Biotechnology firm remains positive

Angel Biotechnology Holdings posted a modest increase in revenues of 25 per cent during the period ending 30 June 2009, but said it was positive about the year ahead.

The Edinburgh-based biopharmaceutical manufacturer reported sales in the first half of 2009 of £600,000, an increase of £121,000 over the same period last year.

The group also signed contracts in the period with a combined value of more than £2.2m with Materia Medica and ReNeuron. However, difficult market conditions left pre-tax loss at £516,000 compared with a loss of £462,000 in the first half of 2008.

The group claims that the drive towards cost-effective healthcare had increased development work on lower-cost generic drugs. As a result, new medicines that offer performance advantages over existing therapies had increased in popularity and boosted the group’s activities in advanced biologics and cell-based therapies.

Chief operating officer, Gordon Sherriff, said: ‘Our Advanced Biologics service offering and business development strategy have yielded positive results through 2009. We have seen our pipeline of prospective business grow to the best it has been so far with projects at various stages of negotiation.’