Intercell posts narrower-than-expected Q2 loss

ZURICH: Austrian biotech group Intercell posted a narrower-than-expected second-quarter net loss thanks to strong growth for its only marketed product and said it was on track to meet its 2011 growth forecast.

The group posted a second-quarter net loss of 1.6 million euros ($2.3 million), easily beating the average forecast of 9.5 million in a Reuters poll, as it also benefited from its restructuring efforts and a milestone payment by Merck & Co Inc.

"First strategic initiatives have already been implemented, and due to the best quarterly sales result of Ixiaro/Jespect, the company achieved significant revenue growth," the group said in a statement.

"Hence, Intercell is on track to meet its expectation of a full-year 2011 growth rate of 60-70 percent."

Intercell, Europe's last independent vaccine maker, has said it is open to being acquired after a string of product setbacks over the past year.

Copyright Reuters, 2010