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Drug firm cuts its pre-tax losses.

Birmingham-based drug discovery company Henderson Morley has cut its pretax loss for the year to April 30 from pounds 848,845 to pounds 776,011.

The AIM-listed Moseley firm said turnover fell from pounds 5,735 to pounds 2,991.

Research, development and administrative expenses for the year amounted to pounds 797,696, compared with the previous year's figure of pounds 844,428.

Chairman Andrew Knight told shareholders: "In March 2006, we announced that the company had signed a term sheet for a potential ICVT (Ionic Contra Viral Therapy) licensing deal with an un-named dermatological pharmaceutical company based in the US.

"This potential licence would be for a topical patch formulation for the treatment of all non-genital warts, including plantar warts or verrucae, and seb-orrhoeic keratoses in humans' a wart-like skin condition common in the elderly. These contract negotiations are ongoing."

He added: "Following on from this news, we announced that the company had entered into negotiations with a second potential licensee. This licence would be for a new application of ICVT for the topical treatment of genital and labial herpes and certain other dysplasias.

"These negotiations are with a European dermatological company and relate to a worldwide licence' we expect to conclude this licence by the end of July. The negotiations follow months of discussions with potential partners."
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Jul 15, 2006
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