25th Feb 2015 10:37
LONDON (Alliance News) - Rex Bionics PLC on Wednesday reported a wider pretax loss for its financial year on the back of the inclusion of the results of two subsidiaries and from higher development spending.
The company said its pretax loss for the year to November 30 was GBP3.7 million, widened from the GBP480,000 loss posted a year earlier. The company generates no revenue at present.
The increase in the loss for the company, which makes the REX Robot technology for wheelchair users, was attributed to costs associated to the acquisition of the Rex Bionics Ltd and Rex Bionics Pty Ltd subsidiaries and to higher spending related to its plan to commercialise the REX technology.
The group said it is in talks with a number of clinics about the use of the REX technology in fields other than spinal cord injury.
"We are making good progress with the five commercialisation priorities that we established in December and continue to believe that the REX robot technology will deliver the goods in clinical trials," said Chief Executive Crispin Simon.
Rex shares were down 3.7% to 65.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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