LONDON (Alliance News) - Specialty pharmaceutical company Midatech Pharma PLC on Wednesday said its pretax loss widened due to acquisition-related costs, but revenue grew substantially.
Midatech said its pretax loss for the year to the end of December was GBP11.2 million, compared to a GBP9.8 million loss a year earlier. The widened loss was driven by higher costs related to the acquisitions of DARA BioSciences Inc and oncology product Zuplenz.
Midatech said the acquisition of DARA, an oncology supportive care drug company, has added a portfolio of cancer supportive care products and an established commercial platform in the US. Zuplenz, meanwhile, a marketed anti-emetic oral soluble film for the prevention of post-operative, chemotherapy and radiation-induced nausea and vomiting, was fully-launched by Midatech this week.
Revenue for the year, however, grew to GBP1.4 million from GBP160,000 a year earlier, ahead of the company's expectations and thanks to the addition of the DARA platform in the US.
"In its first full year since IPO, Midatech has rapidly assembled the building blocks for becoming an outstanding specialty pharma. It now has a revenue-generating commercial operation in the US selling marketed oncology support products, including Zuplenz, launched this week, and an ambitious pipeline using Midatech's proprietary right place, right time technology, targeting high-value niche indications," said Rolf Stahel, Midatech's chairman.
Midatech shares were down 3.5% to 173.2 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.