19th Nov 2013 13:11
LONDON (Alliance News) - Biotechnology company Vectura Group PLC posted a widened pretax loss as it increased research and development expenses in the half-year ended September 30.
Vectura posted revenue of GBP17.0 million, flat from the previous year. Declines in product licensing were offset by increases in revenues from royalties and technology licensing.
It posted a pretax loss of GBP1.2 million, widened from GBP1.1 million in the previous year as the company increased its research and development expenses to GBP13.6 million from GBP13.3 million. This increase was offset by a one-off receipt of GBP1.2 million in investment income during the period.
"The first half of the financial year has been another important period for Vectura, marked by significant development achievements," said Chief Executive Chris Blackwell in a statement.
Shares in Vectura dropped 3.4% at 105.75 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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