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LONDON (Alliance News) - Synairgen PLC on Monday said it swung to an annual loss due to higher research costs and the lack of a non-recurring GBP5 million payment from Pharmaxis received in 2017.
For 2018, the drug discovery and development company posted a pretax loss of GBP4.1 million compared to a GBP1.6 million profit the year before.
Revenue for the year dropped to GBP110,000 from GBP5.0 million. In 2-17, the company's revenue included a GBP5.0 million non-recurring upfront payable by the company's partner Pharmaxis.
Research & development costs for the year rose to GBP3.2 million from GBP2.1 million, to reflect investment in the development of the IFN-beta programme.
Chair Simon Shaw said: "2018 was a year of excellent operational progress for Synairgen. We were particularly pleased to advance our inhaled IFN-beta programme into a clinical trial to treat or prevent exacerbations of chronic obstructive pulmonary disease, COPD, and to increase the scope of the trial to support future partnering activity."
The company said that looking ahead, it is focused on its IFN-beta programme in COPD to advance of Phase II data availability.
Synairgen shares were trading down 1.5% at 16.00 pence each.
