11th May 2022 16:35
(Alliance News) - Biotech company Roquefort Therapeutics PLC on Wednesday reported a loss but was upbeat on its future after the takeover of Australian business Lyramid.
Revenue in the period stretching from August 17, 2020, the date of the company's incorporation, to December 31, 2021, was GBP719.00.
However, the company noted that if it had acquired Lyramid in August 2020, it would have generated GBP23,857 of revenue in the period.
Lyramid was purchased by Roquefort for GBP1 million in late December 2021, through a combination of GBP500,000 in cash and 5 million new ordinary shares.
Roquefort reported a pretax loss of GBP917,433 for the period, in part due to GBP224,744 of costs associated with its acquisition of Lyramid.
Executive Chair Stephen West said he is optimistic about the future of Roquefort following the acquisition of Lyramid.
Lyramid is a "clear market leader" in Midkine inhibiting RNA therapeutic drugs, with an exclusive worldwide licence to commercialise up to 37 patents related to Midkine-based therapies for the treatment of cancer patients, autoimmune disorders, chronic kidney disease and Covid-19.
Looking ahead, West said the company is fully funded to progress its lead drug candidate to clinical trials in the second half of next year.
"We are optimistic in the therapeutic potential of Midkine in meeting a number of indications of unmet needs in major multi-billion dollar markets," he added.
Roquefort has not proposed a dividend for the period.
Shares in Roquefort closed 3.0% lower in London on Wednesday at 8.00 pence.
By Sophie Rose; [email protected]
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