Zürich (ots) - Während einer Routinekontrolle durch den Produzenten der Bio Orient Gewürzmischung der ...
Zeltia and PharmaMar: R&D Spend Increases by 10% in the 9 Months to September 2005
Madrid (ots/PRNewswire) - Zeltia S.A. (ZEL SM; ZEL.MC), Spanish pioneer and leader in biotechnology, announces 9 months results to September 2005. Research and Development spend amounted to EUR31 million during this period, a 10% increase year on year. 83% of this amount was accounted for by PharmaMar.
Notable advances at PharmaMar in the last quarter include the initiation of clinical trials for PM02734, PharmaMar's sixth compound as well as the programme of Phase I/II combination trials of Aplidin in several solid and haematological indications.
One consequence of applying International Financial Reporting Standards (IFRS) is that R&D expenditure is no longer considered an investment and accounted for as an asset but is rather accounted for as an expense in the quarter in which it is incurred. Consequently, higher R&D spend translates into a greater expense on the income statement and net profit is lower.
Net revenues to 30 September amounted to EUR58 million, 8% lower year on year. However, gross profit remains stable at EUR35 million (61% of sales vs 57% in 2004) due to the continuing capacity of the consumer chemicals companies to control costs.
Net loss to September 2005 was EUR21.6 million compared to EUR15.5 million in September 2004. However, the 2004 figure included an extraordinary gain of EUR4.7 million derived from the sale of real estate assets.
Net cash (Cash + Cash Equivalents - Short Term Debt) at September 2005 was EUR102 million.
C/ Reyes, 1.Colmenar Viejo
Head of Capital Market
M(a) Luisa de Francia
José Abascal, 2. Madrid
ots Originaltext: Zeltia and PharmaMar
Im Internet recherchierbar: http://www.presseportal.ch
Isabel Lozano, CEO, PHARMAMAR, S.A., C/ Reyes, 1.Colmenar Viejo,
Madrid, Telephone: +34-91-846-60-00; Catherine Moukheibir, Head of
Capital Market, Strategy, ZELTIA, S.A., José Abascal,2.Madrid,
Telephone: +34-91-444-45-00; M(a) Luisa de Francia, CFO, ZELTIA,
S.A., José Abascal, 2. Madrid, Telephone: +34-91-444-45-00