14th Apr 2020 15:21
(Alliance News) - Silence Therapeutics PLC on Tuesday reported a widened loss in 2019 due to higher research and development costs and despite some revenue coming in.
For the year, the pharmaceutical firm's pretax loss totalled GBP22.9 million, widened from GBP20.5 million the year before, after R&D costs rose to GBP13.3 million from GBP9.7 million.
Silence generated revenue of GBP244,000 from none the prior year, from its research and collaboration agreement with Mallinckrodt Pharmaceuticals with an exclusive worldwide licence for SLN500.
There was also first revenue under the settlement and licence agreement with Alnylam Pharmaceuticals for tiered royalty on net sales of ONPATTRO in the EU.
Looking ahead, Silence said it remains well financed to deal with any financial downturn occurring as a result of the Covid-19 outbreak.
In addition, over the next 12 to 18 months, the company expects to see further validation of the pre-eminence of its RNAi platform capability and the progression of its in-house programmes.
"The board and management team will aim to create value through organic growth, but will also remain alert to external opportunities to accelerate the development of the business, including forming validating partnerships with third parties. In addition to securing value-generating partnerships and collaborations, the company will look to broaden its share register and seek a wider following from North American healthcare institutions," said Executive Chair Ian Ross.
Shares in Silence Therapeutics were up 2.9% at 455.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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