Hemogenyx Pharmaceuticals loss narrows amid reduced expenses

(Alliance News) - Hemogenyx Pharmaceuticals PLC on Friday said its pretax loss narrowed in the first half of 2024, following a reduction in expenses.

The London-based biopharmaceutical company focused on treatments for blood diseases said its pretax loss for the six months to June 30 narrowed to GBP2.8 million from GBP4.3 million the year before. The company reported no revenue, unchanged from last year.

Administrative expenses went down 38% to GBP2.4 million from GBP3.9 million at the same time last year.

The company said the overall reduction in costs in the first half of 2024 was due to both "significant favourable movement" in UK sterling and US dollar exchange rates, as well as a reduction in research & development costs.

Hemogenyx said: "We have now reached a pivotal stage where our lead product, HEMO-CAR-T, is set to enter the clinic, a development that undeniably elevates us to a clinical-stage company. Meanwhile, our other product candidates are also making significant strides forward. We are confident in our ability to finance their development through a combination of equity capital, industry partnerships, and non-dilutive funding. We look forward to bringing our potentially life-saving therapies into use and delivering positive returns to our shareholders."

Shares in Hemogenyx Pharmaceuticals closed 8.4% lower at 1.62 pence each in London on Friday afternoon.

By Emily Parsons, Alliance News reporter

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