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LONDON (Alliance News) - ValiRx PLC Thursday posted a widened pretax loss for 2014, as it increased investment in research and development to progress its pipeline.
The life sciences company posted a pretax loss of GBP3.6 million, widened from a pretax loss of GBP1.9 million a year before, as revenue declined to GBP87,558 from GBP124,868. Operating expenses rose due to investment in advancing its pipeline, and it posted a GBP437,493 loss on the disposal of financial assets.
The company increased investment to progress its lead compound VAL201 for prostate cancer to phase I/II clinical trials. This trial has now begun and ValiRx said that the initial results are looking "very encouraging."
ValiRx established a joint venture, ValiSeek Ltd, with Tangent Reprofiling Ltd for the development of VAL401 for lung cancer. VAL401 is progressing through preclinical development towards clinical phase II trials, ValiRx said.
The company raised GBP800,000 in the fourth quarter of 2014, and combined with a further GBP800,000 it raised in the first quarter of 2015, it said it is "adequately capitalised to reach its goals across all areas this year."
"As far as the outlook for ValiRx is concerned, I am both excited and look forward greatly to continuing progress and advances from the clinical trial of VAL201, from developments with both the VAL401 and GeneICE platform products, and with our developments in the Biomarkers and diagnostics arena," said Chief Executive Satu Vainikka in a statement.
Shares in ValiRx are trading down 3.1% at 0.218 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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