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Ardana seeks cash or deal to secure development plans

Ardana Pharmaceutical will need to broker a deal for one of its drugs or approach the market to raise funds, if its development plans are to succeed

Scotland-headquartered Ardana Pharmaceutical has said it would need to broker a deal for one of its drugs or approach the market to raise funds, if its development plans are to succeed.

The company, which announced the departure of its CEO Maureen Lindsay on 9 October, said in a statement that its development programme would be managed and scheduled in line with available funds, but advised that a deal would be required within a year to support the proposed plans.

Piper Jaffray analysts have said that without cost cutting or a licensing deal, Ardana would need to approach the market for more funds within six months.

Ardana's finance director Graham Lee explained that the company had always expected  that a deal would need to be arranged and had been examining options to raise more funds.

Ardana has been working toward a licensing deal for its sex hormone suppressant Teverelix for 18 months, but stressed that a deal remained management's top priority. The company has not provided any guidance on their progress.

Replacement CEO Dr Huw Jones revealed, however, that since the company received new results on the drug, potential licensing partners have registered their interest.

Ardana reported pre-tax losses of GBP 6.7m for the six months to 30 September, less than analysts had forecast on R&D costs. Revenue from continuing operations dropped by almost 50 per cent to rest at GBP 66,000.

30th September 2008

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