(Alliance News) - Bermele PLC on Thursday reported a widened annual loss as the investment firm continues its search for an acquisition.
In the period to July 31, the pharmaceutical investment company recorded a GBP292,384 operating loss, widened from GBP112,353 the year before. Bermele's administrative expenses increased to GBP292,384 from GBP112,353.
The increase in admin expenses was attributed to Bermele's London listing. Bermele was formed with the intention of acquiring a company in the pharmaceutical and and biotechnology sector.
The company did not generate any revenue in either period.
At July 31, Bermele had cash in hand of GBP681,820.
"The board continues to review and seek acquisition opportunities within the sector," the company said.
Bermele continued: "The company is currently in discussion regarding two separate potential acquisition opportunities, having dismissed a number of potential transactions which did not fit the mandate of delivering a material inflection point of value for shareholders and demonstrating a significant proprietary Intellectual Property position.
"The board looks forward to progressing its discussions and providing further updates to shareholders in due course."
Shares in Bermele were untraded in London on Friday at 1.45 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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