LONDON (Alliance News) - e-Therapeutics PLC said Thursday that its half-year loss narrowed as it continued to effectively and "carefully" manage its costs.
For the six months ended July 31, the drug discovery company posted pretax loss of GBP2.8 million compared to GBP3.7 million a year ago, on the back of lower research & development and administrative costs.
As it manages a drug discovery platform, the company did not generate any revenue in the half-year period.
"In the first half of this year we continued to focus our investment on both the Network-Driven Drug Discovery platform and the two internally funded Immuno-Oncology drug discovery assets," the company said.
Looking ahead, the firm said that it is "likely" that its operating loss will reduce further in the second half when compared to the first.
"This reduction reflects an ongoing cost reduction plan and anticipated lower spend on the two core drug discovery projects," e-Therapeutics explained.
e-Therapeutics shares were trading down 5.4% at 7.0 pence each on Thursday.