16th Apr 2015 10:41
LONDON (Alliance News) - hVIVO PLC, which wants to help to discover and develop drugs for respiratory and infectious diseases, Thursday reported that its pretax loss widened in 2014 as a result of lower revenue, higher administrative expenses and costs associated with research and development.
In a statement, hVIVO, previously known as Retroscreen Virology Group PLC, said its pretax loss widened to GBP22.7 million in 2014 from GBP1.2 million in the prior year. Revenue fell by 33% to GBP18.5 million. Research and development expenses increased to GBP10.7 million from GBP1.2 million, while administrative expenses rose to GBP17.7 million from GBP7.3 million.
Chief Executive Kym Denny said that 2014 was a volatile year as pharmaceutical companies battled against challenges such as the outbreak of Ebola, while he called the flu season "surprisingly severe".
"With fewer than anticipated human challenge clinical trials being conducted in 2014 due to market shifts...we took advantage of this operational gap by accelerating hVIVO's R&D programmes and our "Pathomics" approach, combining omics and pathway analysis. Following investor support and a successful GBP33.6 million fundraise in August 2014, we fast-tracked our sample collection capabilities to deliver the first influenza pathomics map and the first commercial asthma model. We conducted two landmark studies in RSV in record time and proudly watched our RSV model transform RSV disease research," Denny said.
"The company is well placed to achieve its objectives for 2015 and remains fully engaged with its customers regarding both its product validation and pathomics capabilities and opportunities. We are excited to be expanding our platform into new disease areas, developing the industry's first commercial asthma model this year," Denny said.
hVIVO shares were flat at 285.00 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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