Aura Renew Acq Regulatory News (ARA)

10 Aug 2007 07:00

Ardana PLC10 August 2007 ARDANA: INTERIM MANAGEMENT STATEMENT - THREE MONTHS ENDED 30 JUNE 2007 Edinburgh, UK, 10 August, 2007: Ardana plc (LSE: ARA), the emergingpharmaceutical company focused on the discovery, development and marketing ofinnovative products to improve human reproductive health, is today issuing itsfirst Interim Management Statement ("IMS"). This IMS has been produced solelyto provide additional information to shareholders as a body to meet the relevantrequirements of the UK Listing Authority's Disclosure and Transparency Rules.It should not be relied upon by any other party or for any other purpose. This IMS relates to the three month period from 1 April 2007 to 30 June 2007 andcontains information that covers this period and the period from 1 July 2007 upto the publication of this IMS ("the period"), unless otherwise specified. There have been no material events and transactions during the period. Therehave been no significant changes in the financial position or financialperformance of the Company since the publication of the Annual Report in respectof the year ended 31 March 2007. Revenues from the sale of our marketed products, Striant(TM) SR, Invicorp(TM)and Emselex(R) are growing but are not considered material to the results of thebusiness at present. The Scottish Medicines Consortium gave Emselex(R) apositive opinion as a once a day oral treatment for the symptomatic treatment ofoveractive bladder; an important milestone for the product. We continue to invest in our product development pipeline in which our productcandidates continue to advance to plan. In particular, a Phase III study forTestosterone Cream, our transdermal delivery of testosterone for the treatmentof male hypogonadism, has commenced and recruitment is ongoing at ten sites inthe USA. Sites have been initiated in a pivotal registration study of our oralformulation of a growth hormone secretagogue (GHS), for the diagnosis of growthhormone deficiency. Further Phase II studies for Teverelix LA in prostatecancer and benign prostatic hyperplasia (BPH) are ongoing. We expect to reportdata from all these studies by the end of 2007. We continue to hold discussions with potential partners on collaboration forTeverelix LA and concluding these negotiations remains management's toppriority. Net cash used by operating activities in the business for the three month periodto 30 June 2007 was £3.5 million (three months to 30 June 2006: £3.3 million). Cash and cash equivalents as at 30 June 2007 was £13.3 million (30 June 2006:£16.3 million). Chief Executive's comments Maureen Lindsay, Chief Executive said "We are pleased with the progress of ourcompounds in development; all development programmes are proceeding inaccordance with our expectations and as outlined in our last Annual Report. Wecontinue to add value to our key development assets which we believe will havesignificant commercial advantages in their respective markets. Ardana isgathering momentum on all fronts." For more information contact: Ardana Financial DynamicsMaureen Lindsay Julia PhillipsTel: + 44 (0) 131 226 8550 John Gilbert Tel: +44 (0)20 7831 3113 About Ardana Ardana plc is a pharmaceutical company focused on the discovery, development andmarketing of innovative products to improve human reproductive health, a $25.5billion market. Since its foundation, Ardana has maintained a broad and balanced portfolio tomanage risk and actively pursues product and technology in-licensing andoutlicensing to maintain a robust pipeline. Ardana's lead products are summarised below: • Emselex(R), a once a day treatment for the symptoms of overactive bladder syndrome which Ardana has exclusive UK marketing and promotion rights and is being distributed in collaboration with Novartis UK Limited; • Striant(TM) SR, a testosterone replacement therapy that has been launched by Ardana through its own sales force in the UK and through marketing partners in certain European countries, as a treatment for men with confirmed hypogonadism; • Teverelix LA, in phase II development for two initial indications (prostate cancer and benign prostatic hyperplasia) and phase I development for endometriosis; • Testosterone Cream, a trans dermal testosterone delivery system in phase III development for the treatment of male hypogonadism and phase I development for a female indication; • InvicorpTM, an injectable combination drug treatment for erectile dysfunction, for which Ardana has marketing and manufacturing rights in Europe. • ARD-07 an oral growth hormone secretagogue in late stage development for the diagnosis of hormone deficiency. In addition, Ardana has a strong portfolio of follow-on products in development. Ardana is listed on the Main Market of the London Stock Exchange with tickersymbol ARA-L. For further information please see www.ardana.co.uk This information is provided by RNS The company news service from the London Stock Exchange