N4 Pharma PLC - London-headquartered pharmaceutical company developing Nuvec vaccine and cancer treatment delivery system - Reports slightly widened GBP585,045 pretax loss for the six months ended June 30, compared to a GBP552,160 loss a year before. This is due to higher research and development costs of GBP213,869 compared to GBP117,694 a year prior. General and administration costs, however, are down at GBP371,197, compared to GBP432,879 prior year. Loss after tax narrows to GBP538,388 from GBP552,160 after GBP46,657 gain on taxation versus no gain the year before. Reports no revenue for either period as still developing Nuvec.
Chief Executive Nigel Theobald: "The arrival of the Covid-19 pandemic during the period has thrown up considerable challenges globally but also opportunities. Whilst continuing with our optimisation work of Nuvec as a delivery platform technology, the immediate need to address the threat of Covid-19 encouraged us to look at more specific, product driven, applications resulting in our proof of concept work with Nuvec loaded with the Coronavirus DNA plasmid. Our subsequent in vitro success was extremely pleasing but to maximise our chances of success in any full in vivo study we now need to incorporate the findings of our optimisation work. This is key as we look to further our work with the coronavirus plasmid in parallel to working with more generic DNA plasmids which may be more applicable in collaborations on multiple other vaccines. To that end, we are excited to be moving towards our most comprehensive in vivo study to date and are in the process of scoping the different aspects of the study.
"At the same time, we aim to maximise the potential uses of Nuvec as we continue to look at other applications including assessing its ability for use in the delivery of vaccines orally. We remain fully funded for the current work programmes, and I look forward to providing further updates in due course."
Current stock price: 6.37 pence
Year-to-date change: up sharply from 2.75p on December 31
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
N4 Pharma Plc (N4P)