27th Jul 2015 08:56
LONDON (Alliance News) - Life sciences company Horizon Discovery Group PLC on Monday said it is to invest up to GBP10 million over the next two years in its research and development business in order to identify molecular cancer therapeutics.
The investment is being made by the company in line with the plans it outlined when it recently raised GBP25 million in share placing.
"In line with our strategy to reach profitability in 2017 driven by revenues derived from our products services and leveraged R&D businesses, we are investing to expand our milestone portfolio in two very promising areas of cancer research, which are predicted to represent 20-50% of the oncology market in ten years' time. By seeking early partnerships we will keep the portfolio broad whilst minimizing risk, with earlier and more predictable returns for the Company," said Darrin Disley, Horizon's chief executive.
Shares in Horizon were down 2.2% to 155.10 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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