Angel Biotechnology Holdings Plc Operational Review and Market Update (2525M)
14 9월 2012 - 3:00PM
UK Regulatory
TIDMABH
RNS Number : 2525M
Angel Biotechnology Holdings Plc
14 September 2012
14 September 2012
Angel Biotechnology Holdings plc
("Angel" or "the Group")
Operational Review and Market Update
Angel, (AIM:ABH), the biopharmaceutical group, is pleased to
provide an update prior to the end of the first half of the current
financial year on 30 September 2012.
Materia Medica
We are continuing to progress negotiations on the details of the
joint venture with OOO "NPF "Materia Medica Holding" (MMH) first
announced on 17 October 2011 and anticipate that the joint venture
agreement shall be completed before the end of 2012. In the
meantime, Angel has reached agreement with MMH concerning the
execution of existing projects entered into in the period before
the joint venture is due to commence. Due to changes in MMH's
project priorities, it has been agreed that existing projects shall
be serviced using the Group's facilities at Pentlands Science Park,
Edinburgh (Pentlands) and that Pentlands will be the centre of
operations for the proposed joint venture.
Cramlington
On 25 June 2012, Angel announced the successful completion of
the inspection by the Medicines and Healthcare products Regulatory
Agency (MHRA) of the Cramlington facility, a key step in the
licensing of the Cramlington facility to cGMP. The Company is now
pleased to announce that the formal MHRA license has been received.
As we stated on 1 June 2012, whilst we have generated interest from
new clients, most were waiting for confirmation that a licence had
been granted before finalising discussions with Angel. With the
license now formally in place we hope that we will now be able to
convert some of that interest into production contracts.
Angel Biomedical Limited (ABL)
The dynamics of our new business, ABL, are very different than
those of our core Angel business. Unit purchase costs are lower and
supply of product is forecast, delivered and paid for on a monthly
basis and over a period of many months. The financial commitment is
lower and the decision to proceed with a contract is less
challenging. ABL has to date attracted interest from a range of
potential client companies seeking high grade collagen and collagen
based products. Several may bring cell culture work into ABH.
As a result of the change in the proposed location of the joint
venture operations and the integration of Angel Biomedical Ltd
(ABL), the Group is undertaking a review of its operational
resources with a view to allocating them to the activities which
offer the best prospects for sales growth and earnings, whilst
retaining flexibility to respond to new opportunities arising in
the market. The most immediate effect has been a rationalisation of
staff resources between the sites to reflect these changes. Since
Cramlington will ultimately become the Group's primary operating
site a number of functions are migrating progressively onto this
site.
Market Update
The Group is seeing that market conditions remain very difficult
with a number of high value projects expected to be signed in this
the period, being delayed by many months as client companies seek
to manage their own cash resources. The potential for revenues from
ABL was not built into our forecast for the year and will offset
some of the revenue expected to be deferred to future years from
delayed contracts. Nevertheless, there is likely to be an adverse
financial impact in the current year. The Group is confident that
the outcome of its review combined with unforecast revenues from
ABL will mitigate the effect of the delayed contracts and is likely
to shorten the time involved in the progression to
profitability.
Dr Paul Harper, ABH Chairman said: "The planned rationalisation
of our business resources is underway and will control spend on
support activities. Whilst the strategy of our business model
remains sound, the market place is difficult to predict. The
changes we are making will ensure that we are as responsive as
possible to these swings, moving the business more rapidly to
profitability without limiting our ability to respond to the market
place. "
For further information:
Angel Biotechnology Holdings plc
Lorna Peers, Finance Director +44 (0) 131 445 6077
Stewart White, Acting CEO/Commercial Director
www.angelbio.com
Grant Thornton, Corporate Finance
Colin Aaronson / Melanie Frean +44 (0) 20 7383 5100
Hybridan LLP (Broker)
Claire Noyce, Deepak Reddy +44 (0) 20 7947 4350
Media enquiries:
The Communications Portfolio Ltd
Ariane Comstive / Caolan Mahon +44 (0) 20 7536 2028 / 2029
ariane.comstive@communications-portfolio.co.uk
Notes to Editors:
Angel Biotechnology Holdings plc is a full service contract
bio-manufacturing partner to biotechnology and pharmaceutical
companies worldwide. Angel specializes in advanced biologics
including biopharmaceutical proteins and cell therapies, such as
cellular vaccines and stem cells. At present, Angel's products are
principally used in pre-clinical studies and clinical trials with a
view to becoming the contract manufacturer of choice on a
continuing basis.
Drug development companies outsource their biopharmaceutical
manufacturing requirements to Angel to reduce their own capital
requirements and enable them to develop products more rapidly. In
addition, Angel provides complete regulatory services and
documentation to its customers while its manufacturing processes
adhere to the most stringent regulatory requirements. Products are
produced to current Good Manufacturing Practice (cGMP) standards as
required by the US Food and Drug Administration (FDA), and in
facilities that are certified to European standards by the
Medicines and Healthcare products Regulatory Agency (MHRA).
Its customers range from early-stage biotechnology companies
including ReNeuron plc and US-based Pathfinder Cell Therapy, to
established pharmaceutical companies such as Russian-based Materia
Medica Holdings.
Angel has three facilities: Pentlands Science Park near
Edinburgh, Cramlington, near Newcastle-upon-Tyne and Angel
Biomedical Ltd facility in Glasgow.
More information is available at www.angelbio.com .
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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