26th Feb 2015 10:30
LONDON (Alliance News) - Speciality biopharmaceutical company Circassia Pharmaceuticals PLC Thursday posted a widened pretax loss for 2014, as a result of a ramp up in investment in new clinical trials and in headcount and costs relating to its initial public offering last March.
For 2014, the company posted a pretax loss of GBP44.0 million, widened from a pretax loss of GBP23.9 million, as a result of higher research and development costs and administrative expenses.
The company upped its investment in research and development to GBP38.6 million during the year, compared to GBP21.1 million in 2013. It increased its research and development headcount to 44 by the end of the year, compared to 16 at the end of 2013.
Circassia said that during 2015 it plans to continue advancing its clinical portfolio, with six studies underway. Alongside this it plans to further develop its commercial organisation ahead of the launch of its first product. It is considering options to accelerate its commercialisation strategy, including potential acquisitions.
The company raised GBP202.0 million in its initial public offering last year, and said the proceeds supported its greater investment. At the end of 2014, it had cash of GBP186.6 million.
"With the phase III registration study of the company's lead product on track to complete in the first half of 2016, Circassia remains funded to bring its first allergy treatment to market," the company said in a statement.
Shares in Circassia are trading down 1.2% at 257.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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