26th May 2020 10:06
(Alliance News) - 4d Pharma PLC on Tuesday said its loss widened in 2019 due to an increase in costs as it continues drug development.
The pharmaceutical company reported a pretax loss of GBP29.4 million for 2019 compared to GBP28.4 million the year before, on revenue of GBP211,000 versus none in 2018.
4d Pharma's research & development expenses grew to GBP26.5 million from GBP24.9 million, while administrative expenses increased to GBP4.4 million from GBP4.2 million.
"2019 was a successful year for the group in which we made great progress in the clinic across multiple programmes, and entered collaborations with new partners," said Chair Axel Glasmacher.
During 2019, 4d Pharma entered a research collaboration and option agreement with Merck Sharp & Dohme Corp, a subsidiary of Merck & Co Inc, to use the MicroRx discovery platform to develop Live Biotherapeutics in vaccines.
"We now look forward to the year having set up multiple near-to-mid-term catalysts as we generate robust clinical data with multiple shots on goal," said Chief Executive Duncan Peyton.
In April, 4d Pharma received expedited approval from the UK's Medicines & Healthcare Products Regulatory Agency for a phase II clinical trial of immunomodulatory Live Biotherapeutic MRx-4DP0004 to treat Covid-19 patients.
AIM-listed 4d Pharma shares were trading 4.1% lower in London on Tuesday at 50.84 pence each.
By Evelina Grecenko; [email protected]
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