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Access Pharmaceuticals Q1 licensing revenues double, books US$15,000 MuGard royalties

Published: 17:20 19 May 2010 BST

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Access Pharmaceuticals (OTCBB: ACCP) said its licensing revenue more than doubled in Q1, rising from US$41,000 in Q1 2009 to US$87,000, while royalties for its flagship product MuGard amounted to US$15,000 compared to no royalties a year ago.

Research and development activities increased considerably, causing expenses to rise from US$687,000 to US$786,000. This was in part due to the start of the new ProLindac combination therapy clinical trial, resulting in a charge of US$80,000, internal lab costs for various trials of US$48,000 as well as increased option expenses and salary and related costs. This was offset by lower ProLindac product manufacturing costs of US$65,000 and lower scientific consulting expenses of US$64,000.

While R&D spending was higher, general and administrative expenses declined by US$349,000 to US$898,000. This resulted in total operating expenses of $1,745,000, compared to total operating expenses of $2,000,000 for same period in 2009, marking a decrease of US$255,000.

Derivative gain for the period amounted to US$2.87 million.

Access Pharma is an emerging biopharmaceutical company focused on developing a range of pharmaceutical products primarily based upon its nanopolymer chemistry technologies and other drug delivery technologies. It currently has one approved product, MuGard, two products at Phase 2 of clinical development and several products in pre-clinical development.

MuGard serves for the management of oral mucositis, a frequent side-effect of cancer therapy for which there is no established treatment. The company estimates the market for the drug to be in excess of US$1 billion. MuGard has received marketing approvals from the FDA (US Food & Drugs Administration) and has been launched in Germany, Italy, UK, Greece and the Nordic countries by Access’ European commercial partner, SpePharm.

ProLindac is the company’s lead development candidate for the treatment of cancer. Access has recently completed a Phase 2 clinical trial on ProLindac in the EU in patients with recurrent ovarian cancer, which had positive safety and efficacy results. The company has said that the DACH-platinum incorporated in ProLindac is the same active moiety as that in oxaliplatin, which has sales in excess of US$2.0 billion.

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