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To: ms.smartest.person who wrote (258)	10/6/2001 2:42:17 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 307

[LDRUF] LIDCO GROUP LTD FOREIGN - UK* SR Pharma warns of clinical trial costs Alizyme has enough cash to fund operations until 2003 By Saskia Wirth, FTMarketWatch.com Last Update: 9:51 AM ET Sep 27, 2001 LONDON (FTMW) - Shares of UK biopharmaceutical company SR Pharma came under more pressure on Thursday after it admitted further development of its troubled lung cancer drug SR172 would be expensive. Shares initially dropped over 5 percent but recovered slightly by early afternoon to be down 3.1 percent at 44 pence. SR Pharma (SPA) said it decided to continue the development of the product as a cancer therapeutic, but that this depended on outside funding from development partners. "The board recognises that further development of SRL172 in cancer will inevitably involve meeting the costs of large efficacy trials and has concluded that such trials should only proceed if funded by third parties," the company said, adding that it was already in talks with potential partners. Under pressure SR Pharma shares plunged almost 80 percent in April after the company released disappointing results from a Phase III trial for the drug. See SR Pharma drops 80% "Further development of SRL172 will involve the costs of large trials and should only proceed if funded by third parties." In late June, SR Pharma went on to release encouraging results from another Phase II kidney cancer drug trial, saying SRL172 showed the potential to increase the survival rates of cancer patients compared to standard therapy. See SR Pharma upbeat on cancer trial Finally in July, the company said there could be hope for its lung cancer treatment after Phase III trials had shown encouraging results, indicating that SR172 helps ease bodily pain and reduces nausea associated with chemotherapy. See SR Pharma Phase III trials encouraging Some analysts have lamented the company's over-reliance on the one product and hence the risk involved for the business should it not live up to expectations. Losses rise, turnover falls SR Pharma also reported a widening first-half loss to £2.23 million from £1.48 million the previous year, while turnover fell to £10,000 from £60,123. Research and development costs decreased to £1.47 million from £2.13 million as the company completed its costly Phase III cancer trial. The company also said a continued decline in interest rates was having an adverse affect on income, with average returns falling below 5 percent. Alizyme's fine Meanwhile, UK drug development company Alizyme (AZM) on Thursday said it has enough cash to fund its operations through to 2003, sending shares up 10.8 percent to 47.25 pence. Alizyme said it won approval to start Phase I clinical trials for its mucositis drug ATL-104, with results expected by the end of the year. Mucositis results from cancer treatment with chemotherapy or radiotherapy, leading to inflammation or ulcers in the mouth and gastrointestinal tract. Alizyme said there's currently no effective treatment available for this. The company also reported a widening first-half loss to £3.3 million from £2.62 million in the previous year, while research and development costs increased to £3.36 million from £2.36 million. Loss per share narrowed to 4.2 pence from 5.2 pence. LiDCO loss widens LiDCO (LID) , which develops and manufactures cardiovascular monitoring devices, announced widening first-half losses to £1.15 million from £214,000 the previous year, reflecting expenses for the anticipated commercial production and launch of its recently approved monitoring system. Turnover for the period dropped to £102,000 from £459,000 as a result of a licence termination payment of £404,000 to German company Byk Gulden in the first quarter, the company said. The company's share price has almost halved since it listed on London's Alternative Investment Market (AIM) in July. LiDCO was up 2.7 percent at 77.75 pence in early afternoon trade. ftmarketwatch.com