BioProgress plc: Preliminary Results for the Year Ended 31 December 2005
April 12 2006 - 8:16AM
PR Newswire (US)
CAMBRIDGE, England, April 12 /PRNewswire-FirstCall/ -- BioProgress
plc (AIM: BPRG ; NASDAQ: BPRG), the specialty pharmaceutical
company, today reports its Preliminary Results for the year ended
31 December 2005. Highlights - Turnover of GBP4.4 million, mostly
generated in H2 2005, and gross profit of GBP1.8 million - Cash
balances of GBP6.5 million at year end - Redemption of GBP5 million
convertible bond for GBP1.65 million in cash and GBP1.65 million in
shares - Substantially removed the litigation risks within the
business - Restructuring of operations resulting in the reduction
of both costs and cash burn in the second half of the year by
GBP3.4 million - Successful restructuring of partnering
arrangements to protect and reinvigorate the company's
commercialisation objectives - Successful commercial launch of
TABWRAP(TM) and WAFERTAB(TM) technologies - First delivery of
NROBE(TM) machine in cGMP facility - Further investment in BioTec
Films resulting in ability to supply cGMP accredited film in
February 2006 - New IP created in both the ingestible oral dosing
and non-ingestible device platforms - Investment in infrastructure
necessary to integrate the Dexo S.A acquisition in 2006 moving the
Group to pharmaceutical sales model Commenting on the Results,
Richard Trevillion, Chief Executive Officer of BioProgress plc,
said: "Bioprogress is now a fully integrated specialty
pharmaceutical company. 2005 was a year of two halves. It commenced
with spiralling costs, worsening trading conditions, partnership
difficulties and operational confusion. However, as a result of
rapid action taken during the second half of the year by the new
management team, we have entered 2006 a very different company. All
key partnerships are progressing rapidly to full commercialisation
and the Company is also launching its own products with its own
platforms. The Company's first quarter 2006 trading has
demonstrated the effectiveness of the strategy implemented in the
second half of the year. BioProgress is well positioned to end the
year for the first time in its history trading profitably at an
EBITDA level." Application has been made to FTSE for BioProgress to
be re-classified from "Specialty Chemicals" to "Pharmaceuticals"
within the Healthcare industry. It is expected that this change
will be announced in the summer. To view the full preliminary
results statement visit:
http://www.bioprogress.com/html/investor_area/latest_results.html
About BioProgress plc: BioProgress plc is an innovative specialty
pharmaceutical and healthcare business based around its platform
technologies in polymer and film systems. Listed on London's AIM in
May 2003 and on US NASDAQ in October 2004, the company has over 80
patents granted or in application within 24 patent families and has
product development agreements and strategic alliances with several
global companies. As a virtually integrated business, BioProgress
has acquired sales and marketing resources within Europe and the US
as a launch mechanism for its own pharmaceutical products. The
business continues to develop innovative delivery mechanisms using
its XGEL(TM) polymer technology, replacing the need to use
animal-derived gelatine in pharmaceutical and healthcare products.
For further information please go to http://www.bioprogress.com/
Forward-Looking Information. The Ordinary Shares of BioProgress plc
are registered under the US Securities and Exchange Act of 1934. To
the extent that this announcement contains certain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, this paragraph applies. These statements are
based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained in the forward-looking
statements. The forward-looking statements in this release include
statements addressing future financial and operating results and
the timing and benefits of the reorganisation. Detailed information
about factors pertinent to the business of the company that could
cause actual results to differ is set forth in the Company's
filings with the Securities and Exchange Commission. The Company is
under no obligation to (and expressly disclaim any such obligation
to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise. This
announcement is for information only and does not constitute an
offer or invitation to acquire or dispose of any securities or
investment advice. The distribution of the announcement and/or
issue of securities in certain jurisdictions may be restricted by
law. Persons into whose possession this announcement comes are
required to inform themselves about and to observe such
restrictions. DATASOURCE: BioProgress plc CONTACT: For further
information please contact: BioProgress plc: Richard Trevillion,
Chief Executive, Officer, Dan Farrow, Finance Director,
+44-(0)1223-394250. Northbank Communications: Sue Charles, Katja
Stout, Gemma Bradley, +44-(0)207-886-8150
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