18th Sep 2013 09:43
LONDON (Alliance News) - Oxford Pharmascience PLC Wednesday showed increased revenues and widened pretax losses as it continues its transition to become a drug redevelopment company.
For the half-year ended June 30 the company posted revenues of GBP501,000 up from GBP341,000. It had a pretax loss of GBP585,000, widened from GBP399,000. Administration expenses increased to GBP765,000 from GBP526,000.
Oxford Pharmascience said that it was now focused into redeveloping already approved oral prescription and over-the-counter products as this allows for less expensive development programmes and quicker market access.
The company remained confident, saying that it was pleased with the speed of transition it had displayed in the half-year, and adding that it expected strong sales growth to continue into the second half.
Shares in the pharmaceutical technology company were trading down 0.02 pence at 3.65 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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