28th Sep 2023 11:14
(Alliance News) - Genflow Biosciences PLC on Thursday said loss narrowed in the first half of 2023, as it managed to slash administrative expenses.
In the six months that ended June 30, the London-based biotechnology company focused on longevity said pretax loss narrowed to GBP621,539 from GBP773,794 a year earlier.
This was largely due to administrative expenses being cut to GBP815,477 from GBP1.8 million.
As of June 30, Genflow Biosciences had cash reserves of GBP1.5 million, down from GBP2.4 million on December 31, which it said was "derived from equity fundraising consecutive with admission to the London Stock Exchange" in January 2022. It also noted that it remains debt free.
"The company continues to maintain a secure financial position and has sufficient cash reserves until March 2025. This is inclusive of grant funding which has been approved at the time of reporting and is due to be received in the coming months," said Chair Tamara Joseph.
"The company continues to seek further non-dilutive research grants which management will use to expedite specific phases of planned research and development."
Looking ahead, Genflow Biosciences said it looks forward to growing the company's presence and continuing to build upon Genflow's position in the longevity sector both in Europe and the US.
"The recent recommendation from the [Federal Agency for Medicines & Health Products in Belgium] to commence phase 1/2 clinical trials in Nash patients is a key milestone for Genflow, and I am excited for the company to progress further towards gaining approval from the European Medicine Agency to commence human clinical trials over the next 18 months," said Joseph.
Shares in Genflow Biosciences were down 4.5% to 1.66 pence each in London on Thursday late morning
By Greg Rosenvinge, Alliance News reporter
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