LONDON (Alliance News) - 4d Pharma PLC Tuesday posted a pretax loss in its maiden half-year results as its costs offset revenue for the period.
The company, which is focusing on developing a range of projects targeting new therapeutic areas, said its pretax loss in the six months to June 30 was GBP501,000, with no comparative figures as the company only incorporated in January 2014.
Revenue in the period was GBP116,000, which was offset by GBP130,000 in product development costs and GBP507,000 in administrative expenses.
During the period, the company developed and initiated its MicroRx discovery platform, which it expects to grow significantly in the next 12 months. The company said the platform has already produced leads which are currently being evaluated as potential treatments for a range of autoimmune conditions.
It said it would expand the scope of the MicroRx platform beyond autoimmune targets to consider areas like cancer and central nervous system-related diseases.
Since the period end, the company has gained orphan drug designation for the ulcerative colitis treatment Rosburix in the US, acquired Microbiota Co Ltd for GBP2 million and earlier this month said two of its products, paediatric Crohn's treatment Thetanix and irritable bowel syndrome drug Blautix, are set to enter clinical studies in the second quarter of 2015.
"We believe that being in position to take this new class of therapeutics into patients next year will mark both a significant corporate and scientific milestone for 4D. In addition, with the initiation of our MicroRx platform, we have a rapidly expanding pipeline, addressing major diseases and together with a strong balance sheet we look forward to an exciting 12 months," said 4d Chairman David Norwood.
4d Pharma shares were untraded on Tuesday, quoted at 385 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
