11th Mar 2016 07:35
LONDON (Alliance News) - Circassia Pharmaceuticals PLC on Friday said its pretax loss widened in 2015 as it spent more on research and development to progress its treatment pipeline, but the group did generate its first revenue.
Circassia said its pretax loss widened to GBP62.8 million in the year to the end of December, compared to a GBP44.0 million loss a year earlier. The group generated GBP10.8 million in revenue, having made none the year before, but this was offset by higher research and development, sales and marketing and administrative costs.
The group said it has made progress on its allergy treatment programmes in the year, with its cat allergy candidate in phase 3 trials and results expected from these studies in the second quarter of this year.
Circassia also expects to get data from its first in-human clinical study on its birch allergy treatment in the third quarter and is on track to start recruitment for its ragweed allergy treatment studies this year.
"Circassia is in a period of exciting transformation as we accelerate our strategy to become a self-sustaining specialty biopharmaceutical company. Our innovative allergy treatments continue to make good progress, and we remain on track to deliver our phase III results in the coming months," said Chief Executive Steve Harris.
"In the coming year, we intend to build on this progress, expanding our commercial presence in preparation for the launch of our first allergy treatment, while further increasing sales of our approved products. We also plan to deliver on our wider pipeline, including moving our grass allergy treatment into a registration study," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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