30th Sep 2019 16:51
(Alliance News) - Hemogenyx Pharmaceuticals PLC on Monday said it widened its first half loss on an expenses rise but reported progress in gaining investigational new drug status from US regulators for its cancer treatment.
In the six months to June 30, its pretax loss widened to GBP706,670 from GBP647,423 driven by a 6.2% rise in administrative expenses to GBP759,598 from GBP715,474.
Although it generated no revenue, the company receives consultancy income related to funds it earns from research collaboration programmes. Consultancy income fell by 9.6% year-on-year to GBP82,763 from GBP91,358.
Hemogenyx is developing the CDX antibody medication to fight acute myelogenous leukaemia, a type of cancer in the blood and bone marrow.
The company said it has made "continued progress" in filing an investigational new drug application to the US Food & Drug Administration for the CDX antibodies.
Hemogenyx added that it is also in preliminary discussions with a global biopharmaceutical firm "regarding a potential licensing deal" for the CDX antibodies are continuing.
Executive Chair Marc Feldmann said: "The board is very pleased with the progress being made with the unlocking of additional opportunities for the CDX antibodies, as well as the potential value that can be created through the company's updated humanised mouse model.
"The board believes that the company is well advanced on the planned development steps for its CDX antibodies that were announced at admission, and we hope to provide further updates to shareholders as we progress. The company looks forward to the future with confidence."
Shares in Hemogenyx closed 2.8% higher at 2.62 pence each in London on Monday.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Hemogenyx