UPDATE 1-Protherics H1 revenues up 16 pct, cash rate down

* Revenues increased by 16 pct

* Net cash decrease of 40 pct

* Loss before tax reduced by 18 pct * Submits voraxaze application in U.S.

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LONDON, Nov 20 (Reuters) - British biotechnology company Protherics PRCS.L said on Thursday half-year revenues increased by 16 percent, helped by a strong U.S. dollar, but posted a 40 percent fall in cash position.

The group, which specialises in cancer drugs and poison antidotes, said revenues for the six months ending 30 September increased 16 percent to 17.2 million pounds ($25.92 million).

Protherics reduced its loss before tax to 5 million pounds from 6.1 million pounds in 2007 but the group's net cash level decreased 40 percent to 28.1 million on increased research and development spending.

Protherics, which ranks 8 in the UK's pharmaceuticals and biotechnology industry, is being taken over by larger rival BTG Plc (BGC.L) in a 218 million pound deal that will create Britain's biggest biotech company.

The all-share deal is expected to be finalised by 4 December and enable the merged company to enter the FTSE 250 index. [ID: nLI313943]

"Protherics continues to perform in line with expectations, with increasing revenues from marketed products and a broad portfolio of late stage products in development. Important results are expected in the next 6-12 months for a number of key value drivers," said the company in a statement.

The company also announced on Thursday it had commenced the submission of cancer treatment Voraxaze with the Food and Drug Administration (FDA) in the U.S.

Protherics' shares have fallen by around 20 percent since the start of the year, whereas the London-listed All Share Pharmaceuticals and Biotech index .FTASX4570 rose by about 4.5 percent in the same period.

However the index includes large cap pharma, which has mostly risen during the year, and biotech which has seen significant declines. (Reporting by Farah Master; Editing by Victoria Bryan)