27th Jun 2016 10:08
LONDON (Alliance News) - SalvaRx Group PLC on Monday said it expected to start a new clinical trial this year, and it will continue to focus on its preclinical pipeline, as it reported a pretax loss for its recently ended financial year.
SalvaRx began trading on AIM in March following the reverse takeover of 3Legs Resources PLC, and subsequently changed its name.
The biotechnology company reported a pretax loss of GBP192,000 for its continuing operations in 2015. For its discontinued operations, the company had reported a pretax loss of GBP35.0 million in the previous year.
SalvaRx is now focused in developing a series of small molecules in cancer immunotherapy. Its subsidiary, iOx, has a clinical trial sponsorship agreement with the University of Oxford to fund the first in human phase I/II clinical trials for its lead compound,
"2015 was a transformative year for the group, which saw a repositioning of the investment policy to focus on Life Sciences, the investment in SalvaRx, and a clear path towards an reverse takeover," said Chief Executive Officer Ian Walters in a statement.
"In 2016, SalvaRx's subsidiary, iOx Therapeutics has made significant strides, doubling the number of planned clinical trials it is involved in and investing in a second technology platform in Intensity Therapeutics, which has shown significant potential in preclinical models and plans to treat its first cancer patient later this year. I am particularly pleased with how SalvaRx is positioned to achieve its initial targets at a fraction of the cost traditionally associated with this industry," said Walters.
Shares in SalvaRx were up 8.2% at 30.30 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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