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Angel Biotechnology posts narrower loss in FY08 - update

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Angel Biotechnology Holdings Plc (ABH.L) Thursday reported a narrower loss for fiscal 2008, driven primarily by 8% revenue growth.

For fiscal 2008, the contract biomanufacturing company's loss attributable to equity shareholders was GBP 1.09 million, or 0.08 pence per share, compared with a loss of GBP 1.21 million, or 0.11 per share, last year.

Operating loss was GBP 1.06 million, compared with an operating loss of GBP 1.21 million in the previous year.

The company's full-year revenues reached GBP 952,926, up 8% from GBP 442,809 in fiscal 2008.

Restructuring costs declined to GBP 48,390 from 808,898 in the previous year.

Angel Biotechnology said that the current economic situation is generating a number of potential collaboration and acquisition opportunities. Partially developed biopharmaceutical products cannot be progressed through lack of cash to sponsor the all important first step of process development and production of the GMP product needed for pre-clinical and clinical studies. Angel said it has reviewed a number of these in the second half of 2008 and has an ongoing initiative.

In April 2008, the company signed a deal with EPhaG AS. The deal brought in GBP 1 million of new funding designed to support the development of new resources to accommodate major manufacturing programmes anticipated to result in work for Angel on four products over the next three years.

Moving forward, Angel Biotechnology said that the trading climate remains particularly difficult. The company's directors believe that the company is well positioned to take advantage of the manufacturing opportunities that are emerging in the changing environment. The current order book together with the pipeline of potential new business underpins confidence for the future, the company stated.

Angel Biotechnology also said that the prospects for 2009 and 2010 are looking much better, driven by the recently announced signing of three major contracts with a value of GBP 2.2 million.

ABH.L is trading at 0.48 pence on the LSE, down 0.09 pence, on a volume of 29.54 million shares.

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