Ardana Interim Results for the six months ended

30 September 2007

Edinburgh, UK 09 October 2007: Ardana plc (LSE: ARA) the pharmaceutical company focused on improving human reproductive health, today announces its Interim Results for the six months ended 30 September 2007.

Highlights in the period

• Teverelix Long Acting (LA)

• Positive preliminary results of a further Phase II trial demonstrating extended duration of action in patients with prostate cancer
• Licensing discussions are progressing well with several potential partners at different stages of negotiation.  In addition, discussions have broadened with approaches from  new parties interested in the opportunity            following the recent Phase II results.  

• ARD-07, oral Growth Hormone Secretagogue (GHS)

• Orphan Drug status granted by US Food and Drug Administration (FDA)
• Commencement of pivotal registration study in the US for the diagnosis of growth hormone deficiency

 

• Emselex®

• Favourable assessment from the Scottish Medicines Consortium (SMC) which means that Emselex® is approved for use in NHS Scotland

Key Financials

• Total cash and cash equivalents at 30 September 2007 of £11.0 million (31 March 2007: £16.6 million)
• The development programme will be managed and scheduled in line with available funds. Outlicensing deals and/or financing will be required to support the company’s development programme as currently planned over the next twelve months.
• Loss before tax for the six months ended 30 September 2007 of £6.9 million (six months ended 30 September 2006: £5.5 million)

Post period events

• Dr Maureen Lindsay steps down as CEO
• Dr Huw Jones is appointed CEO with immediate effect.  Please see separate press release issued on 8 October 2007 for details.

Simon Best, Chairman, commented “The last six months have seen us make good progress across all aspects of Ardana’s business.  We continue to discuss with potential partners an out-licensing deal for Teverelix LA. Concluding a deal that will allow us to maintain the company’s planned development programmes across our range of products remains management’s top priority. Our product pipeline has continued to make progress in clinical development.  During the last six months we have reached the important milestone of entering Testosterone Cream and Oral GHS into Phase III clinical development.  Subject to successful completion of the on-going pivotal studies, we have five potential regulatory filings in the US and EU in the next twenty four months.”

Enquiries

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