Interim advance at Abbey Protection 02/09/2010
Legal fees and related insurance and services specialist Abbey Protection has increased first-half pre-tax profits 9.3 per cent to £4.7 million.
ReGen product in US launch
US group Metagenics is launching biotech counter ReGen Therapeutics’ Colostrinin neurodegenerative treatment in America.
Chaired by the persistently cheerful Percy Lomax, ReGen, whose shares have been AIM dogs for years, says it expects to make around $4.75 (£2.37) from every Colostrinin unit sold under the licensing deal by California-based Metagenics, which is planning to float shortly in the USA. Lomax says Colostrinin, a non-prescription refinement of an already available but relatively ineffective product, has shown efficacy in treating Alzheimer's disease and could make £5 million a year from this deal from 2009.
He argues Colostrinin could be useful against other ailments such as Parkinson's disease, multiple sclerosis and even cancer. Meanwhile, ReGen has other irons in the fire, notably Zolpidem.
This is an off-patent insomnia drug, which, according to 'open' clinical observations, has on occasion 'normalised' brain dormancy after strokes, traumatic brain injuries, vascular dementia and Bell's palsy. The company says there could be significant developments late next year or early in 2009.
Of all goes well, Lomax suggests ReGen, which lost £1.5 million in the six months to June, could be in a position to start making sustainable profits by the end of 2008. If achieved, that would be welcome news indeed for investors who have seen the shares crumble from 2000's float price of 28p to a barely perceptible 0.75p today.
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