Biotechnology and cancer therapy development group ValiRx Plc (LON:VAL) reported a loss for the full-year through December, which the company attributed to investment in new treatments.
ValiRx investing and losing
The company stated that the full-year loss could largely be pinned on expenditure on developing and proving its cancer treatment candidates. It is advancing its clinical trials of the VAL201 prostate cancer treatment and said it was in the pre-clinical stage for other treatments.
For this round of results, the firm booked a pre-tax loss for the full-year of £4.8 million, deepening from £3.6 million on-year.
In a statement to investors, Company Chairman Oliver de Giorgio-Miller said, “Given the risk-averse funding climate in the reporting period, we sustained momentum in terms of adding value to our assets by advancing VAL201 in the UCLH prostate cancer clinical trial and progressing the pre-clinical advancements of the VAL101 and VAL301 compounds, to bring these closer to the Phase I ready stage.”
“We are also pleased to report post period, that ValiSeek has secured a robust solution and strategy for the advancement of VAL401 and that it has agreed letters of intent with two partners to progress VAL401 into its next proposed clinical trial.”
Trading update
ValiRx shares are currently trading down 0.39% in morning trading, a dip of 0.001p to 0.25p a share 29/05/19 10:25 GMT.