11th Mar 2019 10:49
LONDON (Alliance News) - Silence Therapeutics PLC on Monday said its loss widened considerably in its most recent year after a gain on the disposal of its shares in Arrowhead Pharmaceuticals Inc the year before.
Shares in Silence Therapeutics were down 5.3% at 50.00 pence on Monday.
In 2018, the pharmaceutical firm's pretax loss totalled GBP20.5 million, significantly wider than its GBP3.8 million loss the year before.
Easing its loss last year was a GBP9.1 million gain on the disposal of Arrowhead, as well as a GBP1.3 million foreign exchange credit.
Also, administrative expenses increased 66% to GBP10.8 million from GBP6.5 million. Research & development costs rose also, hitting GBP9.7 million versus GBP7.9 million, a rise of 23%.
The company recorded no revenue in 2018, and only GBP16,000 of revenue in 2017 as it is still in the process of advancing its lead drug candidate.
This candidate, SLN124, has been granted orphan drug designation by the European Medicines Agency as a treatment for severe blood disorder Beta-Thalassaemia, which is when a person does not produce enough haemoglobin and becomes anaemic.
An orphan drug designation confers a number of benefits, including a ten-year period of market exclusivity.
Silence will shortly file a clinical trial authorisation for SLN124, with the first patients entering a study in the second half of 2019.
"During the year we have made great progress in advancing our lead product SLN124 towards the clinic and we are due to commence in-human clinical trials later in 2019 to demonstrate safety and tolerability. We look forward to unlocking more of Silence Therapeutics' potential in 2019 and beyond for the benefit our shareholders and, importantly, for the patients of these devastating conditions," said Chief Executive David Horn Solomon.
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