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LONDON (Alliance News) - Biotechnology company ValiRx PLC Wednesday posted a widened pretax loss in 2013 as revenue declined, and it upped investment in the clinical trial programme for its anti-cancer therapeutic VAL201.
The company posted a pretax loss of GBP2.9 million, widened from GBP2.3 million in 2012, as revenue declined to GBP124,868 from GBP216,269, and research and development expenses and administrative expenses both rose.
Operating expenses rose to GBP3.0 million from GBP2.5 million as ValiRx bolstered investment to takes its lead drug candidate VAL201 to clinical trials and advance its GeneICE products to the next stage of development.
ValiRx's clinical trial Project Team signed off on the protocol for VAL201, ValiRx said. It expects the enhanced Phase 1b trial of the drug to advance to a Phase 2 study.
The company has also been advancing pre-clinical studies of one of its GeneICE drug candidates VAL101 with the support of a European Union "Eurostars" grant.
The company had cash and cash equivalents of GBP960,267 at December 2013, down from GBP2.3 million a year before, although it noted that this has subsequently increased substantially after it raised funds and sold its share in US-listed VolitionRx in the first months of 2014.
The company's focus is to push VAL201 through to first in-human trials, and to develop VAL101 and its biomarker portfolio.
"We will continue to energetically move our compounds forward to their next stage, whilst remaining alert for opportunities and ways in which to further grow the company and enhance shareholder value," said Chief Executive Satu Vainikka in a statement.
Shares in ValiRX were trading up 3.4% at 0.305 pence Wednesday midday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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