7th Mar 2016 10:17
LONDON (Alliance News) - Technology-based pharmaceutical firm Verseon Corp said Monday it has seen "significant progress" on the expansion of its operations, as it reported a narrowed pretax loss for 2015.
Verseon reported a pretax loss of USD7.7 million, reduced from a pretax loss of USD8.2 million in 2014, as higher operating expenses were offset by a USD1.9 million currency exchange gain. The company did not report revenue in either period.
Verseon listed in May 2015, and said it is using the proceeds from its initial public offering to develop its operational capabilities, speed up its existing programmes, and start up additional drug discovery programmes.
It currently has three programmes in its pipeline, and it expects to start a fourth drug development programme in the second half of 2016.
"We are pleased to report significant progress with the expansion of Verseon's operations this year," said Chief Executive Officer Adityo Prakash in a statement.
"During our build-out, we have succeeded in maintaining a low cost base, with net loss per share lower than expected. We would like to thank the members of the board, our employees and our shareholders for their ongoing and continued support. We are confident that together we are building a solid foundation for success," Prakash added.
Shares in Verseon were down 12% at 148.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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