Joined the holders in CBF this morning. Looks like a recovery going on here and I here whispers well speculation of new contract wins. The company seems to be moving away from DNA and focusing on protein and virus production and they seem to be far more focussed.

The company have restructured their sales and marketing team and appear to be more aggresive in their actions.

Fixed and variable costs have also been attacked and the company is working from a lower cost base. The companys order book is higher than it as been for a while and I beleive quarterly profit will be achieved.

Chart also looks strong and shows a break up.

Pointers To Recovery.

From last results 11th Jan.

Sales improvement in the second half of the financial year due to switch
from DNA to proteins and virus.



Restructuring of sales and marketing to address US market.



Restructuring of the Oxford and Keele facilities.



Broadening of customer base - 12 new customers in 2004.



The 4.8m Oxford Facility completed on time and to budget.



Contracted business for financial year 2005 stands at 2.7m.



Financial:


Revenue: H2 2004 up 30% to 2.0m compared with H1 2004 1.5m
FY 2004 down 42% to 3.5m (FY 2003: 6.0m)

Gross margin: H2 2004 49% compared with H1 2004 39%
FY 2004 45% (FY 2003: 57%)

Loss before tax: H2 2004 reduced by 17% to 1.03m compared with H1 2004 1.24m
FY 2004 2.27m (FY 2003: 0.82m profit)

Cash at bank: Sept 2004 3.2m compared with Mar 2004 3.8m (FY 2003: 7.3m)

Loss per share: FY 2004 12.3p (FY 2003: 6.9p earnings)

Director Speak

Commenting on the results, Peter Fothergill, Executive Chairman said:

'Our second half improvement and the current position of our order book are
significant achievements. Management moved rapidly during the year to focus
sales and marketing in the US and from DNA to virus and protein production. This
was no mean feat and we are cautiously optimistic for the future.'

Company Outlook Statement.

Management is actively seeking to broaden the customerbase particularly in the US biotechnology clusters and is examining ways toexpand the service offering including later stage manufacture and there by developing longer-term relationships which can reduce the impact of the high levels of clinical trials failure. These initiatives are already beginning to gain traction with contracted business currently 2.7 million for the financial year 2005 ('2005'), with 52% from North America. If this improvement continues Cobra will recover value for its shareholders.

Fundies.

Presently loss making but looks like the corner has been turned. Awaiting next trading update/results.

Beta.

Fairly High.

Conclusion

Highly Speculative, but the rewards if recovery does take place could be very rewarding.



cheers GF.

Dont sell off, the markets getting a shock taste of reality. There will be a bounce in the US.

cheers GF.

Just out from Killik brokers....................

Sentiment in the near term appears to have turned with active profit taking in the second liners after a terrific run to the start of the year. How far things will come back is the obvious key question but so far, it does not appear as if too much stock is coming out and this feels more like a healthy correction rather than something more significant.

cheers GF.

Holding its ground pretty well.

cheers GF.

Continuing talk on other boards of a new deal. Seems to be recovering very well.

cheers GF.

Good result with another new deal GF, seems like CBF are really motoring after the change in direction. Any ideas on how much the new deal is worth to CBF? If it sees them into profit at next results this could be a real turning point.

Snaylor,
It seems the terms and value of the agreement were not disclosed.
See link below.
http://www.iii.co.uk/news/?type=afxnews&articleid=5221085&action=article

Yup excelent new deal. and stock already up 13%, news delivered right on cue.


Cobra Bio-Manufacturing PLC
25 February 2005


For Immediate Release 25 February 2005



Cobra signs long term deal with Neovacs SA to supply Phase I clinical trial
material for a novel protein active immunization therapy-TNFa Kinoid



Keele, UK, 25 February 2005 - Cobra Biomanufacturing Plc (AIM:CBF.L), the
international manufacturer of biopharmaceuticals, announces today that it has
signed a long term manufacturing agreement with Neovacs SA to supply clinical
trial material for a protein biopharmaceutical, TNFa Kinoid. This novel active
immunization therapy against the human cytokine, Tumour Necrosis Factor a
(TNFa), will be tested for its efficacy in auto-immune and inflammatory
diseases. The terms and value of the agreement were not disclosed.



Overproduction of protein cytokines, such as TNFa, is the cause of many
inflammatory diseases. Neovacs Kinoid technology involves inactivating cytokines
and conjugating them to a carrier. The resulting cytokine protein complex
(Kinoid) serves as an active immunization therapy that induces a natural and
potent antibody response by the patient's immune system. This enables the
harmful cytokines to be neutralised and the disease treated. In addition to TNFa
Kinoid, Neovacs is developing other active immunization therapies against
numerous human cytokines to treat a range of diseases.



Alain Huriez, CEO of Neovacs, commented:



'We were impressed with Cobra's expertise and track record in protein process
development. We feel confident that Cobra will deliver us quality Kinoids on
schedule for our Phase I clinical trials.'



David Thatcher, CEO of Cobra, said:



'We are pleased to be selected by Neovacs to produce this novel cytokine protein
complex for European clinical trails. This long term agreement recognises
Cobra's expertise in producing emerging protein therapies and vaccines.'




-Ends-

cheers GF.

anyone got any recent broker feedback re revised forecasts, eps and price targets - am inclined to believe further significant recovery is on the cards now, back to 100p hopefully. co seems to be developing strong momentum. Mind you I did buy sometime ago and am still nursing losses but management are performing and as I said I think there is still some way to go for now. enjoy the ride and dyor.

Im waiting for Evolution to produce a note, as soon as its out Ill post it. I agree with you Recovery is now well under way.

cheers GF.

looking good now.Has broken clear of the upper trend line,although not correct has a GOLDEN CROSS that didnt break down.
NORTH FOR CHRISTMAS

Is MLB Plc connected to this company still?

No,they sold out their share in Dec.2003.MLB looks to be an interesting play soon re:clickhaler approval soon.Ethel

thanks ethel. I agree, good things are happening now with mlb

troys

Stop dithering and get in.

Further speculative gossip this weekend, more contracts coming through.

Hold on to your seats.


cheers GF

On a roll now this one. Just added myself again this morning.

cheers GF.

Still positive, just.

cheers GF.

A resiliant little devil this one.

cheers GF.

A down day across all the small cap board, not company specific. No reason to sell.

cheers GF

Looking for an up day WED after the Yank close tonight.

cheers GF.