26th Jul 2006 07:01
BTG PLC26 July 2006 BTG plc: 2006 AGM Statement London, UK, 26 July 2006: BTG plc (LSE: BGC), the medical innovations company,will today hold its 2006 Annual General Meeting at 10.30am at its London office.The following is a summary of comments to be made by Sir Brian Fender, Chairman,and Dr Louise Makin, Chief Executive Officer. Over the past 18 months, BTG has transformed itself into a sustainable, growingand focused life sciences business. Reduced costs, increasing royalty revenuesand the successful commercialisation of non-core physical science assets enabledthe Company to start the new financial year in a strong position. Progress in the first quarter in expanding and developing the pipeline has beengood. The Company has continued to see a strong flow of drug programmes forpotential acquisition into its development pipeline, and is currently reviewingmore than a dozen opportunities. BTG's development pipeline currently comprises15 drugs in clinical development, of which 10 are being developed by licensees. As announced in June, BTG is preparing to commence a key Phase II safety studyin the US for Varisolve(R), the novel treatment for varicose veins, to maintainits development and regulatory momentum. The Board is confident that positivedata from the study would significantly increase the value of Varisolve(R) toBTG and its shareholders. BTG will continue to pursue partnering options whileconducting the study, in which the first patient is expected to be treated earlyin 2007. The Phase I/II trial of plevitrexed in patients with advanced and/or metastaticgastric cancer is now fully enrolled with all patients undergoing treatment.Results of this trial are expected at the end of 2006. BTG is announcing today that a single-ascending dose Phase I study assessing thesafety and tolerability of BGC20-1259, targeting Alzheimer's disease, has beensuccessfully completed in 24 volunteers. A multiple-ascending dose study in 36volunteers is planned to commence following regulatory approval, with full PhaseI results anticipated by the end of 2006. Recruitment and treatment continued for a clinical proof of mechanism study ofBGC20-0166, a combination of two agents targeting sleep apnoea, with resultsanticipated in the first half of 2007. BTG's licensees have also made good progress. At the Annual American Society ofClinical Oncology meeting in June 2006, Genzyme Corp. reported encouragingresults from an interim analysis of a phase III trial comparing Campath(R) withchlorambucil, a commonly prescribed alkylating agent, in previously untreatedpatients with B-cell chronic lymphocytic leukaemia (CLL). Full results of thistrial are due by the end of the year, when Genzyme expects to submit US andEuropean applications to expand the product's current label to includefirst-line treatment. Genzyme also anticipates commencing a Phase III study ofCampath(R) in relapsing/remitting multiple sclerosis before the end of the year. BTG plans to hold a full update on its development pipeline following thepresentation of its Interim Results on 9 November 2006. BTG continues to seek partners for several life sciences programmes, and hasgood prospects of securing licensing agreements over the coming 12-18 months. Arange of physical science assets is also being commercialised, with the goal ofgaining full value from these over the next one to two years. Louise Makin, BTG's Chief Executive Officer, commented: "BTG is a sustainablebusiness with increasing revenues, strong cash reserves, tight cost managementand a growing pipeline of pharmaceutical assets. We are confident of creatingshareholder value by investing in our existing and new drug programmes toincrease the value of our pipeline." Ends ContactsBTG Financial DynamicsAndy Burrows, Director of Investor Relations Ben Atwell+44 (0)20 7575 1741 +44 (0)20 7831 3113Christine Soden, Chief Financial Officer+44 (0)20 7575 1591 About BTG BTG in-licenses, develops and commercialises pharmaceuticals and other medicaltechnologies. With a substantial and growing revenue stream of royalties andmilestone payments from out-licensed products, BTG continues to strengthen itspipeline of preclinical and clinical development programmes. Active in thefields of oncology, diseases of ageing, neuroscience, drug repositioning andmedical devices, BTG works from offices in London, Philadelphia and Osakathrough a global partner network of healthcare companies and researchorganisations. For further information, visit: www.btgplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BTG