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(Alliance News) - ValiRx PLC on Thursday said its loss narrowed sharply in the first half of 2019 on lower expenses, as it progresses the development of therapeutic assets.
The life science company's loss narrowed in the six months to the end of June to GBP927,342 from GBP2.2 million reported a year prior, as research & development expenses dropped by 76% to GBP206,666.
R&D costs reduced as there was no requirement to manufacture any more of ValiRx's VAL201 drug as sufficient quantities were produced in the second half of 2018, the company explained.
Administrative expenses were 6.1% lower, at GBP864,668. ValiRx also secured a profit on the sale of fixed asset investments.
"Throughout the reporting period, ValiRx has continued to sustain valuable momentum in terms of progressing its therapeutic assets and along their respective clinical and pre-clinical pathways," said Non-Executive Chair Oliver de Giorgio-Miller.
He added: "We have made important strides forward across both our therapeutic and technology portfolios, with the expectation that these will deliver added-value in the near term for our shareholders."
ValiRx shares were trading 12% lower on Thursday in London at 0.14 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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