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Oxford GlycoSciences H1 Revenues Surge 93 Percent

NEW YORK, Sept. 24 – Drug discovery and proteomics company Oxford GlycoSciences of Oxford, UK, said Monday its turnover for the first six months of the year totaled 8.7 million pounds ($12.7 million), compared with 4.5 million pounds in the year ago period. 

“We advanced our proteome platform and revenue model and continue to make progress in the development of our proteomics-based drug research for the discovery of new therapeutics and biomarkers,” Michael Kranda, CEO of Oxford Glycosciences, said in a statement.

“In the second half we expect to make continued progress on all fronts," he said. 

During the first half of the year, Oxford Glycosciences announced the establishment of a joint venture, Confirmant, with Marconi to develop a proteomics database. The Protein Atlas of the Human Genome will contain information about human protein-coding genes and will be marketed and distributed by Confirmant.

Oxford Glycosciences invested 15 million pounds in the Confirmant joint venture, while Marconi subscribed for 10 million pounds of the company’s equity at 15.50 pounds a share.

More recently, Oxford Glycosciences said it had successfully integrated Isotope Coding Affinity Tag technology with MALDI time of flight/time of flight (ToF/ToF) mass spectrometry. Together, these technologies represent what many researchers believe will be the next generation of protein analysis systems.

Oxford Glycoscienes received the MALDI ToF/ToF mass spectrometry instruments through an early access agreement with Applied Biosystems and the ICAT technology through a collaboration with the Institute for Systems Biology. The company aims to complete the Protein Atlas over the next 24 months. 

The company has also recently submitted applications in Europe and the US for approval of Vevesca, a treatment for Gaucher disease. The company anounced on Monday that Vevesca had proved effective in treating patients with the disease, which is caused by a rare genetic disorder that disrupts a person's ability to break down fats, for up to two years.

In addition, Oxford Glycosciences has penned a deal with NeoGenesis Drug Discovery to apply high throughput chemistry, screening, and computational biology to OGS’s portfolio of disease-associated proteins. 

Oxford Glycosciences said it is on track to file patent applications on 4,000 disease-associated proteins by the end of 2001. 

In the first six months of the year, Oxford Glycosciences said its net operating costs widened to 22.9 million pounds, compared with 13.1 million pounds in the year-ago period. The company’s operating loss widened to 14.2 million pounds from 8.6 million pounds a year ago.

Oxford Glycosciences posted a loss for the first six months of the year of 7.2 million pounds, or 13.25 pence per 5p share, compared with a loss of 7.0 million pounds, or 17.89 pence per share, in the first half of 2000.

The company has a cash position of 195.9 million pounds.

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