Financing activities amounted to CHF 52.2 million, mainly reflecting the proceeds of the share issue of March 2007.
In the share placing of March 2007, 1.7 million registered common
shares from authorised capital w
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