27th Sep 2016 10:17
LONDON (Alliance News) - Life sciences firm ValiRx PLC Tuesday reported a widened pretax loss for the first half of 2016 as it continued to progress its core compounds towards and through clinical trials.
ValiRx reported a pretax loss of GBP2.3 million for the half year to the end of June, compared to a pretax loss of GBP1.6 million the previous year. Revenue rose to GBP239,855 from GBP153,099.
During the half the company's lead compound VAL201 continued to perform well in phase I/II clinical trials in patients with hormone resistant prostate cancer. ValiRx also progressed with designing a trial for VAL201 in endometrioses and other endometrial conditions.
Meanwhile, VAL401 progressed towards the clinic, with the first submission in the regulatory approval process filed in the half. Since the end of the half year, full regulatory and ethics approval was given for a clinical trial site in Tbilisi, where it plans to test VAL401 as an oral treatment for late stage non-small cell lung adenocarcinoma.
ValiRx raised GBP1.2 million in placing following the half year end, and also inked a convertible loan facility, to help fund further progress in its pipeline.
"We are now well into the second half of the year and I am pleased that we have been able to sustain our momentum as we move towards exciting clinical developmental milestones and potential value inflection points as far as our VAL201, 301 and 401 therapeutic compounds are concerned. The funding recently secured provides a cash runway towards reaching these," said Non-Executive Chairman Oliver de Giorgio-Miller in a statement.
Shares in ValiRx were down 7.0% at 6.28 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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