29th Sep 2015 10:59
LONDON (Alliance News) - Silence Therapeutics PLC Tuesday reported a narrowed pretax loss for the first half of 2015 as a phase 2a clinical study wound down, resulting in lower costs, and it continued to progress its pipeline of therapies.
For the half year to end-June the company reported a pretax loss of GBP4.1 million, narrowed from a pretax loss of GBP5.6 million a year before, as a result of lower research and development and administrative expenses. It did not report revenue in the current period, compared to revenue of GBP7,000 a year before.
During the period the company reported positive results from a clinical trial of its key cancer product Atu027, when used in combination with gemcitabine.
In April the company raised GBP38.9 million in a share placing, which it said will support its expanding research and development activities, and allow it to capitalise on in-licensing and acquisition opportunities.
Following the half year end, Chief Executive Officer Ali Mortazavi returned to the company after a period of compassionate leave.
"I am pleased that Silence has continued to progress in the period, with a good clinical result and a highly successful fund raising through which we attracted the support of several major investors. I am confident that, with Ali Mortazavi returned to the Company, we will continue to further our ambition to create a world-class genetic medicine company," said Non-Executive Chairman Stephen Parker in a statement.
Shares in Silence Therapeutics were trading flat at 254.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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