23rd Apr 2018 11:17
LONDON (Alliance News) - Healthcare and life sciences firm Arix Bioscience PLC said Monday its 2017 loss narrowed in a "transformational" year after a significant rise in the fair value of its investments, and it continues to expect further catalysts into 2018.
In 2017, Arix's pretax loss narrowed to GBP7.7 million from GBP9.5 million the year prior. Revenue rose to GBP1.9 million from GBP635,000 the year before.
Profit performance was helped by a significant rise in the fair value of its investments. This resulted in a fair value gain of GBP5.5 million from GBP1.4 million the year prior.
"2017 was a transformational year for Arix, as we delivered on the objectives stated at the time of our IPO in February," Chief Executive Joe Anderson said.
"The IPO brought GBP112.0 million of new capital, which enabled us to identify and support eight new innovative life science companies, bringing our total at the end of the year to 13 Group Businesses. Since then we have raised a further GBP87 million and our pipeline of opportunities continues to grow, supported by our broad international network. We are also fortunate to have secured strategic partnerships with leading global pharmaceutical companies Takeda, UCB, Fosun and Ipsen."
"Looking ahead," Anderson added, "we anticipate multiple clinical and financing catalysts in our Group Businesses and we are also planning to build interests in more exciting young companies. We believe our approach has the potential to generate significant value for patients and for investors, and we are grateful to our shareholders for supporting us in this mission."
Shares in Arix were 0.7% lower at 197.10 pence on Monday.
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