Antisoma has $ 52.7million cash pile, expects $28 millionby June end.

Antisoma, the British cancer specialist has announced that it had $52.7 million cash at the end of 2008. It also expects to make another $ 28million by June end this year from the sale of oral fludarabine leukaemia product.

Antisoma owns the US rights to oral fludarabine. The tablet formulation of the drug is used to treat chronic lymphocytic leukaemia (CLL). In December the FDA approved oral fludarabine for marketing in the US, providing Antisoma with its first product approval.

The revelation by Antisoma is encouraging as cash levels are critical for biotech companies in the economic slump. They are facing difficulties in raising money both from investors who are cautious in the present situation and cash-strapped banks due to the economic downturn.

Antisoma had invested $55 million in stock for Xanthus, to get rights for oral fludarabine and other drugs.

Chief executive Glyn Edwards said that he expected to get "a significant proportion of that back in cash from the disposal" of oral fludarabine, adding he meant at least half the amount paid for Xanthus.

Antisoma, had also announced development partner Novartis (NOVN. VX) was to start development of its lead drug ASA404 in a type of metastatic breast cancer.