30th Sep 2013 07:42
LONDON (Alliance News) - Phorm Corporation Ltd Monday reported narrower loss for the first six months of the year, but its cash burn rose as it continued to try and commercialize its Turkish operations and launch in China.
The company reported a net loss of USD24.8 million for the six months to June 30, narrower than the USD30.9 million loss it reported a year earlier, even though revenues declined to USD28,545, from USD36,421.
It reduced spending on both research and development and sales and administrative expenses. Despite this, its average monthly cash burn for the last three months was USD2.5 million, up from USD2.2 million in the first six months of 2012. It has cash and cash equivalents of USD9 million at the end of August.
Phorm's shares were down 21.7% at 4.5 pence early Monday, one of the biggest declines on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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