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3rd Milestone payment of US$200,000 received from Bosley under ICX-TRC option

Milestone payment of US$200,000 received from Bosley under ICX-TRC option

Income in the period relates to receipt of the third milestone from Bosley under the ICX-TRC option agreement (£111k)

I think you all missed this bit of information.Bosley’s wouldn’t be keeping their options open if ICX-TRC was rubbish and never stood a chance of success.

see link
http://www.intercytex.com/icx/investors/rns/rnsitem?id=1190700221nRNSY4065E&t=popup

Financial

  • Loss before tax for the six months ended 30 June 2007 of £6.04m (H1
    2006: £4.04m)

  • Cash and cash equivalents and liquid investments at 30 June 2007 of
    £17.55m (H1 2006: £15.10m)

  • Milestone payment of US$200,000 received from Bosley under ICX-TRC option

Income in the period relates to receipt of the third milestone from Bosley under the ICX-TRC option agreement (£111k) and other operating income represents further receipts under our DTI grant (£175k). The pre-tax loss for the period was £6.04m (H1 2006: £4.04m). Research & development costs have increased by £1.59m on 2006 as a consequence of the increased clinical trial activity, especially faster recruitment to Topical II and the movement of VAVELTA into Phase II trials. General and administrative expenses are £0.53m higher reflecting the creation of a commercial department to support the VAVELTA launch and enhanced Programme Management activities.

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