22nd Sep 2015 10:01
LONDON (Alliance News) - Oxford Pharmascience Group PLC Tuesday reported a widened pretax loss for its first half as it continued to progress its pipeline of nonsteroidal anti-inflammatory drugs.
For the half year to end-June the company reported a pretax loss of GBP2.2 million, widened from a pretax loss of GBP1.7 million a year before as a result of higher administrative expenses, on revenue of GBP342,000, compared to GBP336,000 a year before.
During the period the company ran two proof-of-concept clinical studies during the period, compared to one in the previous year. Two of its drugs have progressed to the clinic for assessment, and following the year end in July it announced encouraging proof of concept trial results for its Naproxen product.
A proof of concept trial is ongoing for its Ibuprofen product, with headline results expected to be released in the fourth quarter.
"Building upon the progress made this year, the company is in a strong position to proceed along its clinical pathway and to diversify its pipeline. We look forward to announcing further updates on the company's programmes and pipeline over the coming year," said Chief Executive Officer Marcelo Bravo in a statement.
Shares in Oxford Pharmascience were down 3.2% at 6.90 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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