FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13s - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of May 2007
Acambis plc
(Translation of registrant's name into English)
Peterhouse Technology Park
100 Fulbourn Road
Cambridge CB1 9PT
England
(address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F
Forms 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934).
Yes No X
(if "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ).
Enclosure:
1st Quarter Results
Results for the first quarter ended 31 March 2007
Cambridge, UK and Cambridge, Massachusetts - 10 May 2007 - Acambis plc (Acambis)
(LSE: ACM) announces its results for the three months ended 31 March 2007 and
provides an update on its operations.
Key points:
- Financial highlights
o Milestones worth EUR7.5m (GBP5.1m) from sanofi pasteur achieved for
ChimeriVax(TM)-JE
- GBP1.8m recognised as revenue in the quarter, balance of GBP3.3m
held as deferred revenue
o Cash and cash equivalents increased to GBP39.6m
- Board changes and restructuring update
o Ian Garland appointed CEO with effect from 8 May 2007
o Restructuring programme on track to deliver expected cost savings
- R&D pipeline
o ChimeriVax-JE
- Worldwide partnership established with sanofi pasteur
- Excellent efficacy data from pivotal Phase 3 trial: seroconversion
in 99.1% of ChimeriVax-JE subjects compared with 74.8% in JE-VAX(R)
group
- Paediatric trial underway in India
o ChimeriVax-West Nile: second part of Phase 2 trial underway
o Universal Influenza vaccine: IND for Phase 1 trial filed with FDA
- ACAM2000: Advisory Committee meeting scheduled for 17 May 2007
Three months ended 31 March
2007 2006
Revenue GBP2.6m GBP6.0m
Operating loss before restructuring costs GBP8.7m GBP11.8m
Loss before tax GBP12.3m GBP11.4m
Basic loss per share 11.6p 10.5p
Peter Fellner, Chairman of Acambis, commented:
"We have made good progress during this period of transition for Acambis. Our
new management team is now in place and the reorganisation announced in March
has been successfully implemented, ensuring we are on track to achieve the
expected cost savings. We have also achieved important pipeline-related
developments during the first quarter, particularly for one of our leading
programmes, ChimeriVax-JE, and are looking forward to the outcome of the FDA's
Advisory Committee review of ACAM2000 on 17 May."
A conference call for analysts will be held today at 9.00 am BST. For details,
contact Margherita Lupi at Brunswick on telephone number +44 (0) 20 7404 5959.
An instant replay of the call will be available until 17 May 2007 on telephone
number UK: +44 (0) 20 8196 1998 and US: + 1 (866) 583 1035. The pin code is
949716#. A webcast of the call will also be available via Acambis' website at
www.acambis.com. The webcast replay will be available for 12 months until 10 May
2008.
Enquiries:
Acambis plc: +44 (0) 1223 275 300
Ian Garland, Chief Executive Officer
Elizabeth Brown, Acting Chief Financial Officer
Lyndsay Wright, VP, Communications and IR
Brunswick: +44 (0) 20 7404 5959
Jon Coles / Justine McIlroy / Margherita Lupi
Chairman's statement
OVERVIEW
In the first quarter of 2007, we have laid the foundations for Acambis'
transition into a high-value biotechnology company that is supported by, rather
than reliant on, its biodefence revenues.
We have established a new executive management team with the appointment of Ian
Garland as CEO on 8 May, Dr Michael Watson, as Executive Vice President, R&D,
and Elizabeth Brown as Acting Chief Financial Officer. During the quarter, we
also initiated a restructuring programme to refocus our resources upon key
programmes and core operational capabilities, and significantly lower our cost
base.
At the same time, we have continued to move forward our R&D pipeline. We
achieved notable progress on our Japanese encephalitis vaccine project during
the quarter, establishing an important commercialisation partnership with sanofi
pasteur and announcing positive data from a pivotal Phase 3 trial. Since then,
we have achieved two milestones that triggered payments from sanofi pasteur. In
addition, we have initiated the second part of a Phase 2 trial of our
ChimeriVax-West Nile vaccine candidate and recently submitted an Investigational
New Drug (IND) application to the US Food and Drug Administration (FDA) to
initiate clinical testing of our ACAM-FLU-A influenza vaccine candidate.
On 17 May the FDA Vaccines and Related Biological Products Advisory Committee
will review our ACAM2000 smallpox vaccine. We look forward to the outcome of
that meeting, given that a licence is a necessary prerequisite for the long-term
warm-base manufacturing contract that we are negotiating with the US Centers for
Disease Control and Prevention (CDC).
BOARD CHANGES AND RESTRUCTURING UPDATE
We were pleased to welcome Ian Garland as our new CEO on 8 May 2007. Ian was
previously CFO of Arrow Therapeutics Ltd, which was acquired by AstraZeneca plc
for $150m in February 2007. The Board believes that Ian's biopharmaceutical
experience, which includes leading a substantial US operation as well as
implementing major transactions, will be invaluable to Acambis as we expand our
R&D portfolio further and reduce the Company's future reliance on biodefence.
Our previous CEO, Gordon Cameron, is continuing as a Board member until 1 June
to facilitate a smooth transition.
On 7 March, we announced a restructuring programme to reduce Acambis' cost base
by around 20%. We are on track to achieve the planned cost savings and the
majority of the initiatives have already been implemented. The cash costs of the
restructuring are, as expected, around GBP3m, which we expect will be offset by
the savings we will achieve during the course of 2007. Thereafter, we expect a
reduction in the cost base of approximately GBP7m per annum.
R&D UPDATE
ChimeriVax-JE: two partnership-related milestones achieved
We have made excellent progress during the first quarter with ChimeriVax-JE,
which is one of our most advanced vaccine candidates. In February, Acambis
granted sanofi pasteur marketing, distribution and certain manufacturing rights
to ChimeriVax-JE worldwide, excluding India and the Indian subcontinent where we
have an existing agreement with Bharat Biotech International Limited, and also
excluding the US, for which sanofi pasteur has been granted an option.
The partnership agreement was followed by the announcement of positive results
from our pivotal Phase 3 efficacy trial. In this trial, our single-dose
ChimeriVax-JE vaccine was tested for non-inferiority to the three-dose JE-VAX.
With seroconversion rates of 99.1% in the ChimeriVax-JE group compared with
74.8% in the JE-VAX group, we were able to demonstrate not only non-inferiority
but also statistical superiority (p<0.001).
We also initiated a paediatric trial in India, which is the first time
ChimeriVax-JE has been tested in infants and children.
Since then, we have successfully achieved two milestones related to our sanofi
pasteur partnership, worth a total of EUR7.5m (GBP5.1m), of which GBP3.3m was
received during March. In the quarter, GBP1.8m was recognised as revenue with
the remaining GBP3.3m being held as deferred revenue.
ChimeriVax-West Nile: second part of Phase 2 trial initiated
During the period, we initiated the second part of the Phase 2 trial of our
vaccine candidate against the West Nile virus. ChimeriVax-West Nile is currently
being tested in elderly subjects, who represent one of the key target
populations for the vaccine. Approximately 100 subjects aged 41 and above will
be recruited into the trial, which will compare ChimeriVax-West Nile's safety,
tolerability and immunogenicity profile against placebo.
C. difficile: formulation work ongoing in 2007
During 2007, we are addressing the formulation of our C. difficile vaccine
candidate with a view to improving its stability profile. Thereafter, we will
manufacture new vaccine lots for the next stage of clinical development planned
for 2008.
Influenza: application submitted to US FDA for clinical trials
We have recently submitted an IND application to the US FDA for our ACAM-FLU-A
influenza vaccine candidate. ACAM-FLU-A is the first vaccine candidate being
developed under our influenza programme. As a universal vaccine candidate
targeting all 'A' strains of the influenza virus, this candidate has potential
both as a universal pandemic influenza vaccine and as a component of a universal
seasonal vaccine. We await the FDA's response to our IND application and are
planning to initiate clinical testing thereafter.
BIODEFENCE FRANCHISE UPDATE
ACAM2000: FDA Advisory Committee review scheduled for 17 May
On 17 May, the FDA's Vaccines and Related Biological Products Advisory Committee
will review our ACAM2000 smallpox vaccine. At the meeting, the Advisory
Committee will make recommendations to the FDA, including an assessment of the
safety and efficacy data generated as part of ACAM2000 clinical programme.
In March 2007, we provided the additional information requested by the FDA in a
Complete Response Letter issued to the Company in January 2007. When the FDA
notified us that the additional information provided was complete, it identified
31 August 2007 as the new Prescription Drug User Fee Act date, which is the
target date for the FDA's response to our licence application for ACAM2000.
A licence for ACAM2000 is a necessary prerequisite for the long-term warm-base
manufacturing contract that we are negotiating with the CDC.
MVA litigation: Delaware hearing scheduled for June
As we have previously highlighted, litigation between Acambis and Bavarian
Nordic A/S (Bavarian Nordic) is ongoing in relation to Modified Vaccinia Ankara
(MVA).
A trial is scheduled in the US District Court for the District of Delaware for
5-15 June 2007. Bavarian Nordic's claims against Acambis in this case are
conversion, unfair competition, and unfair trade practices, for which Bavarian
Nordic is seeking damages. We continue to seek to minimise the time and money
spent on the litigation as MVA is no longer part of our strategic focus.
FINANCIAL REVIEW
The financial results, prepared under the Group's accounting policies based on
International Financial Reporting Standards (IFRS), for the three months ended
31 March 2007 (Q1) are presented below. The narrative reflects a comparison of
our activities in 2007 and 2006, and, unless otherwise stated, the comparative
figures in parentheses relate to the equivalent period in 2006.
Trading results
Revenue in Q1 was GBP2.6m (2006 - GBP6.0m) primarily from the ChimeriVax-JE
partnership with sanofi pasteur. Two milestone payments worth GBP5.1m (EUR7.5m)
were invoiced in Q1, with GBP1.8m being booked as revenue and the balance of
GBP3.3m being held as deferred revenue in accordance with IFRS, which will be
released over the forthcoming financial periods. During Q1, we continued to
record revenue from our contracts with the NIAID for MVA3000. In 2006, the main
sources of revenue were from our fixed-price 155 million-dose smallpox contract
with the CDC, our MVA3000 contracts and product sales of Vivotif.
During Q1, a total of GBP4.0m (2006 - GBPnil) was recorded for the costs of
restructuring. This included a GBP1.0m non-cash charge in relation to share
options, with the remaining GBP3.0m representing cash costs, in line with
guidance provided in March 2007.
Cost of sales was GBP3.7m (2006 - GBP4.2m) and represented ongoing costs on our
MVA contracts and a low level of costs associated with the ChimeriVax-JE
partnership as well as certain costs of operating our manufacturing facilities.
Restructuring costs of GBP1.1m (2006 - GBPnil) were also charged to cost of
sales in Q1, representing the costs relating to manufacturing staff.
A gross loss of GBP1.1m (2006 - gross profit of GBP1.8m) was recorded in Q1 due
to restructuring costs of GBP1.1m (2006 - GBPnil).
The following paragraphs relating to operating costs exclude the one-off costs
of restructuring.
R&D costs in Q1 were lower at GBP6.6m (2006 - GBP9.8m), reflecting lower level
of activity on the ChimeriVax-JE programme following the completion of the two
Phase 3 trials. Costs were in line with management expectations and consistent
with the full-year guidance provided in March 2007.
Sales and marketing costs in Q1 decreased to GBP0.2m (2006 - GBP0.6m), with 2006
results including the Berna Products Corporation business sold in September
2006.
Administrative costs reduced significantly to GBP1.9m (2006 - GBP3.2m) and in Q1
included a small expense associated with the ongoing MVA litigation. Costs in
2006 also included aborted acquisition costs and a higher level of costs
associated with the MVA litigation.
The pre-tax loss for Q1 was GBP12.3m (2006 - GBP11.4m).
Balance sheet highlights
i) Cash/debtors
The short-term investments and cash balance of the Group at 31 March 2007
increased to GBP39.6m (31 December 2006 - GBP34.4m). The increase is in part
attributable to a payment received in January 2007 from the CDC for the 10
million-dose shipment of ACAM2000 made in December 2006 and the first of the
milestones received from the ChimeriVax-JE partnership with sanofi pasteur. As a
result of the receipt from the CDC, trade and other receivables decreased to
GBP4.0m at 31 March 2007 (31 December 2006 - GBP17.5m).
ii) Inventory/current liabilities
At 31 March 2007, inventory levels were GBP1.6m (31 December 2006 - GBP1.5m),
the balance principally representing work-in-progress and finished goods in
relation to our ACAM2000 vaccine.
Current liabilities at 31 March 2007 were GBP15.9m (31 December 2006 -
GBP15.6m). Trade and other payables have decreased to GBP1.2m (31 December 2006
- GBP3.2m) in part due to payments made in Q1 relating to the December 2006
shipment of ACAM2000 doses. Accruals and deferred income was GBP8.6m at 31 March
2007 (31 December 2006 - GBP6.6m). The increase is principally due to the
remaining cash costs of the restructuring of GBP2.3m, which will be paid down
during the remainder of 2007, and GBP1.0m relating to the deferred revenue
arising from the milestones received from sanofi pasteur under the ChimeriVax-JE
agreement, which will be released over the forthcoming financial periods. An
additional balance of GBP2.3m of deferred revenue relating to this agreement is
recorded in non-current liabilities.
iii) Lease financing and overdraft facilities
The combined balance on our US dollar-denominated financing facilities at 31
March 2007 remained at GBP5.0m (31 December 2006 - GBP5.0m), comprising our
overdraft facility of GBP3.6m (31 December 2006 - GBP3.6m) and GBP1.4m (31
December 2006 - GBP1.4m) relating to the discounted value of the future payments
for the Rockville fill/finish facility acquired in 2005, payable between 2006
and 2017.
-ends-
About Acambis
Acambis is a leading biotechnology company targeting infectious diseases with
novel vaccines. Acambis' development-stage pipeline includes vaccines that could
either offer improvements over existing products or target unmet medical needs.
ChimeriVax-JE, Acambis' most advanced product in the non-biodefence pipeline,
has to date shown an excellent safety and efficacy profile following pivotal
Phase 3 trials. It is currently undergoing paediatric trials in India and is
partnered with sanofi pasteur and Bharat Biotech. Acambis' proprietary
ChimeriVax technology, developed in association with St Louis University, has
also been used to develop ChimeriVax-West Nile, which is undergoing Phase 2
clinical testing, making it the most advanced investigational vaccine against
the West Nile virus. Acambis also has the only vaccine in development against
Clostridium difficile bacteria, a leading cause of hospital-acquired infections.
Recognised internationally as the leading producer of smallpox vaccines, Acambis
is developing an investigational smallpox vaccine, ACAM2000, and is
manufacturing emergency-use stockpiles of this investigational vaccine for the
US Government and other governments around the world.
Acambis is based in Cambridge, UK and Cambridge, Massachusetts, US, and is
listed on the London Stock Exchange (ACM). More information is available at
www.acambis.com.
About the Vaccines and Related Biological Products Advisory Committee
The Advisory Committee advises the Commissioner of Food and Drugs in discharging
responsibilities as they relate to helping to ensure safe and effective
biological products, and, as required, any other product for which the FDA has
regulatory responsibility. The Advisory Committee reviews and evaluates data
concerning the safety, effectiveness and appropriate use of vaccines and related
biological products that are intended for use in the prevention, treatment, or
diagnosis of human diseases, and, as required, any other product for which the
FDA has regulatory responsibility.
The Committee consists of a core of voting members including the Chair. Members
and the Chair are selected from among authorities knowledgeable in the fields of
immunology, molecular biology, rDNA, virology, bacteriology, epidemiology or
biostatistics, allergy, preventive medicine, infectious diseases, paediatrics,
microbiology and biochemistry. The core of voting members may include one
technically qualified member who is identified with consumer interests and is
recommended by either a consortium of consumer-oriented organisations or other
interested persons. In addition to the voting members, the Committee may also
include one non-voting member who is identified with industry interests.
Transcripts and related documents from the meeting will be published on the
Advisory Committee's website
(http://www.fda.gov/cber/advisory/vrbp/vrbpmain.htm).
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:
The statements in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties, including the
timing and results of clinical trials, product development, manufacturing and
commercialisation risks, the risks of satisfying the regulatory approval process
in a timely manner, the need for and the availability of additional capital. For
a discussion of these and other risks and uncertainties see "Risk factors" in
the Company's most recent Annual Report and Form 20-F, in addition to those
detailed on the Company's website and in the Company's filings made with the
Securities and Exchange Commission from time to time. These forward-looking
statements are based on estimates and assumptions made by the management of
Acambis and are believed to be reasonable, though are inherently uncertain and
difficult to predict. Actual results or experience could differ materially from
the forward-looking statements.
Results for the three months ended 31 March 2007
Group income statement
Three months Three months Three months Three months Year
ended ended ended ended ended
31 March 31 March 31 March 31 March 31 December
2007 2007 2007 2006 2006
Ordinary Restructuring Total Total Total
activities costs
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
GBPm GBPm GBPm GBPm GBPm
Revenue 2.6 - 2.6 6.0 30.9
Cost of sales (2.6) (1.1) (3.7) (4.2) (14.6)
--------- --------- --------- --------- ---------
Gross
(loss)/profit - (1.1) (1.1) 1.8 16.3
Research and
development
costs (6.6) (2.0) (8.6) (9.8) (37.0)
Sales and
marketing
costs (0.2) (0.2) (0.4) (0.6) (2.6)
Administrative
costs (1.9) (0.7) (2.6) (3.2) (8.6)
--------- --------- --------- --------- ---------
(8.7) (2.9) (11.6) (13.6) (48.2)
Other
operating
income:
- Settlement
of ARILVAX
agreement - - - - 10.1
- Profit on
sale of
business
operation - - - - 4.6
--------- --------- --------- --------- ---------
Operating loss (8.7) (4.0) (12.7) (11.8) (17.2)
Finance income 0.5 0.6 2.0
Finance costs (0.1) (0.2) (0.7)
---------
Loss on ordinary
activities before
taxation (12.3) (11.4) (15.9)
Taxation: UK - - (0.8)
Taxation: Overseas (0.2) 0.1 0.2
========= ========= =========
Loss on ordinary
activities
after taxation (12.5) (11.3) (16.5)
========= ========= =========
Basic and
diluted loss
per share (in
pence) (11.6)p (10.5)p (15.4)p
Weighted
average number
of ordinary
shares in
issue - basic
and diluted 107,358,159 107,266,487 107,285,860
Group balance sheet as at 31 March 2007
As at As at As at
31 March 31 March 31 December
2007 2006 2006
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Non-current assets
Goodwill 12.4 14.9 12.4
Other intangible assets 0.8 4.1 0.7
Property, plant and equipment 14.3 18.9 14.6
Deferred tax asset - 0.3 -
Financial assets: available for sale
investments 0.6 0.6 0.6
--------- --------- ---------
28.1 38.8 28.3
Current assets
Inventory 1.6 3.6 1.5
Current tax assets 0.6 0.9 0.6
Trade and other receivables 4.0 6.7 17.5
Financial assets: derivative
financial instruments - 0.2 -
Liquid investments 6.0 16.1 7.5
Cash and cash equivalents 33.6 33.6 26.9
--------- --------- ---------
45.8 61.1 54.0
Current liabilities
Financial liabilities:
- short-term borrowings (3.6) (4.0) (3.6)
- short-term financial liabilities (0.1) (5.4) (0.1)
- derivative financial instruments (0.3) - -
Trade and other payables (1.2) (4.9) (3.2)
Accruals and deferred income (8.6) (6.6) (6.6)
Income tax payable (1.6) (1.8) (2.1)
Provisions (0.5) (1.8) -
--------- --------- ---------
(15.9) (24.5) (15.6)
--------- --------- ---------
Net current assets 29.9 36.6 38.4
Non-current liabilities
Investment in Joint Venture (0.3) (0.3) (0.3)
Long-term financial liabilities (1.3) (1.5) (1.3)
Deferred income (2.3) - -
Deferred tax liabilities - (1.8) -
--------- --------- ---------
(3.9) (3.6) (1.6)
--------- --------- ---------
Net assets 54.1 71.8 65.1
========= ========= =========
Shareholders' equity
Share capital 10.8 10.7 10.7
Share premium 98.2 98.0 98.0
Other reserves (2.8) (0.9) (2.8)
Retained earnings (52.1) (36.0) (40.8)
--------- --------- ---------
Total shareholders' equity 54.1 71.8 65.1
========= ========= =========
Group cash flow statement
Three months Three months Year
ended ended ended
31 March 31 March 31 December
2007 2006 2006
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Operating activities
Loss on ordinary activities before
tax (12.3) (11.4) (15.9)
Depreciation and amortisation 0.8 1.1 3.8
Decrease/(increase) in working
capital 16.1 (5.2) (21.7)
Profit on sale of business operations - - (4.6)
Other non-cash movements 1.4 (0.4) 2.4
Net finance costs (0.4) (0.4) (1.3)
Taxes paid (0.5) (0.7) (1.1)
--------- --------- ---------
Cash flows from/(used in) operating
activities 5.1 (17.0) (38.4)
Investing activities
Proceeds from sale of business
operations - - 9.0
Purchase of intangibles (0.1) (0.1) (0.2)
Purchase of property, plant and
equipment (0.5) (0.2) (0.9)
Proceeds from sale of property, plant
and equipment - - 0.5
--------- --------- ---------
Cash flows (used in)/from investing
activities (0.6) (0.3) 8.4
Financing activities
Interest element of finance lease
payments - (0.2) (0.4)
Interest paid (0.1) - (0.2)
Interest received 0.5 0.7 2.2
Proceeds from issues of shares 0.3 - -
Capital element of finance lease
payments - (1.7) (6.6)
Purchase of liquid investments (1.0) (6.1) (13.6)
Sale of liquid investments 2.5 8.8 24.9
--------- --------- ---------
Cash flows from financing activities 2.2 1.5 6.3
--------- --------- ---------
Increase/(decrease) in cash and cash
equivalents 6.7 (15.8) (23.7)
Net foreign exchange difference - 0.2 (2.2)
Cash and cash equivalents opening
balance 23.3 49.2 49.2
--------- --------- ---------
Cash and cash equivalents closing
balance 30.0 33.6 23.3
========= ========= =========
Reconciliation of movements in Group shareholders' equity
Three months Three months Year
ended ended ended
31 March 31 March 31 December
2007 2006 2006
(unaudited) (unaudited) (unaudited)
GBPm GBPm GBPm
Retained loss for the period (12.5) (11.3) (16.5)
Loss on foreign currency exchange - - (1.8)
Foreign currency exchange realised
on sale of business operation - - (0.1)
Credit in respect of employee
share schemes 1.2 0.1 0.5
---------- ---------- ----------
(11.3) (11.2) (17.9)
New share capital subscribed 0.3 - -
---------- ---------- ----------
Net decrease in shareholders'
equity (11.0) (11.2) (17.9)
Opening shareholders' equity 65.1 83.0 83.0
---------- ---------- ----------
Closing shareholders' equity 54.1 71.8 65.1
========== ========== ==========
Notes
1. Basis of preparation
The financial information for the three months ended 31 March 2007 and 31 March
2006 is unaudited. The financial information has been prepared in accordance
with the Group's accounting policies which are based on IFRS as adopted by the
European Union and the Listing Rules of the Financial Services Authority.
This summary of results does not constitute the full financial statements within
the meaning of s240 of the Companies Act 1985. The 2006 financial statements
will be delivered to the Registrar of Companies in due course and have been
reported on by the Company's auditors. The audit report was unqualified and did
not contain a statement under s237(2) or s237(3) of the Companies Act 1985. The
Notice of the Annual General Meeting (AGM) was sent to shareholders on 2 May
2007 and the 2007 AGM will be held on 25 May 2007.
2. Directors' responsibility
The Directors are responsible for the maintenance and integrity of the Group's
website. The Company notes that UK legislation governing the preparation and
dissemination of financial information may differ from that required in other
jurisdictions.
3. Cash and cash equivalents
Cash, cash equivalents and bank overdrafts include the following for the
purposes of the cash flow statement:
As at As at As at
31 March 31 March 31 December
2007 2006 2006
GBPm GBPm GBPm
Cash and cash equivalents 33.6 33.6 26.9
Bank overdrafts (3.6) - (3.6)
---------- --------- ---------
30.0 33.6 23.3
========== ========= =========
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant Peptide Therapeutics Group has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Date: 10 May 2007 ACAMBIS PLC
By: /s/ Lyndsay Wright
Name: Lyndsay Wright
Title: VP, Communications and IR.