The ValiRx Plc (LON: VAL) share price was trading sideways after the release of its annual results earlier today, which showed an increase in its losses despite making progress on multiple fronts.
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The life sciences company specialising in early-stage cancer therapeutics and women's health noted that it had made progress on its Evaluation Agreement with Kings College, London, completed in August 2022, leading to the registration of Cytolytix Limited to develop VAL001.
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The company also noted that its Evaluation Project with Hokkaido University was progressing well, as was the Evaluation Agreement signed with Barcelona University.
Valirx is keen to revamp its strategy and build a translational Contract Research Organisation (tCRO) from Buy and Build to Build and Buy. Valirx has already set up a laboratory facility in MediCity and incorporated Inaphaea BioLabs Limited (Inaphaea) in January 2023.
Other significant milestones achieved by the company include the appointment of Stella Panu as a non-executive director, Zai Ahmad as Preclinical Project Manager and Cathy Tralau-Stewart as Chief Scientific Officer.
The company made other appointments after the period ended, including Melissa Barr as a lead scientist, Dominic Lowen as a senior scientist, and Amelia Hatfield as a scientist.
As for the company’s finances, it incurred research and development costs of £551,233 for the year ended 31 December 2022 versus £303,789 in 2021. The increased expenditure was attributed to VAL301, the Evaluation Projects and the setting up of Cytolytix.
The company’s administrative expenses also increased to £1,502,355 for the year compared to £1,216,391 in 2021, representing an increase of £285,964. The total loss for the period was £2,366,488 compared to £1,518,212 in 2021, representing an increase of £848,276 and a loss per share of 3.06p versus 2.34p in 2021.
Valirx had a cash balance of £1,137,477 as of 31 December 2022 versus the £593,672 recorded in December 2021. The company raised £2.5 million in June 2022, which helped fund its activities. The firm raised a further £1.3 million in January 2023.
The company will hold its AGM on 28 June 2023.
*This is not investment advice.
ValiRx share price.
The ValiRx share price was trading sideways at writing following the release of its annual results.
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