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LONDON (Alliance News) - N4 Pharma PLC on Wednesday said it remains optimistic for future as progresses its drug and vaccine development, but the company's loss widened in 2017 following its reverse takeover.
The pharmaceutical firm reported a pretax loss of GBP1.9 million for 2017, significantly widened from GBP190,940 for the nine months to the end of 2016, hit by costs associated with the reverse takeover.
Onzima Ventures PLC changed its name following the reverse takeover of N4 Pharma Ltd in April last year. The company recorded GBP1.0 million in acquisition costs in the period as a result.
N4 Pharma is currently not generating any revenue, as it is at the research & development stage of generic drug sildenafil and Nuvec vaccine. During the year, N4 secured GBP109,913 of government grants, however.
Reorganisation costs reached GBP281,298, while research & development expenses were GBP409,808. In addition, administration costs grew to GBP316,632 from GBP185,083 the prior year.
"The board remains optimistic about the future of the company and its prospects," said Chief Executive Nigel Theobald. "Whilst our immediate focus is on those products with the opportunity for near term commercialisation, namely sildenafil and Nuvec, we remain excited about the company's multiple potential pipeline of products and collaborations."
Shares in N4 Pharma were trading 2.2% lower at 19.45 pence per share on Wednesday.