Algene Communicates Its First Quarterly Results To Its Shareholders
MONTREAL, Aug. 27 / -- Algene Biotechnologies Corporation (Montreal Exchange: AGN.B) announces that for the first six-month period of the 1996 financial year, its revenues were $1,706,383, compared to $175,115 for the same period in 1995, which represents a significant variation. The variation in revenues and profits in the past six months is the result of an important strategic alliance signed in September 1995, and which focuses on the identification of genes that cause schizophrenia. The signing of this strategic alliance with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson, is a convincing indicator of the quality and originality of the work carried out to date by Algene Biotechnologies Corporation. The alliance itself serves to confirm the experimental methodology used by the Algene's research team in their search for genes that cause complex diseases.
Current R & D Activities: Algene is actively engaged in genetic research on late-onset Alzheimer's disease and on schizophrenia. Over the past six months, Algene also began preliminary work on new genetic research projects on Parkinson's disease and migraines. In addition, the company has completed its critical review of various bibliographical components to finalize its selection of other diseases to which its technological applications may apply. The final selection will be made over the next few months. The funds allocated to R & D activities have more than doubled over the past six months to reach $1,461,022. For the same period in 1995, R & D disbursements were $647,016. When R & D tax credits are taken into account, expenses related to research activities have increased by 37.47%. This increase reflects the wider scope of experimental design conducted by the company. Algene has not only worked on the selection of case studies in the field along with genetic mapping, but also on specific causal gene identification activities related to Alzheimer's disease. The company has hired more than 30 employees since the end of 1995, most of whom are researchers.
Future Developments: Algene will concentrate on its genetic research on Alzheimer's over the months to come. The company will also engage in the genetic mapping of schizophrenia. The sampling of subjects for genetic research on Parkinson's disease and migraines will begin over the next few weeks. Preliminary R & D work on selected diseases will also bc started up. Algene is currently negotiating new strategic alliances with a number of partners in the pharmaceutical and biotechnology industries. The purpose of these alliances is to acquire leading-edge genome technology, and to start new genetic research on diseases that are of interest to all partners in strategic alliances. Algene Biotechnologies Corporation is active in the field of biomedical genetics as applied to the treatment of human diseases. More specifically, research and development activities focus on genes that cause Alzheimer's and Parkinson's diseases, other neurodegenerative diseases as well as schizophrenia. The Class B Subordinate Shares of Algene are listed on the Montreal Exchange under the symbol AGN.B.
SOURCE Algene Biotechnologies
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