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LONDON (Alliance News) - Life sciences company ValiRx PLC said its pretax loss narrowed in 2015 as it continues to progress its cancer treatment candidates.
ValiRx said its pretax loss for the year to the end of December narrowed to GBP2.6 million from GBP3.6 million, primarily as a result of lower research and development spending and gains made on the fair value of financial derivative assets the company holds.
Revenue for the year fell to GBP82,603 from GBP87,558, ValiRx said.
The company said it expanded its VAL201 cancer compound trial into a multi-centre study over the course of the year, and its VAL401 lung cancer treatment is in the final stages of preparation ahead of a phase 2 clinical trial.
"The period under review has been pleasingly satisfactory and our teams around the VAL201 and VAL401 compounds have started talking to parties for late stage clinical studies and for potential partnerships and collaboration with pharmaceutical partners," said ValiRx Chairman Oliver de Giorgio-Miller.
Earlier Thursday, ValiRx had said its joint venture with Tangent Reprofiling Ltd, ValiSeek Ltd, had begun clinical manufacturing of the VAL401 lung cancer treatment, to be used in the drug's Phase 2b clinical efficacy trial.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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