Licensing deals help inject cash into The Medical House

A SERIES of anticipated product launches has helped boost The Medical House’s performance, the firm said today.

The Sheffield-based firm, which is best known for its disposable autoinjector technology that allows patients to inject themselves, reported a record pre-exceptional operating profit for the year ended December 31 of £768,000 compared ot £162,000 for the second half of 2007.

Pre-tax profits for the period was £681,000 (for the six months ending December 31, 2007 the company posted a £194,000 loss).

It’s the company’s first full year report since its change of year end in 2007.

A string of approvals and contract signings including the signed development, licensing and supply agreement with Dr Reddy’s in respect of undisclosed drug and with Catalent to create a disposable autoinjector for use with epinephrine have helped The Medical House perform in line with management expectations.

Sales in the second half were very similar to those in the first half the firm said. Further licensing deals and the launch of a needle-free injector for Merck Serono – the first to be introduced to the market for several years – are expected to help buck any downward trend.

A cash settlement of £600,000 following the sale of Eurocut assets to Sandvik Medical Solutions also helped reduce year-end debt to £170,000. from £2.9m.

Ian Townsend, chairman of The Medical House, said: “The new year has started in line with our expectations and, on the basis of anticipated product launches, we are confident of reporting further improvements in our performance.”