Henderson Morley's prospects look good as it concentrates on vaccines
UK biotechnology firm Henderson Morley is confident about its future prospects as it transforms itself into a vaccine company.
UK biotechnology firm Henderson Morley is confident about its future prospects as it transforms itself into a vaccine company.
Commenting on the firm's interim results to 31 October 2009, executive chairman Andrew Knight said: "This has been a busy six months for the company as we continue with our strategy of becoming a 'Pure Play' vaccine company."
The company is working towards the divestment of some of its antiviral platform and negotiations with a potential specialist pharmaceutical company outside the EU to purchase some of its ICVT human technologies have been extended for a further 60 days. It is expected that the divestment will be achieved within this period.
Since the end of October, the company has applied for orphan drug status of the slow release injectable formulation of ICVT for use in recurrent respiratory papillomatosis. A decision on this application is expected in early 2010.
Henderson Morley is continuing to work with the Australian Centre for Vaccine Development and has submitted a joint grant application to the US Government-funded National Institute of Health. The aim is to secure funding to develop the Cytomegalovirus vaccine candidate. If successful, the grant could be worth up to US$500,000 per annum for five years.
The company has also submitted a second grant application to the Queensland Government Research Industry Partnership Programme to assist with its CMV vaccine development programme. If successful, this could be worth around £1.35m over a three-year period.
In addition, Henderson Morley has signed a collaborative agreement with the University of Georgia Research Foundation to study PREPS and L-particles as a vaccine adjuvant for naked DNA vaccine against flu virus infections. This study will include the H1N1 swine flu strain.
"We are excited about the prospects for the future of the company and look forward to the future with confidence," said Knight.
The company reported a first half pre-tax loss of £579,502 in 2009, up from the previous year's £547,984.
Turnover for the six months to the end of October 2009 fell to £1,821, down from £41,128. The firm had £94,717 in cash compared with £203,786 previously.