Nuformix PLC - pharmaceutical development firm based in London - Annual pretax loss widens to GBP1.4 million from GBP930,000 the year before. The loss is driven mainly by costs relating to the further development of its pipeline, Nuformix notes.
For the year ended March 31, company posts revenue of GBP196,000, down from GBP535,000 the year before. Net assets at year-end are GBP5.7 million, up 20% from a year prior.
"This has been a year of change and progression for the company and its leadership," comments Non-Executive Chair Alastair Riddell.
"We remain highly encouraged by the outlook for the business and look forward to providing further updates as we execute on our strategy."
Looking to the future, Nuformix plans to pursue licensing for its oncology treatment NXP001 and to file a patent application for oncology drug NXP004. Also plans to progress preclinical work on its lead asset, NXP002, to add to data and attempt to increase the asset's value to licensees. A "tight control of costs" will be maintained by the group in the new financial year, it says.
Current stock price: 1.84 pence, down 5.7% Thursday
Year-to-date change: down 32%
By Will Paige; willpaige@alliancenews.com
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Nuformix (NFX)