14th Feb 2014 09:37
LONDON (Alliance News) - Physiomics PLC Friday said its pretax loss narrowed in its first half as the company increased its customer base, significantly adding to its revenues.
The UK-based biology company said its pretax loss narrowed to GBP214,000 for the six months ended December 31 2013 from GBP305,000 in the same period during 2012.
The company said its revenues more than doubled to GBP131,000 from GBP52,000 during the previous period as the company broadened its customer base during the period with cardiac toxicity model and virtual tumour per-clinical services contracts.
Physiomics said its net operating expenses fell to GBP346,000 from GBP360,000 the previous year.
However, the company also said its total shareholders funds fell to GBP338,378 at December 31, 2013 from GBP445,246 at the same point the previous year.
The company also said it continues to look for collaborations that lead to a share in a compound in development and the potential to share in revenues, and continues to assess opportunities to join forces with other relevant service companies or biotechnology companies with their own pipelines.
Physiomics said discussions are in progress to sign up a major pharmaceutical company as a partner for its virtual tumour clinical development project.
The news comes as the company announced in January a collaboration deal with the University of Dundee to assist it in analysing clinical data with an emphasis on developing new mathematical approaches for drug development.
Physiomics shares were down 3.9% to 0.149 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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