Losses widen at Ozford Pharmascience
Oxford Pharmascience's losses widened in 2015, as the specialty pharmaceutical company spent more cash in a bid to move a number of products towards registration.
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The AIM-traded company's revenues jumped to £749,000, from £705,000 in 2014. Gross profit was down, however, to £158,000 from £223,000.
Oxford's operating loss hit £3.97m, wider than the £3.5m in 2014. It reported a loss before tax of £3.88m, from £3.46m in 2014. Losses per share were 0.28p on a basic and diluted basis, compared with 0.29p a year prior.
At year-end, Oxford Pharmascience had cash and short-term investments of £23.1m, uo from £6.7m a year earlier, which the board said provided sufficient working capital to take products through to registration.
It blamed the operating loss on a planned increase in research and development spend, and an increased number of proof-of-concept trials compared to 2014.
"2015 was a busy and successful year for the Company. We established the proof-of-concept for OXPzero Ibuprofen and OXPzero Naproxen whilst continuing work with other pipeline programs," said chief executive Marcelo Bravo.
Bravo said the company had recently entered early-stage partnering discussions for the OXPzero Ibuprofen and OXPzero Naproxen assets.
"We are encouraged by the strong level of interest from major global players in this space, and remain well funded and continue to operate in a prudent manner with cost control central to our operating model. We will continue to update shareholders of progress as appropriate and we look forward to the remainder of 2016 with confidence," Bravo concluded.