25th Sep 2018 13:23
LONDON (Alliance News) - Life science company ValiRx PLC on Tuesday reported a widened loss in the first half of 2018 due to expenses and a sizeable share option charge.
The company's pretax loss for the six months to June 30 was GBP2.2 million, compared to GBP2.1 million the prior year.
Primarily, this increase was the result of a GBP332,240 share option charge where no such charge was occurred the year before. An increase in research & development costs to GBP851,688 from GBP723,149, as well as a rise in administrative expenses to GBP920,760 from GBP761,008, were also significant.
Post period end, the company announced that it is placing to raise GBP1.2 million in September and that detailed discussions regarding a phase three clinical trial of its lung cancer treatment VAL401 are ongoing.
"We have seen our two clinical stage compounds reach respective inflection points on their developmental pathways and our pre-clinical portfolio of future precision drugs have themselves made exciting advances towards the clinic," said ValiRx Non-Executive Chairman Oliver de Giorgio-Miller.
"I look forward to patients and shareholders alike benefiting from the company's continued efforts to develop ground-breaking drugs and from the successful crystallisation of substantial value," he added.
Shares in ValiRx were up 1.6% at 1.93 pence on Tuesday.
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