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LONDON (Alliance News) - Nuformix PLC on Thursday posted a sharply widened annual loss due to its reverse takeover of Nuformix Technologies Ltd.
Shares in Nuformix were down 10% at 2.60 pence on Thursday in response.
In its financial year ended March 31 the pharmaceutical company posted a pretax loss of GBP2.0 million, widened from GBP355,353 loss the year before.
Nuformix said that if takeover costs had been excluded its loss would have been GBP899,364, indicating acquisition-related costs of approximately GBP1.1 million.
The company recorded revenue of GBP15,000 for the year, compared with nothing the year before.
At present, the company is in discussions over possible out-licensing and development partnerships. The company intends to share risk with its partners and allow them to use Nuformix's technology. This it is hoped, will generate revenue and allow the company to grow its assets.
"With licensing income of GBP2.5 million due in 2019 and the formation of strategic collaborations, the foundations are in place for the next stage in our development and I believe that our strategy and business model will deliver significant growth in shareholder value," said Chief Executive Dan Gooding.