(Alliance News) - Incanthera PLC said on Wednesday that operating expenses were down as it remained focussed on developing its current lead pharmaceutical product Sol towards commercialisation.
The Manchester-based oncology and dermatology treatments manufacturer said operating expenses in the six months that ended September 30 were GBP486,000, down 13% from GBP557,000 a year prior, while pretax loss narrowed by 12% to GBP511,000 from GBP582,000.
It posted no half year revenue as it awaits commercialisation of the its solar keratosis treatment product Sol, focussing on product development during the period.
Incanthera also said it agreed with some of its directors to waive remuneration, alongside a loan facility agreement of up to GBP190,000. This currently has a undrawn balance of GBP140,000 and provides the company with sufficient cash runaway to support operations until the fourth quarter of 2023.
"The period under review has concentrated upon furthering discussions to capitalise on the potential for various applications of our skincare portfolio for commercial success. These discussions continue to show great potential and the team is dedicated to reaching the right conclusion for the commercialisation of our skincare range as we look to take our company forward with future success for our team and our shareholders," said Chair Tim McCarthy.
Shares in Incanthera were quoted at 6.95 pence each on AQSE in London on Wednesday morning, having last traded at 6.80p each on Friday last week.
By Greg Rosenvinge, Alliance News reporter
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