LONDON (Alliance News) - ValiRx PLC Thursday reported wider losses for the first half of the year as it spend more on research and development and sales also declined, but the biopharmaceutical company said its VAL 101 compound was continuing to show good progress in the pre-clinical phase.
The company reported a net loss of GBP1.5 million for the six months to June 30, down from GBP1.1 million a year earlier, as R&D costs rose to GBP972,219 from GBP540,211. Revenues declined to GBP103,999 from GBP157,535.
ValiRx Chairman Nick Thorniley said that advances in its clinical and pre-clinical development pipeline as well as taking on new advisers and research partners meant the company had "an increasingly confident perspective and I also look forward to reporting on the results of ourclinical trial, which are anticipated in late December 2013."
Its VAL201 compound is continuing to progress in a Phase I trial involving cancer patients, with the results anticipated before the end of 2013, the company said.
The company's shares were up 7.9% at 0.4045 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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ValiRx (VAL)