LONDON (Alliance News) - Drug development firm 4D Pharma PLC said Monday its loss widened in 2017 on higher research and development costs as it continued to progress its pipeline and clinical trial work towards generating revenue in the future.
For 2017, 4D Pharma's pretax loss widened to GBP24.0 million from GBP11.7 million in 2016. 4D did not generate any revenue in either years.
Profit was hurt by a rise in research and development costs to GBP16.9 million from GBP10.2 million the year prior. It also was held back by a rise in administrative expenses to GBP3.5 million from GBP2.9 million the year before and a swing to a foreign currency loss of GBP431,000 from a gain of GBP799,000 in 2016.
"The year has seen significant progress towards our goal of producing Live Biotherapeutics as safe and effective therapies," 4D Chairman David Norwood said. "With its upcoming programme of trials, 4D is well placed to deliver meaningful clinical data to support the use of Live Biotherapeutics across multiple indications. I would like thank everyone in the Group for their contribution to the progress we have made in 2017."
The cash burn in 2017 was in line with expectations as 4D Pharma continued its research and clinical trial programme. At the end of the year, 4D had 50.0 million in cash compared to GBP68.8 million the year prior.
"Over the next twelve to 24 months," 4D Chief Executive Officer Duncan Peyton said, "the group will, through its clinical programmes, seek to lead the way in generating robust clinical data to support the use of this new class of drugs across multiple indications."
Shares in 4D were 1.3% lower at 125.82 pence on Monday.