LONDON (Alliance News) - Synairgen PLC Thursday said its pretax loss narrowed in its full year 2013 as administrative expenses fell during the period.
The respiratory drug discovery and development company said its pretax profit narrowed to GBP2.3 million from GBP2.5 million the previous year.
Synairgen, which is yet to produce any revenues, said its research and development expenditure fell 14% to GBP1.3 million from USD1.5 million the previous year bringing its total administrative expenses down 8.5% to USD2.3 million from USD2.5 million in 2012.
The company focuses on treatments for virus-induced asthma, chronic obstructive pulmonary disease, or severe viral lung infections. All its treatments are in early-stage or pre-clinical development trails.
'Synairgen has made significant progress this year and held encouraging discussions with a number of potential licensing partners. Whilst there can be no guarantee that an agreement will be completed, we anticipate that the terms of a final agreement will be in line with the Board's expectations," Chairman Simon Shaw said in a statement.
The company added that it continues to explore ways to add value to discovery and development opportunities through its advanced translational research platform for respiratory disease.
Synairgen shares were down 2.7% to 54.00 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Synairgen (SNG)