LONDON (AFX) - SR Pharma PLC reported annual losses little changed on last year and predicted
a slew of deals in the coming months as it focuses on building a presence in new RNAi technology, which is used to identify and development novel therapeutics for drug makers.
In the year ended Dec 31 pretax losses widened slightly to 3.6 mln stg compared to a loss of 3.3 mln last time. Revenues climbed to 508,721 stg from 159,211.
As part of its strategy Atugen AG, a siRNA therapeutics specialist, was acquired last year for 7.5 mln stg.
'We are committed to making further strategic moves to strengthen our position both scientifically and financially and we anticipate further significant transactions during 2006/2007,' it said in this morning's results statement.
Talks with big pharma players interested in its technology base are being pursued, as are M&A discussions with complementary businesses.
In particular the company is looking to grow a presence in the US, through continued M&A activity and collaborations with pharmaceutical and biotech companies.
Any future acquisitions will be accompanied with a further fundraising, if necessary, SR said.
SR Pharma ended the year with 9.1 mln stg in cash, bolstered by a 10 mln stg fundraising conducted last year, and said it has enough cash to last two years. Until it reaches profitability the company said it plans to always have enough cash to last two years.
Shares in the AIM-listed company closed Thursday at 13.25 pence, valuing it at 12 mln stg.
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