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Gearbox designer Torotrak has been stuck in reverse all day after it warned that the delay in the start of Infinitrak production plus softening demand in the US is likely to result in significantly lower than expected Infinitrak sales for the current year

Profit before tax for the year ended 31 March 2008 was trimmed to £2.4m from £3.2m the year before as revenue jumped 37% to £3.7m.

The firm said it has contained operating costs at 2007 levels, which has cut the operating loss by 26% to £2.8m.

"Whilst it is very encouraging to have delivered a year of positive operating cash flow, earlier than planned, this achievement needs to be seen in the context of our three year plan, where the substantial initial licence payments secured during this year are likely to be balanced by lower levels of cash inflow next year," said the group.

"Overall, our objective is to generate sustainable and recurring positive operating cash flow from the year ending 31 March 2010 onwards."

"Although we are approximately one year behind our original production plan, achieving our first sales in this market through our joint venture, Infinitrak, is a major milestone," added boss Dick Elsy.

Trading screens are a sea of red in London today, with the result that firm sectors are thin on the ground. The pharmaceuticals & biotechnology sector crawls higher, helped by small-cap ImmuPharma's near 25% gain following the specialist drug discovery and development company's successful trials of its IPP-204106 cancer treatment.

Data on ImmuPharma's anti-cancer nucleolin antagonist ('Nucant') peptide programme, IPP-204106, confirms the treatment's ability to effectively control and stifle the growth of a large panel of human cancer cell lines.

The studies examined the effect on breast cancer, prostate cancer, melanoma, glioblastoma, leukaemia, colon cancer and pancreatic cancer cell lines.

The treatment was effective both "in vitro" - in a controlled environment outside of a living organism - and "in vivo" - on living tissue of a living organism.

In vivo studies revealed that the majority of tumours were completely eliminated and that survival time of the patient improved with additional treatment.

ImmuPharma has filed appropriate patents on the composition of matter relating to the peptides covering a large variety of Nucant structures.

The company has also successfully developed manufacturing processes that are transferable to large scale production.

Top performing sectors so far today
Pharmaceuticals & Biotechnology 7,466.80 0.11%

Bottom performing sectors so far today
Mining 28,999.30 -5.66%
Technology Hardware & Equipment 224.20 -4.47%
Automobiles & Parts 4,848.50 -4.21%
Forestry & Paper 4,190.10 -3.77%
Electronic & Electrical Equipment 2,225.40 -3.62%