LONDON (Alliance News) - Ovoca Bio PLC on Friday said it swung to a loss in the first half of 2018 as it transformed itself into drugmaker.
The company said it swung to a pretax loss of EUR475,000 in the six months to the end of June compared to the EUR578,000 profit reported for the same period a year earlier.
Ovoca Bio, formerly Ovoca Gold, had changed its name in August, following an acquisition of 60% stake in IVIX LLC for USD6.2 million in July. IVIX focuses on drug candidate, known as Libicore, development for the treatment of female sexual dysfunctions.
Looking forward, Ovoca Bio said will be focusing on the continued development of Libicore and completion of the third phase of clinical trials in Russia. The results are expected to be received by the second quarter of 2019.
The stock was untraded on Friday, last quoted at 8.75 pence per share.
Ovoca Bio (OVB)