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Bioalliance Pharma could be attractive target but no proposal on table -chairman |
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| Posté le 01/03/2008 à 09h26 |
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Bioalliance Pharma could be attractive target but no proposal on table -chairman
02.29.08, 7:42 AM ET
PARIS (Thomson Financial) - Bioalliance Pharma, maker of thrush treatment Loramyc, could be an attractive takeover target because of its cash resources and the fact it has a product on the market, but there is no proposal on the table, Dominique Costantini, the chairman, said in a conference call on the French biotech company's full year results.
Bioalliance's share price has fallen by more than 50 pct since last June and the free float has recently increased above 70 pct after some core investors sold out, reducing the company's potential defences against any bid.
Costantini said the company is likely to be more attractive to a company with an industrial strategy than to a financial investor but she has had no approaches.
Nicolas Fellman, the CFO, said given that the company has one product on the market and three in phase three development, he believes Bioalliance's 56 mln eur in cash should be enough to fund the future growth programme.
The company expects to launch Loramyc in a number of European countries in 2008 after the product went on sale in France last year. It hopes to complete a phase three trial of Loramyc in the US in the first half followed by the filing before year end of an application for US marketing approval.
In the first half of 2009, Bioalliance aims to file for European approval of oral herpes treatment acyclovir Lauriad, followed in the second half, it hopes, by US approval for Loramyc.
Also in the second half of next year, the company expects phase three results for doxorubicin Transdrug, which targets resistant cells in primary liver cancer, Costantini said.
She still aims to sign new in-licensing deals, despite a bad experience with Immtech Pharmaceuticals, which in December suspended a phase three trial of pafuramidine maleate only three weeks after Bioalliance had made an initial 2 mln eur payment to the US company for a European licence.
Immtech this week formally ended the trial.
Costantini said Bioalliance will hire independent experts to select products for licence acquisition which are at phase three development. 'Normally at phase three there is limited risk in the development process,' she said.
Bioalliance said this week that it plans acquisition on the European oncology and HIV markets.
The company announced this morning that its net loss expanded to 18.2 mln eur last year from 13.2 mln in 2006 because of strong R&D expenses and promotional costs for Loramyc in France.
Revenues rose to 3.5 mln eur from 460,000, thanks to new licensing agreements and the first sales of Loramyc.
Andrew.Newby@Thomson.com
an/rfw
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved. |
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