12th Sep 2022 14:19
(Alliance News) - BiVictriX Therapeutics PLC on Monday reported a widening loss in the first half of 2022, as a result of higher research cosrs.
The Alderley Edge, Cheshire-based biotechnology company is attempting to develop precision cancer treatments that avoid causing the patient significant damage.
The company reported a pretax loss of GBP1.6 million in the six months to June, a substantial deterioration from the GBP419,000 it posted in the same period last year.
However, this stemmed from GBP1.2 million investment in research and development, compared to none the year before. The company maintained a strong cash balance of GBP4.5 million, up from GBP400,000 last year.
No revenue was generated as the company is in the process of commercialising its products.
The company's is advancing its lead asset, BVXOO1, to lead candidate status for Acute Myeloid Leukaemia in the fourth quarter of the year.
BiVictriX has also expanded the pipeline to include two more therapeutic programmes, BVX002 and BVX003, although the focus remains on the lead candidate.
The company said that the "antibody drug conjugates sector remains a hot area of commercial interest".
Chief Executive Officer Tiffany Thorn commented: "This year has seen significant progress across our pipeline, as we remain focused on optimising BVX001 and establishing ourselves as leaders in the development of highly selective, next generation cancer therapeutics. Our focus continues to be on finding the best treatments for targeting the cancer, not the patient, and I am proud of the advancements we have made and continue to make."
Shares in BiVictriX were trading 7.3% higher at 17.70 pence each in London on Monday afternoon.
By Chris Dorrell; [email protected]
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