Alltracel Pharmaceuticals, which is listed on London's Alternative Investment Market (AIM), has released its first set of full-year results as a public company.

The Dublin-based biotechnology firm, which floated in July last year, reported a pre-tax loss of €1.8 million in 2001 compared with a €1.6 million loss in the previous 14-month period.

But Alltracel chief executive Mr Gerard Brandon said the "wound-care" business was almost self-financing and should be in profit by the last quarter of this year or the first quarter of 2003. However, R&D costs may mean that an overall profit is not recorded until next year.

Although turnover increased by 223 per cent to €601,658 last year, Alltracel said it was lower than expected. "This reflected a slower-than-anticipated roll-out of product in a number of territories where the timetabling is largely in the hands of our distribution partners and delays in regulatory approval," the company said.

The company is very close to signing agreements with several multinational companies, including firms in the dairy foods, beverages and frozen food areas. Mr Brandon said it was confident of completing at least one joint-venture research programme this year.

Alltracel also said it had just completed a placing of 1.5 million shares to raise an additional €465,000 in working capital.