LifeCycle Pharma has reported a net loss of DKK 144.3m for the first half of 2009, compared to a net loss of DKK140.3m for the same period in 2008. During the first half of 2009, LCP recognized DKK1.8m in revenues compared to DKK10.9m in the same period of 2008.
The company stated that the full year outlook for 2009 is improved with DKK100m. Consequently, LCP now expects an operating loss in the range of DKK350 – 380m and a net loss in the range of DKK330 – 360m. LCP’s cash position is expected to be in the range of DKK250 – 300m at year-end 2009.
Jim New, president and CEO of LCP, said: “We are very pleased with the continued positive clinical results from our key project, LCP-TacroTM, for immunosuppression in organ transplantation. Hence, we have today taken steps to safeguard the further development of LCP-TacroTM, as well as the interests of our shareholders, by prioritizing the use of our cash resources while at the same time strengthening the senior management of LCP.”