LONDON (AFX) - SR Pharma PLC, which specialises in RNAi-based therapeutics
, reported widening annual losses on higher research and development costs, and forecast a significant hike in spending this year.
The company also said it plans to change its name to Silence Therapeutics.
Pretax losses in 2006 came in at 3.9 mln stg, compared to 3.6 mln the previous year.
Revenues surged four-fold to 1.95 mln stg, while R&D spend almost doubled to 3.2 mln stg.
During 2007 the group is forecasting a significant increase in R&D and infrastructure costs, as its lead molecules move into the clinic for human testing, and as US operations are set up.
SR Pharma said those costs will be funded through a continuation of collaboration and licensing deals with major pharmaceutical and biotechnology companies, on which it is in talks with a number of potential parties.
The company has called an Extraordinary General Meeting to approve the name change, and permission to issue new shares.
The group ended the year with 8.8 mln stg in cash.
SR Pharma shares, which have surged 440 pct in the last six months, closed Thursday at 81 pence, valuing the company at 92 mln stg.
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