7th Sep 2015 08:39
LONDON (Alliance News) - Computer-driven drug discovery company Verseon Corp on Monday reported a narrowed operating loss for its first half, in its first results since it listed on AIM in May.
The company posted a net loss of USD553,000, narrowed from a net loss of USD2.1 million a year before, despite operating expenses doubling to USD3.6 million from USD1.8 million due to listing costs, as it was boosted by a USD3.0 million currency exchange gain. It did not produce revenue in either period.
The company said that it is continuing to advance its three drug programmes in anti-coagulation, treatment of diabetic macular edema, and the treatment of solid tumour cancers. It is also building organisational capacity and infrastructure to accelerate its current drug programmes and initiate new ones.
Verseon raised USD100 million in its initial public offering in May, and as a result had cash and cash equivalents of USD93.6 million in June. It plans to use the proceeds from its IPO to advance its current drug programmes and expand its drug development pipeline.
Shares in Verseon were untraded Monday morning. It last closed at 226.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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