(Sharecast News) - Life science company ValiRx reported a loss before income tax of £4.83m in its final results on Wednesday, widening from the £3.55m loss it posted a year earlier.
The AIM-traded firm highlighted the £3.7m of placings it made in the year ended 31 December, rising from £3.07m year-on-year, which it said were applied to continue the advancement of the clinical trial of VAL201, the pre-clinical progress of VAL101 and VAL301, and the broadening of its intellectual property portfolio.
Its total comprehensive loss for the year was £4.3m, widening from £3.02m, while losses per share from continuing operations narrowed to 0.94p from 1.90p.
Cash and cash equivalents as at 31 December stood at £0.37m, down from £0.7m year-on-year, which the board said reflected additional API and IMP required to meet the dose-escalation study requirement, based on an anticipated patient recruitment dosed at 16 mg per kilogram, as opposed to 4 mg per kilogram in 2017.
"Given the risk-averse funding climate in the reporting period, we sustained momentum in terms of adding value to our assets by advancing VAL201 in the UCLH prostate cancer clinical trial and progressing the pre-clinical advancements of the VAL101 and VAL301 compounds, to bring these closer to the phase 1 ready stage," said chairman Oliver de Giorgio-Miller.
"We are also pleased to report post period, that ValiSeek has secured a robust solution and strategy for the advancement of VAL401 and that it has agreed Letters of Intent with two partners to progress VAL401 into its next proposed clinical trial."
De Giorgio-Miller said that new technologies and tools continued to revolutionise the company's understanding of cancer in the development of personalised and "precision" drugs, adding that he was "delighted" to see the announcement of the NHS Long Term Plan being announced just after period-end, with the government now "actively discussing and championing" ValiRx's therapeutic and diagnostic approaches.
"Our drug candidates have been subjected to rigorous clinical and pre-clinical testing, the results of which have consistently given the green light to continue their progress.
"We aim to remain at the forefront of developing new enhanced therapeutics and I look forward keenly to patients and our supportive shareholders alike deriving the full benefit from our efforts."