BTG Plc: Close Period Update and Notice of Results.Business Editors LONDON--(BUSINESS WIRE)--April 3, 2003 BTG plc (LSE: BGC), the global technology commercialization company, today issued the following close period Close Period The time period between the completion of a company's balance sheet and the announcing of the results to the public.Notes: Typically occurring for the two months preceding an earnings announcement, the close is a period during which insiders are not permitted to transact a company's shares. See also: Balance Sheet, Earnings, Insider, Restricted Stock update. On December 3, BTG announced a major refocusing of its business. This recognized the changed business environment, and the need to manage resources by investing in a smaller number of high value technology sectors and cutting investment in sectors that no longer offered sufficient return on investment. The restructuring of the business has been implemented as planned. The Board believes BTG now has the people, resources and focused business plans to generate substantial value from the growing technology commercialization sector and so to achieve its stated target of profitability by March 2006, excluding any impact from Provensis Ltd. Significant operational progress was made during the year. The treatment phase of a 650 patient, multi-center comparative European Phase III trial of the VARISOLVE(R) procedure was completed in January and the final three-month follow up is scheduled for April 2003. Provensis Ltd, BTG's subsidiary that is developing the VARISOLVE(R) procedure, intends to release preliminary data from this trial during the first half of the current financial year. The first 20 of an expected 60 patients have been treated in a Phase II trial in the US. Use of Campath(R) (alemtuzumab alemtuzumab /al·em·tuz·u·mab/ (al?em-tuz´u-mab?) a recombinant monoclonal antibody directed against the CD antigen CD52; used as an antineoplastic in the treatment of chronic lymphocytic leukemia.) as a therapy for chronic lymphocytic leukemia has continued to expand. ILEX Oncology, BTG's licensee, has recently extended its agreement with Schering AG to develop and market the product in Japan, China and the Asian Pacific Basin. Commercial progress has also been made with a variety of other technologies in the Company's portfolio, including the electro-absorption modulator A semiconductor diode that modulates light from a laser that is separate from it, but may be fabricated on the same wafer. Turning the current on causes absorption of the light. See fiber optics glossary. patents from BT, the two-part hip cup, the explosives and drug detection technology NQR NQR - Nationaler Qualifikationsrahmen (German) NQR - Network Quality Review NQR - Not Quite Right NQR - Nuclear Quadrupole Resonance and the Multi-level Cell. We have also moved ahead in our plans to create value from several key portfolios including Celltrace and Teleshuttle. A full update on progress will be given at the Preliminary Results presentation. Total and net revenues are anticipated to be broadly in line with expectations at approximately GBP31 million and GBP1 GBP1 - Guanylate Binding Protein 17 million respectively. The Company expects to receive an additional GBP1.6 million in revenues relating to the period ended March 31, 2003 upon conclusion of a legal dispute with a licensee, in which BTG prevailed at a High Court hearing but where the judgment is subject to appeal. The loss before tax is expected to be approximately GBP39 million. The increase from last year is expected to result largely from non-cash items including a higher than normal patent amortization charge following the Company's December reorganization and a write-down of equity investments. In addition, the Company has increased investment in Provensis and other technology development projects, and expects to have earned lower interest. Net cash at the end of the period is anticipated to have been approximately GBP63 million. Ian Harvey, Chief Executive Officer, commented: "The reorganization of our business announced in December has been implemented successfully. We expect, as previously stated, to see resumption in revenue growth from this financial year on as our business progresses. We are on a firm footing to deliver our objective of profitability in 2006 with continuing growth beyond." BTG will announce its Preliminary Results for the year ended March 31, 2003 on May 29, 2003. The results will be released at 7:00am (UK). A presentation to analysts will be made at 9.30am, which will be broadcast live via the company's website www.btgplc.com. Notes to Editor BTG finds, develops and commercializes emerging technologies in the life and physical sciences. These innovations are protected by a strong portfolio of intellectual property that BTG develops and enhances. BTG then captures the value in these technologies through licensing and venturing activities. From the origins of its business in 1949, BTG has commercialized major innovations such as Magnetic Resonance Imaging (MRI), recombinant factor IX factor IX n. blood-clotting protein, Campath(R) (alemtuzumab) and Multilevel Cell (MLC) memory. BTG is quoted on the London Stock Exchange under the symbol "BGC" and operates from offices in London and Philadelphia, with representation in Tokyo. BTG operates through wholly owned subsidiaries, BTG International Ltd and BTG International Inc. in the UK and USA, respectively. Further information on BTG can be found at www.btgplc.com.
A factor in the clotting of blood necessary for the formation of intrinsic blood thromboplastin; a deficiency of it causes hemophilia B. Also called antihemophilic globulin B, Christmas factor. |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion