4th Apr 2018 08:21
LONDON (Alliance News) - Healthcare-focused investment company Syncona Ltd said on Wednesday that itsportfolio company Nightstar Therapeutics PLC reported a widened loss in its recently finished financial year, as it continues clinical trials and candidate development.
Net loss at the end of the year was USD29.7 million, up from the USD12.2 million posted the year before. This was after research and development expenses doubled to USD20.5 million, compared with USD10.2 million.
The company said it invested in product candidates USD4.9 million and saw an increase in personnel-related costs to USD1.9 million. Nightstar hired additional employees during 2017 to assist in the further development of its product candidates and pipeline.
Administrative expenses also rose to USD7.0 million versus USD2.1 million posted the year before, due to a USD2.1 million increase in consulting and professional fees, the group said.
Nightstar grew its cash to USD129.4 million from UDS10.1 million it had in 2016. This was after the company sold 6.2 million of its American depositary shares and completed USD45.0 million financing with Syncona, NEA, Wellington and Redmile in June.
Syncona shares were trading flat at 187.26 pence per share on Wednesday.
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