22nd Jun 2015 08:35
LONDON (Alliance News) - Redx Pharma PLC on Monday said its outlook for the full year remains positive, as it posted a widened pretax loss in its maiden interim results since listing on AIM in March.
For the half year to end-March the company posted a pretax loss of GBP3.3 million, widened from a pretax loss of GBP2.0 million, as a result of lower operating income from grants and its collaboration deal with the UK's National Health Service, although this was partly offset by a GBP900,000 gain from the sale of its Redx Crop Protection subsidiary in October 2014.
The company is not yet revenue producing.
Redx said it had continued to make strong progress with its drug discovery programmes, and it now has a portfolio of 13 proprietary drug programmes focused on cancer and infectious disease. Five of its programmes have achieved in vivo proof of concept, and two are potentially ready to enter the clinic in 2016.
Following the end of the half-year, Redx in May launched an immunology subsidiary.
"I remain very optimistic about the opportunities available to us and Redx's admission to AIM and share placing at the end of March will help to support our ambitious plans for our ongoing development," said Chief Executive Neil Murray in a statement.
Shares in Redx are trading flat at 112.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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