LONDON (Alliance News) - ValiRx PLC on Wednesday reported a widened annual loss due to higher costs and losses on the fair value of financial assets.
For 2018 the life sciences company, which focuses on cancer therapies, posted a GBP4.8 million pretax loss, higher than GBP3.6 million recorded a year ago.
Administrative expenses jumped to GBP2.2 million from GBP1.5 million in 2017, with the company also recording a GBP442,229 fair value loss on derivative financial assets compared to a loss of GBP23,446 last year.
Further expenses amounting to GBP506,755 in provision for bad debt were also incurred in 2018.
Despite the widened loss, the company said it experienced a year of "strong progress" as its therapeutic compounds made "substantive steps forward".
Chief Executive Satu Vainikka said: "I am very pleased with the progress we have seen across our drug portfolio during the period under review and am truly excited by those new technologies and tools that are revolutionising our understanding of cancer, many of which come from ValiRx itself."
"I look forward to patients and shareholders alike benefiting from our on-going efforts to develop new cancer treatments," the CEO added.
ValiRx shares were trading 0.4% lower at 0.25 pence each on Wednesday morning.
On Tuesday, the company terminated a subscription agreement with European High Growth Opportunities SF, but is still try to agree a convertible bond with the same investor.