22nd Jul 2020 19:06
(Alliance News) - Pharmaceutical development firm Nuformix PLC on Wednesday posted a slimmed annual loss despite a slight dip in revenue.
In the year to March 31, revenue slipped 12% to GBP535,000 from GBP610,000. Its pretax loss, however, slimmed to GBP929,882 from GBP1.8 million.
Administrative expenses were cut by 41% to GBP1.1 million from GBP1.9 million.
"During the year, we prioritised development of our anti-fibrotic candidate, NXP002, and are developing an inhaled formulation. Our preparations for first clinical exposure are underway. We are looking at all options for deriving value from this product globally," Nuformix said.
Shares in the company closed 7.6% lower at 3.65 pence each in London on Wednesday.
By Eric Cunha; [email protected]
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