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CANTAB PHARMACEUTICALS REPORTS SECOND HALF YEAR AND YEAR END RESULTS

 CAMBRIDGE, England, March 2 /PRNewswire/ -- Cantab Pharmaceuticals plc (NASDAQ: CNTBY) today announced its financial results for the second half year and year ended Dec. 31, 1992.
 Revenue for the year ended Dec. 31, 1992, totalled 1.7 million pounds sterling and was earned under the company's collaborative agreement with Baxter Healthcare Corporation (NYSE: BAX). Revenue comprised 1.2 million pounds of contract development revenue and an initial milestone payment of 500,000 pounds from Baxter upon initiation of a Phase I/II clinical trial in the United Kingdom with LM-CD45, a product designed to prevent rejection episodes following organ transportation. 1992 revenue was reduced 58 percent compared to 1991, principally due to a one-time license fee of 3.4 million pounds received during the second half of 1991 upon commencement of the agreement with Baxter. Operating expenses in 1992 were 3.7 million pounds, increasing by 0.7 million pounds from 3.0 million pounds in 1991 due to increased expenditure on product development programs. The company's net loss totalled 1.4 million pounds, or 0.26 per share, for 1992, compared to a net profit of 1.4 million pounds, or 0.28 pounds per share, for 1991. The profit in 1991 resulted primarily from the license fee payment from Baxter. At Dec. 31, 1992, the company had cash and short-term investments of 6.9 million pounds.
 During 1992, Cantab gained approval to conduct a Phase I/II clinical trial in the United Kingdom on LM-CD45, for the prevention of acute rejection episodes following kidney transplantation. "We completed the clinical section of that trial within the year," said Paul Haycock, M.D., Cantab's president and chief executive officer, "and also initial preclinical studies were completed with TA-HPV, the company's product under deveo?pment for the treatment of cervical cancer, and material was manufactured for a U.K. physician-initiated clinical study of TA-HPV which is expected to start in 1993."
 In July 1992, Cantab completed its initial public offering and became the first U.K. biotechnology company to list exclusively in the United States on the Nasdaq Stock Market. The additional financial resources raised, positioned the company for further investment in the clinical development of its product development portfolio and to expand the number of employees to 44 by year end.
 For the six months ended Dec. 31, 1992, revenue was 529,000 pounds compared to 4.1 million pounds for the same period in 1991. Operating expenses of 1.8 million pounds for the half year remained at the same level as the second half of 1991, which in 1991 included substantial contract manufacturing costs for LM-CD45 which were not required during 1992. The company recorded a net loss of 930,000 pounds for the second half of 1992, or 0.17 pounds per share, compared to a net profit of 2.4 million pounds, or 0.48 pounds per share, for the corresponding period in 1991.
 Cantab Pharmaceuticals is a research-based biopharmaceutical company founded in 1989 to develop and commercialize innovative therapeutics in the field of immunology. Headquartered in Cambridge U.K., the company's science base is strengthened by strong relationships with leading researchers at the universities of Cambridge and Oxford. Current research and development programs include intervention strategies in organ transplantation, therapies for cervical cancer, viral and autoimmune diseases.
 CANTAB PHARMACEUTICALS PLC
 Selected Financial Information
 (In thousands of pounds sterling, except per share data)
 Summary of Operations
 Periods ended Six months Twelve months
 Dec. 31 1992 1991 1992 1991
 (Amounts in accordance with U.K. GAAP)
 Revenues 529 4,051 1,703 4,052
 Net (loss)/profit (930) 2,384 (1,396) 1,376
 Net (loss)/profit per share (0.17) 0.48 (0.26) 0.28
 (Amounts in accordance with U.S. GAAP)
 Net (loss)/profit (1,102) 2,338 (1,700) 1,277
 Net (loss)/profit per share (0.20) 0.44 (0.31) 0.24
 CONSOLIDATED BALANCE SHEETS
 At Dec. 31, 1992 1991
 (Amounts in accordance with U.K. & U.S. GAAP)
 Cash and cash equivalents 6,853 4,687
 Total assets 8,988 6,499
 Total liabilities 1,038 1,437
 Stockholders' equity 7,950 5,062
 -0- 3/2/93
 /CONTACT: Paul Haycock, MD, of Cantab Pharmaceuticals plc, United Kingdom, 011-44-223-423413, or Anthony J. Russo, Ph.D., of Noonan/Russo Communications Inc., 212-979-9180, for Cantab/
 (CNTBY)


CO: Cantab Pharmaceuticals plc ST: IN: MTC SU: ERN

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Date:Mar 2, 1993
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