LONDON (Alliance News) - Biotherapeutics developer 4D Pharma PLC on Friday said its loss nearly halved in the first half of 2016 due to a reduction in operating costs and research and development spending.
The company said it made a GBP5.5 million pretax loss in the six months to the end of June, compared to a GBP10.1 million loss a year prior. The firm does not generate any revenue, so the loss was driven by lower operating and research and development costs.
4D's attention is centred on Blautix, its irritable bowel syndrome treatment. In the first half, it carried out a successful phase 1 clinical trial on the drug and, since the end of the half-year, has analysed samples and generated further data on its effectiveness.
"We are delighted with 4D Pharma's progress through the period. We have seen the group rapidly grow its research capability, and successfully establish its own development facility in León, Spain. The successful phase 1 clinical trial in respect of Blautix, the first in the field, represents a significant milestone for the company," said Chairman David Norwood.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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