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London, UK, 22 January 2009
BTG plc (LSE: BGC), the specialty pharmaceuticals company, today publishes an interim management statement for the period from 1 October 2008 to 21 January.
On 12 November 2008, prior to the acquisition of Protherics PLC, BTG reported strong interim results for the six months ended 30 September 2008. Net recurring revenues increased by 25% to £15.1m, the profit after tax was £3.2m and cash reserves were £57.5m. The Company has made good progress during the second half of the year and trading is in line with expectations.
BTG completed the acquisition of Protherics on 4 December 2008, providing the platform to create a self-sustaining specialty pharmaceuticals business. Key initial activities include rationalising operations to achieve planned cost savings and synergies, and reviewing the development pipeline to prioritise future investment.
Significant progress has been made in integrating operations and achieving the planned cost savings and synergies.
With the restructuring decisions made to date and additional savings anticipated from the ongoing pipeline and site reviews, the Company is on track to deliver expected total annual savings of £10m in general and administrative costs and to reduce research and development costs by £10m per annum by the 2010/11 financial year.
The pipeline review is expected to be completed during the first quarter of 2009. An update will be provided in a close period statement planned for 2 April 2009, ahead of publication of the preliminary results for the year ending 31 March 2008, anticipated on 14 May 2009.
Operating and development highlights
Louise Makin, BTG’s CEO, commented: “We are pleased with the progress made in integrating our businesses following the acquisition of Protherics in December, and are on track to deliver the significant planned cost savings and synergies. We have also had a strong start to the second half of the year, with overall progress in line with expectations, good momentum in the development pipeline and the licensing of BGC 945 to Onyx Pharmaceuticals.”
For Further information, contact:
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605
Rolf Soderstrom, Chief Financial Officer
+44 (0)20 7246 9950
+44 (0)20 7831 3113
BTG is an international specialty pharmaceuticals company that is developing and commercialising products targeting critical care, cancer, neurological and other disorders. The company is also seeking to acquire new products to develop and market to hospital specialists, and is building a sustainable business financed by revenues from sales of its critical care products and from royalties and milestone payments on partnered products.
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