Cambridge Antibody Technology announces profits

Cambridge Antibody Technology (CAT) has revealed post-tax profits of 4.6 million pounds before its merger with AstraZeneca, the UK’s second largest drugs manufacturer.

Revenue in the first half of the 2006 financial year reached 27.7 million pounds, as well as 144 million pounds received from Abbott Laboratories following a successful lawsuit by CAT regarding the rate of royalty payments received for Humira, CAT’s anti-inflammatory drug licensed to Abbott.

The company said that incoming royalty payments for Humira – soon to be inherited by AstraZeneca – may increase if it is successfully approved for use in the US and EU for patients with ankylosing spondylitis, a type of arthritis afflicting the spine and lower back. Furthermore, it added that Abbott intends to begin trials for Humira in patients with Crohn’s disease, psoriasis, ulcerative colitis and juvenile rheumatoid arthritis.

CAT also remarked that it has two immunotoxins designed for B-cell malignancies in phase I and II trials, as well as a fully human monoclonal antibody treatment for severe asthma in development.

CAT is pharmaceutical research company that develops human monoclonal antibodies to combat specific diseases. Last week AstraZeneca announced it had agreed to buy CAT, valued at 702 million pounds.

The Cambridge-based research company says it is the first British biotechnology firm to develop a “blockbuster” drug, with sales in excess of $1 billion (534 million pounds) for Humira, as marketed by Abbott.

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