5th Jun 2015 09:13
LONDON (Alliance News) - 4D Pharma PLC said Friday it has had a "constructive first financial period" in its maiden full year results following its admission to AIM in February 2014, and said it remains "excited by the prospects for the coming period".
The company posted a pretax loss of GBP2.4 million for the period from January 10, 2014 to end-2014. It did not post ant revenue for the period. It has no comparative figures as it only incorporated in January 2014.
It posted administrative costs of GBP3.5 million, of which GBP1.8 million was made up of research and development costs related to the development of its pipeline, although these were offset partly by a GBP1.4 million gain on the remeasurement of its equity interest on the acquisition of a subsidiary.
4D Pharma said it had successfully progressed development of its clinical programmes during the year. Its irritable bowel syndrome treatment blautix, and its paediatric Crohn's treatment thetanix are both scheduled to enter first in man studies in 2015.
Its paediatric ulcerative colitis treatment rosburix is scheduled to entered clinical trials in the second half of 2016.
It raised GBP16.6 million in its initial public offering, and subsequently raised a further GBP21.5 million in a placing in July 2014. Following the year end it raised a further GBP34.8 million in a share placing in February of this year.
"We are delighted to have had such a constructive first financial period, which has seen both the evolution of the group's initial discovery projects, taking them towards clinical trials in the next 12 months," said Chief Executive Officer Duncan Peyton in a statement. "We remain excited by the prospects for the coming period."
Shares in 4D Pharma are trading down 11.9% at 850.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
DDDD.L