Trading Update

14 Sep 2005 07:02

Fulcrum Pharma PLC14 September 2005 For immediate release 14 September 2005 Fulcrum Pharma plc ("Fulcrum" or "the Group") Trading Update Fulcrum Pharma PLC (AIM: FUL), the independent drug development company thatoffers virtual drug development and strategic outsourcing services to thepharmaceutical and biotechnology industries, is pleased to announce thefollowing update on trading in advance of announcing its preliminary results forthe year ended 31 August 2005. In the Group's interim results issued in May this year Fulcrum indicated thatthere were signs of recovery within its business. The Group is pleased to notethat this recovery has continued. Fulcrum also announced progress in its strategy to improve performance andoperational efficiencies. The Group is pleased to report that overallperformance has improved and, together with a general recovery in themarketplace, the Board is confident that Fulcrum's operations will have beenprofitable in the second half of the year yet the Board expects the Group tomake a small loss, compared to the full year last year, after exceptional items. Fulcrum has a strong pipeline of projects and the Group's order book isprogressing in line with that reported at the time of the interim results. Inorder to deepen its expertise in key drug development areas and grow thebusiness to the next stage, the Board will place a greater emphasis on seekingsuitable opportunities to increase scale. The Group also today announces the resignation of Dr Bruce McCreedy, the CEO ofFulcrum's US business, to pursue other business opportunities. The Board expects to announce the Group's preliminary results for the year ended31 August 2005 in the week commencing 7th November 2005. Commenting on trading, Chief Executive Officer of Fulcrum, Dr Jon Court, said: "I am pleased to report that our strategy for improved performance has startedto deliver results. I am delighted that, as a result of strategic managementdecisions, we can now return the Group to profitability. With our strongreputation we are now keen to grow the business and expand our expertise in thedrug development and outsourcing arena. Finally I would like to thank BruceMcCreedy for his contribution to the establishment of the Group's US businessand we wish him well in his future endeavours." For further information, please contact: Fulcrum Pharma PLC Tel: 0870 710 7152Jon Court, Chief Executive OfficerGeoffrey Smith, Finance Director Buchanan Communications Tel: 0207 466 5000Mark Court / Mary-Jane Johnson About Fulcrum Pharma Fulcrum Pharma plc is an independent, drug development company that is the firstto offer global virtual drug development and strategic outsourcing services tothe pharmaceutical industry. The Group has expertise in the design, executionand delivery of drug development programmes and relies on state of the artinformation technology and infrastructure in the supply of its services. Through Fulcrum's services to its clients, the Directors believe that there isthe capacity to deliver products faster and more efficiently to the globalpharmaceutical market. Fulcrum does this by using its skills in the design ofdrug programmes that deliver the necessary information for decision-making andproduct registration. In so doing, Fulcrum works closely with its clients tomeet their strategic R&D goals. Fulcrum Pharma is listed on the Alternative Investment Market of the LondonStock Exchange having successfully floated in March 2000. This information is provided by RNS The company news service from the London Stock Exchange