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ReNeuron supplier Angel Biotech posts a maiden profit

Last updated: 03:28 28 Feb 2011 EST, First published: 04:28 28 Feb 2011 EST

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Angel Biotechnology (LON:ABH) this morning reported a maiden profit following a doubling of its revenues.

The company, which provided the clinical doses for ReNeuron’s (LON:RENE) landmark stem cell treatment for stroke victims, also revealed this morning that it had landed 15 new contracts and 17 extensions during the past year with a total value of £5.3 million.

Pre-tax profit for the 12 months to December 31 was £193,291 compared with a £753,730 loss as revenues increased by 100 per cent to £2.945 million.

Chairman Dr Paul Harper said: “We have worked to deliver significant improvements in virtually all the key performance indicators that define our business. 

“We made our first full year profit, strengthened our balance sheet and built our cash reserves.  

“The successful, over-subscribed placement, completed in February, demonstrated investor support for our expansion plans and provided the financial resource needed to expand our business.  

“The capital restructuring proposal hopefully to be implemented this year will further strengthen our business and clear an obstacle to payment of a dividend should this be deemed to be appropriate at some time in the future.

“I believe that the commercial, financial and corporate indicators are aligned and with a diligent effort we can deliver the challenge that we have set ourselves.”


 

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