SEPT 27 (Business Wire) - Bermuda-registered CalciTech Limited has announced its unaudited financial results for the six months period ending June 30.

Net loss for the period was $545,000, in line with budget, part of which is due to currency translation issues as the Company reports in US dollars but has much of its expenses in other currencies.

Both product and project development costs are now being added to balance sheet value rather than being expensed, with a total of $769,000 being capitalised.

The budget for interest payments has increased due to an increase in borrowings, and despite a non-recurring exceptional item totalling $39,000, general and administrative expenses conform to their expectations.

Epsom Investment Services continues its support by converting $2,001,000 of outstanding credit into 6,900,000 shares at market price of $0.29 cents, in order to extend the credit facility of $2.5 million to August 30 2009, thus allowing CalciTech to cover its burn rate to beyond the next twelve months.

Roger Leopard, CEO for CalciTech, said: "We are pleased with the progress made during the period.

"Though certain delays were encountered in the work towards completion of our project finance, this time has been fruitfully used to further our market reach and to add a potentially very profitable drying facility to the design of our planned production facility in Leuna."

"We have now received the official permitting documentation after a lengthy process, requiring a serious effort from both our technical and our legal team.

" The result is that we now have the required documentation for a plant including a drying and packaging facility, which will enable us to target the very lucrative specialty markets."

"Finally, we have made much progress commercially, and we look forward to updating our shareholders as and when material news becomes available."