8th Jun 2015 08:27
LONDON (Alliance News) - Abzena PLC Monday posted a widened pretax loss for its maiden full-year results since listing on AIM last July, and expressed confidence for the coming years.
The life sciences company posted a pretax loss of GBP5.2 million for the year to end-March, widened from a pretax loss of GBP4.4 million a year before, as a rise in revenue to GBP5.7 million from GBP3.8 million was offset by higher research and development costs and administrative expenses.
Following the company's initial public offering, the company consolidated its operations into the Babraham Research Campus near Cambridge.
The company said that its performance improved in its second half, and this increased level of activity has continued into its current financial year. Longer term, it expects its service revenues to grow, and to see an increased level of licence revenues. It expects further antibodies to enter clinical development in the next year to two years, and to add to the eight composite human antibodies it already has in the clinic.
Abzena said it will continue to execute the strategy it outlined at its initial public offering to enhance its offering through investment in research and development, collaboration, technology licensing or strategic mergers and acquisitions.
"We believe Abzena has made solid progress over the past year; our strong balance sheet and balanced, sustainable business model puts us in a good position to capitalise on the significant opportunities we see for enabling the development of better biopharmaceuticals and driving shareholder value. We can look forward with confidence to the coming years," the company said in a statement.
Shares in Abzena are trading up 0.9% at 86.78 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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