(Alliance News) - ValiRx PLC on Monday said it is in "strong" position following a reduction in its operating costs in the first half of 2020.
The AIM-listed life science company said its pretax loss in the six months to the end of June narrowed to GBP884,523 compared to GBP927.342 reported a year earlier, as research & development costs were reduced to GBP99,879 from GBP206,666.
In addition, the company said it cut its administrative expenses to GBP791,866 from GBP864,668.
No revenue was generated in either year, ValiRx said.
"Having raised additional funds, the company is now in a strong position to continue development of existing products and create a pipeline of novel compounds for further development and partnering," said Non-Executive Chair Kevin Cox.
Cash and cash equivalents as at June 30 stood at GBP258,753 versus GBP171,443 a year before.
"I look forward to working with the board to continue building value in the company and delivering on the mission of developing innovative medicines to improve the lives of patients," added Cox.
ValiRx shares were trading 11% higher in London on Monday at 27.72 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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ValiRx (VAL)