ARDANA: INTERIM MANAGEMENT STATEMENT – THREE MONTHS ENDED 30 JUNE 2007

Edinburgh, UK, 10 August, 2007: Ardana plc (LSE: ARA), the emerging pharmaceutical company focused on the discovery, development and marketing of innovative products to improve human reproductive health, is today issuing its first Interim Management Statement (“IMS”).  This IMS has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority’s Disclosure and Transparency Rules.  It should not be relied upon by any other party or for any other purpose.

This IMS relates to the three month period from 1 April 2007 to 30 June 2007 and contains information that covers this period and the period from 1 July 2007 up to the publication of this IMS (“the period”), unless otherwise specified.

There have been no material events and transactions during the period.  There have been no significant changes in the financial position or financial performance of the Company since the publication of the Annual Report in respect of the year ended 31 March 2007.

Revenues from the sale of our marketed products, StriantTM SR, InvicorpTM and Emselex® are growing but are not considered material to the results of the business at present.  The Scottish Medicines Consortium gave Emselex® a positive opinion as a once a day oral treatment for the symptomatic treatment of overactive bladder; an important milestone for the product.

We continue to invest in our product development pipeline in which our product candidates continue to advance to plan.  In particular, a Phase III study for Testosterone Cream, our transdermal delivery of testosterone for the treatment of male hypogonadism, has commenced and recruitment is ongoing at ten sites in the USA.  Sites have been initiated in a pivotal registration study of our oral formulation of a growth hormone secretagogue (GHS), for the diagnosis of growth hormone deficiency.  Further Phase II studies for Teverelix LA in prostate cancer and benign prostatic hyperplasia (BPH) are ongoing.  We expect to report data from all these studies by the end of 2007. 

We continue to hold discussions with potential partners on collaboration for Teverelix LA and concluding these negotiations remains management’s top priority.

Net cash used by operating activities in the business for the three month period to 30 June 2007 was £3.5 million (three months to 30 June 2006: £3.3 million).

Cash and cash equivalents as at 30 June 2007 was £13.3 million (30 June 2006: £16.3 million).

Chief Executive’s comments

Maureen Lindsay, Chief Executive said “We are pleased with the progress of our compounds in development; all development programmes are proceeding in accordance with our expectations and as outlined in our last Annual Report.  We continue to add value to our key development assets which we believe will have significant commercial advantages in their respective markets.  Ardana is gathering momentum on all fronts.”      

For more information contact:

back to top