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LONDON (Alliance News) - HVIVO PLC on Wednesday reported a narrowed pretax loss for 2015 as cost control helped to offset a drop in revenue, and said that its programme with PrEP Biopharm Ltd is progressing at an "accelerated pace".
The company reported a pretax loss of GBP21.6 million, narrowed slightly from a pretax loss of GBP22.7 million in 2014, as a more than halving in revenue to GBP7.7 million from GBP18.5 million was offset by lower administrative expenses.
HVIVO attributed the fall in its revenue to the slower re-build of client engagements, and some licence arrangements deferring revenue recognition to completion in 2016. However, it said it had "efficiently" managed its resources, helping to curb administrative expenses.
HVIVO is a life sciences company focused on human challenge models for pharmaceutical and biotechnology companies, which involves inducing infections in healthy volunteers to test the efficacy of vaccines or study the progression of the disease.
Last November the company said it had made an investment in PrEP Biopharm to continue the development of its PrEP-001 prophylactic compound, although at that time it flagged that any revenue from the project would not be booked until 2016.
"2015 saw hVIVO complete its first major transaction following its significant investment in the equity of PrEP Biopharm, positioning hVIVO to share in the substantial upside of a product, PrEP-001, that our platform is helping to develop. I am delighted to report that the PrEP-001 programme is progressing at a hVIVO accelerated pace, with first study results anticipated less than eight months from deal signature," said Chief Executive Officer Kym Denny in a statement.
Elsewhere, the company said its former chairman and now non-executive director, David Norwood, will not seek reappointment at the company's annual general meeting on May 23, nor will Non-Executive Director Alison Fielding.
Shares in HVIVO were untraded Wednesday morning, having last closed at 188.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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