(Alliance News) - Clinical-stage pharma firm Verseon Corp on Monday said its first half loss widened due to a sharp rise in expenses.
Verseon's pretax loss for the six months ended June 30 was USD12.6 million, widened from USD10.2 million the year before. General & administrative expenses almost doubled to USD6.0 million from USD3.2 million.
The company reported no revenue for the period as it is still developing its products. As at June 30 its cash, cash equivalents, and short-term investments totalled USD2.3 million, versus USD3.6 million on December 31.
Shares in Verseon were down 1.3% at USD9.50 on Monday afternoon and have fallen drastically in the year from a height of 100.50 pence on January 8.
"During the first half of 2019 and the months leading up to this report, market events outside of the company's control impacting various third parties and Verseon shareholders have put Verseon's common share price under extreme pressure and delayed the company's attempts to implement its growth strategy outlined in previous reports," said Verseon.
"The company is currently pursuing alternate efforts to raise working capital, including a refinancing or sale-leaseback of its headquarters in Fremont, California, a bridge debt facility, as well as the previously announced preferred share offering. The company's current focus is on a bridge debt facility and it expects to make a further announcement in the near future," Verseon added.
By Anna Farley; annafarley@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.