Despite a decrease in revenues and an increase in net loss to AUD$1.3 million, veterinary biotechnology company Imugene (ASX:IMU) has come a long way in its first year as a biotechnology company, according to chairman Graham Dowland, who said it was a "tremendous formative year."

During the course of the year, the company acquired two animal health operations -- 100 per cent owned VectoGen and Paragen, which it owns in partnership with Murdoch University.

But the key defining moment for the company financially has been licence agreements for four of the company's products with two of the major multinational animal health groups, Merial and Intervet, providing revenues of $538,444.

"We're delighted we have some projects of real value," Dowland said.

Imugene ended the year with cash reserves of $2.6 million, which Dowland said would last 12 to 18 months. "In that time we will take projects several steps along the value chain," he said.

According to Dowland, Imugene has a busy year ahead, with more trials due to begin in October, and preparation for regulatory approval through the OGTR underway. In addition, the company is continuing to refine its technology.