BTG plc: Annual General Meeting and Interim Management Statement
London, UK, 15 July 2009: BTG plc (LSE: BGC), the specialty pharmaceuticals company, today publishes its Annual General Meeting (AGM) and Interim Management Statement for the period from 1 April 2009 to 14 July 2009. This update summarises comments to be made by Dr John Brown, Chairman, and Louise Makin, Chief Executive Officer, at the Company’s AGM, which takes place today at 10.30am.
On 14 May 2009, BTG reported its Preliminary Results for the year ended 31 March 2009. Revenues of £84.8m resulted in a gross profit of £47.7m. After operating expenses, research & development expenses and acquisition adjustments & reorganisation costs relating to the acquisition of Protherics PLC, the loss after tax was £13.1m. The Group finished the year in a strong financial position with cash and equivalents at 31 March 2009 of £78.2m.
The Group has made good progress in the year to date and the integration of the Protherics business continues to progress well. Having combined the two former London head offices of BTG and Protherics into a new, smaller head office in March 2009, the Runcorn site closed in June 2009 and the Salt Lake City manufacturing facility is scheduled to close in September 2009. As a result of these decisions, and following the portfolio review, BTG is on track to achieve the planned £10m reduction in general & administrative expenses and £10m reduction in research & development expenses by the end of the 2010/2011 financial year.
BTG is progressing plans to establish commercial operations in the US in preparation for selling its own products to US hospital specialists. Development activities relating to the current internal and partnered pipelines are continuing, with several programmes anticipated to reach development milestones in the year ahead, including Varisolve® (varicose veins), BGC20-1531 (migraine), BGC20-0134 (multiple sclerosis) and CytoFab™ (severe sepsis). In addition, the Company is actively seeking opportunities to strengthen its pipeline through in-licensing or acquisition of additional products.
Louise Makin, BTG’s CEO, commented: “BTG’s business is making good progress on all fronts. We are on track to achieve the planned operating and financial synergies from integrating the Protherics business, and we are progressing our plans to establish a US hospital sales force. We are continuing to build value in our pipeline through ongoing development activities in our portfolio, and in parallel we are seeking to strengthen our pipeline by acquiring additional products that we can potentially sell ourselves in the US.”
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 7575 0000
+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.