24th Aug 2023 11:06
(Alliance News) - ValiRx PLC on Thursday reported an increased half-year loss amid higher costs, as it continued to focus on building its science-focused portfolio.
The Essex, England-based life science company focused on early-stage cancer therapeutics and women's health said pretax loss in the first half of 2023 widened to GBP1.2 million from GBP1.1 million a year prior. Administrative costs increased 51% to GBP925,866 from GBP611,370. It has no revenue.
Notably for ValiRx, subsidiary Inaphaea BioLabs Ltd launched during the first half of 2023. It is part of ValiRx's translational contract research organisation and is based in Nottingham. Translational means that ValiRx focuses on enabling the translation of innovative science into clinical development.
"Following its launch, Inaphaea has continued to build the translational contract research organisation concept by developing collaborations with companies that provide complementary capabilities, such as Physiomics [PLC], Oncobone [Ltd] and, more recently, Agility Life Sciences [Ltd]. Their services, when aligned with the cell-based testing of Inaphaea, present a very compelling service offering to companies seeking to translate preclinical assets into clinical candidates, including ValiRx's own development pipeline," ValiRx said on Thursday.
Last week, ValiRx announced that Inaphaea had entered into a collaborative services agreement with Agility Life Sciences.
ValiRx had GBP891,246 in cash as at June 30, multiplied from GBP97,699 a year before.
The company said it is continuing to build a risk-balanced portfolio of novel science in oncology and women's health, noting several potential candidates in late-stage discussions.
Chair Kevin Cox said: "The continued progress of ValiRx during the first half of 2023 has been encouraging. However, this has been against the backdrop of challenging market conditions, with the biotechnology sector in general suffering from a change in sentiment in a post-Covid world. Although there are expectations of additional income from Inaphaea, the company will be managing its resources in the most efficient manner to maintain momentum over the next period."
ValiRx shares rose 7.4% to 6.55 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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