LONDON (Alliance News) - Life sciences company ValiRx PLC Thursday reported a slightly widened pretax loss for its first half as it continued to progress its lead cancer drug VAL201.
For the half year to end-June ValiRx reported a pretax loss of GBP1.6 million, widened slightly from a pretax loss of GBP1.5 million a year before, mostly as a result of increases in research and development and administrative costs. It reported revenue of GBP153,099, up from GBP59,574.
The company's lead compound VAL201 is in a phase I/II dose escalation clinical trial for advanced or metastatic prostate cancer and other advanced solid tumours.
Its second therapeutic compound VAL401 is entering the clinical trial pathway, and after the half year end completed pre-clinical studies. It inked a clinical trial contract with a UK based clinical trial management organisation to conduct a Phase 2b trial of VAL401 in non-small-cell lung adenocarcinoma.
"We have entered the second half of the year well placed to maintain our growth momentum and we look forward to reporting further advancements," said Non-Executive Chairman Oliver de Giorgio-Miller in a statement.
Shares in ValiRx were down 1.9% at 26.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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ValiRx (VAL)