Oxford Pharmascience narrows loss as it develops OXPzero
Speciality pharmaceutical company Oxford Pharmascience Group announced its results for the year ended 31 December on Friday - a year in which it completed its technical programme to improve release properties, and successfully completed in vivo demonstrations that its technology modifications could make its OXPzero ibuprofen bioequivalent to the reference product and also potentially faster acting.
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The AIM-traded company’s revenues were slightly ahead of 2015 at £0.8m from £0.75m, with its cost of sales broadly in line at £0.6m from £0.59m.
Its operating loss narrowed to £2.23m from £3.97m, with a loss before tax of £1.9m reducing from £3.88m.
Basic and diluted losses per share more than halved to 0.11p for the year.
“The group remains focused on activities that support the progression to market for OXPzero NSAIDs,” said chief executive Marcelo Bravo.
“We were particularly pleased to confirm in the clinic earlier this year the outcome of the technical programme conducted throughout 2016 to modify the OXPzeroTM technology, demonstrating we can achieve faster absorption and bioequivalence against standard ibuprofen.”
Bravo said the company was continuing ongoing partnership discussions with over-the-counter drug companies both in North America and Europe, as well as outreach to companies operating in pain management to advance its prescription product strategy, initially with a focus on the US market.
“The group remains well-funded to complete this next stage of work and looks forward to providing further updates.”