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ValiRx narrows losses after cutting R&D costs
AIM-quoted life science company ValiRx narrowed losses in its most recent trading year after making "important strides" in growing its internal research and development capabilities.
ValiRx reduced its pre-tax losses by 45% to £3.12m for the year ended 31 December as the London-based group cut R&D and administrative costs by 36% and 18%, respectively.
The biotechnology oncology group, primarily focused on developing novel treatments for cancer and associated biomarkers, had £701,410 of cash and equivalents at the end of the year, 25% more than what it was holding twelve months earlier.
ValiRx reported consistent progress with VAL201, its first therapeutic, which continued to demonstrate high safety and tolerability, as well as preliminary therapeutic activity throughout its clinical study, culminating in receiving approval from the UK Medicines and Healthcare Products Regulatory Agency and the Research Ethics Committee to substantially raise the dosing level in patients with locally advanced or metastatic prostate cancer in order to reach therapeutic levels and reduce disease progression.
Elsewhere, ValiRx continued to advance the reformulation of VAL201 into VAL301 for the treatment of endometriosis, a painful and debilitating gynaecological condition with high unmet clinical needs.
Oliver de Giorgio-Miller, ValiRx's non-executive chairman, said, "I believe the group has seen substantive and encouraging developments across its portfolio during the period to December 2017. The progress of our core clinical products, VAL201 and VAL401 has been substantial and both have reached significant value inflection points."
"The current momentum and exciting trajectory of both compounds offer potential investors an investable proposition and an attractive offering to joint venture partners," he added.
Losses per share were slashed to just 1.90p versus the previous year's 8.54p figure.
As of 1030 BST, shares had lost 2.29% to 2.56p.