VENTRACOR REVENUE UP 163% TO $20m, LOSS DOWN 32%; NEEDS $20m
August 30th 2008 10:03
Thursday August 28, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS UP: POLARTECHNICS UP 14%, GENETIC TECH DOWN 11%
* ARANA COMPLETES PSORIASIS RECRUITMENT
* VENTRACOR LOSS DOWN 32%, REVENUE UP 163% TO $20m; NEEDS $20m
* ANTISENSE MS RESULTS ‘LATE BREAKING NEWS’ IN MONTREAL
* EASTLAND MEDICAL PLACEMENT RAISES $676k
* WILSON HTM TAKES 6% OF CATHX
* GENETIC TECHNOLOGIES DIVESTS $100k GOLD MINE ASSET
* NEUREN EGM APPROVES PLACEMENT RESOLUTIONS
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VENTRACOR
Ventracor has reported a net loss after tax for the 12 months to June 30, 2008 down 32 percent to $24.95 million on total revenue up 163 percent to $19.473 million.
Ventracor said more than half of the total 325 patients implanted with its left ventricular assist heart pump over the past four years had received their implants in the 12 months to June 30, 2008.
In a conference call, Ventracor’s chief executive officer Peter Crosby said the year ahead was “very exciting” for the company with key milestones to be reached along with “the main goal” of US Food and Drug Administration registration.
Mr Crosby said the US bridge-to-transplant trial was expected to be completed by the end of 2008 with FDA registration expected between the end of 2009 and mid-2010.
He said the company was accelerating growth in Europe and seeking to improve reimbursement in its major markets.
Asked why the company’s share price and consequent market capitalization had fallen by more than 70 percent in the past year, Mr Crosby said Ventracor was “not immune to global markets”.
He told the telephone conference that the company would need $18 million to $22 million to get to June 30, 2009 and the company had $18 million in cash at June 30, 2008.
The company said there would be cost savings from moving its US headquarters from San Francisco to Budd Lake New Jersey, which is closer to the majority of clinical trial centres.
Ventracor was up one cent during the day but closed unchanged at 22 cents.
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