5th Mar 2015 09:52
LONDON (Alliance News) - Oxford Pharmascience Group PLC Thursday reported a wider net loss for 2014 as it accelerated research and development spending, and said it has begun dosing patients in a trial of its developmental OXPzeroTM Naproxen non-steroidal anti-inflammatory drug.
The company reported a net loss of GBP2.9 million for 2014, wider than the GBP1.5 million loss it reported in 2013, as it increased research and development spending as planned, mainly on its non-steroidal anti-inflammatory drugs programme.
The programme is aiming to redevelop the likes of ibuprofen, naproxen, diclofenac and aspirin to make them significantly milder in the gastrointestinal tract. Currently, these drugs can cause side effects like erosions, ulcers and bleeding.
The company's revenue in 2014 dropped to GBP705,000, from GBP1.03 million in 2013, as sales in its calcium supplement business fell as it had predicted. It has commercialized calcium/vitamin D chews that it claims taste better and dissolve faster than currently available regular formats. It markets the chews in the UK, Middle East and Brazil.
Its cash and cash equivalents balance at the year-end stood at GBP6.7 million, down from GBP9.9 million at the end of 2013, which leaves it "well-funded to deliver its NSAID portfolio through to anticipated commercial discussions and value inflection points in 2015 and beyond".
In a separate statement, the company said it has now begun dosing human patients in a comparative PK study of OXPzero Naproxen compared with Naprosyn. The aim of the study is to demonstrate the bioequivalence of OXPzero Naproxen.
It is expecting headline PK results by the end of the month, and once these are available it plans to follow with a proof of concept endoscopic study to demonstrate reduced gastrointestinal irritation.
Oxford Pharmascience shares were up 5.1% at 6.65 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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