LONDON (Alliance News) - Tiziana Life Sciences PLC Tuesday said it is on track to progress its lead Bcl-3 inhibitor candidate into the clinic in late 2016 or early 2017, and reported a widened pretax loss for 2015 as it continued to progress its core treatment candidates.
The clinical stage biotechnology company reported a pretax loss of GBP8.6 million for 2015, widened from a pretax loss of GBP3.4 million in 2014, mostly as a result of a big step up in research and development costs to GBP6.3 million from GBP794,000.
It did not produce revenue in either period.
The company's core focus is on milciclib,a compound currently in phase II clinical trials for thymic carcinoma in patients previously treated with chemotherapy. It is also developing antibody foralumab for a number of potential applications in autoimmune and inflammatory diseases, and a Bcl-3 inhibitor candidate in breast cancers.
Throughout 2015 it raised GBP12.8 million through share placings and convertible loan note issues, and following the year end the company raised GBP709,406 to further fund the development of its clinical stage assets.
"2015 was an important year for Tiziana as the company continued to build and strengthen its portfolio of therapeutics to treat patients with significant unmet medical needs," said Chairman and founder Gabriele Cerrone.
Shares in Tiziana were up 1.9% at 137.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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