5th Mar 2014 10:39
LONDON (Alliance News) - Oxford Pharmascience Group PLC Wednesday said it appointed a new chief executive and saw a widened pretax loss in 2013 due to increased research and development costs, as it advanced its product programmes towards commercialisation.
The pharmaceutical technology company posted a pretax loss of GBP1.5 million, widened from GBP818,000 in the previous year, despite revenue rising to GBP1.0 million from GBP466,000, as administrative expenses and sales costs rose.
The company posted administrative expenses of GBP1.9 million, up from GBP1.0 million, due to increase spending on research and development
Oxford said it had made progress in its transformation into a drug re-development company in 2013, and that 2014 will be a "pivotal year" for the company as it advances its Safer Non-Steroidal Anti-Inflammatory Drugs programmes towards commercialisation.
The company appointed Marcelo Bravo chief executive officer to replace Nigel Theobald, who resigned to pursue new business interests. Bravo previously held the position of chief technology officer at the company. Oxford is in the process of appointing a director of research and development and a further non-executive board director to bolster its business.
"We have come a long way with Oxford Pharmascience, yet this is only the beginning. I look forward to significant growth in the years ahead as our pipeline goes commercial," Bravo said in a statement.
It is currently proceeding to clinical pilot testing of its Rx 'safer Ibuprofen' tablet, and completing the development of two or three of its non-tablet ibuprofen over-the-counter products. Oxford is proceeding with its first in-human proof-of-concept tests of statins, a class of drugs for lowering cholesterol, which is planned for late in the second quarter of 2013. It is also developing further compounds in the Non-Steriodal Anti-Inflammatory Drugs category.
Oxford noted that it will not be able to proceed immediately with all of the programmes in its pipeline, but will focus on the opportunities that offer the best commercial potential.
Shares in Oxford were trading up 1.9% at 4.38 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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