Interim losses widen at Provexis
RESEARCH and development costs have contributed to widening losses at biotech firm Provexis.
The AIM-listed company, which has its research and development facility in Liverpool, has developed Fruitflow, a tomato-based drink which thins the blood and helps circulation.
In the six months to September 30 revenue fell 31% to £7.1m and losses widened to £1m from £642,349 last time. The research and development spend increased from £289,000 to £612,000.
But the firm, which has already sealed a long-term alliance deal with partner DSM Nutritional Products to commercialise Fruitflow in major global markets, said it was making progress with a range of potential customers.
It is also pushing ahead with more trials of a product for people with Crohn’s disease, an inflammatory disease of the gastrointestinal tract, and is still keen to make acquisitions.
Chief executive Stephen Moon said: “We have continued to make progress with our lead Fruitflow technology in the first half of the year.
He added: “Additionally, DSM are in discussions with a wide range of potential customers for the product. We continue to develop our pipeline, with extra centres being opened for the Crohn’s disease trial and our cardiovascular inflammation project is proceeding well.
“Significant management resource is being given to identifying acquisitions which will further increase the value of the pipeline. Our focus for the second half of the year is on building and developing our pipeline.”
