27th Sep 2018 09:57
LONDON (Alliance News) - Circassia Pharmaceuticals PLC on Thursday said its loss narrowed in the first half of the year due mainly to its collaboration with pharmaceutical giant AstraZeneca PLC.
The pharma company's pretax loss for the six months to June 30 was GBP23.9 million, from its GBP34.1 million loss the prior year.
This can be attributed to an increase in revenue to GBP28.4 million from GBP18.3 million revenue relating to its AstraZeneca collaboration, with contributions from the sale of Tudorza and NIOX boosting revenue.
The company also cut its research & development costs to just GBP6.7 million from GBP22.8 million, although some this was offset by an increase in sales & marketing expense to GBP27.7 million from GBP21.1 million and finance costs of GBP6.1 million versus just GBP1.6 million the year before.
"In the first six months of the year we have made good financial progress, increasing our revenues from both NIOX and Tudorza, delivering research & development cost savings and significantly reducing our net loss and cash outflow," said Chief Executive Steve Harris.
"With the team making encouraging progress right across Circassia, we are working hard to make 2018 a transformational year for the company, as we lay the foundations to transition to profitability," Harris added.
Shares in Circassia were up 1.7% at 76.20 pence on Thursday.
Related Shares:
AstrazenecaCIR.L