Biotech firm BiVictriX makes progress following flotation

Tiffany Thorn

Cheshire biotechnology company, BiVictriX, which is focused on develping next generation cancer therapies, has published its first year’s results since floating on the Alternative Investment Market (AIM) last August, raising £7.5m gross proceeds and giving the company a market capitalisation of £13.2m.

It reported gross proceeds of £7.5m, in conjunction with the admission and a pre-tax loss for the year to December 31, 2021, of £2.523m compared with £509,000 the previous year.

R&D investment stood at £0.711m, against £0.306m in 2020, while cash and cash equivalents of £6.063m were up from £0.862m a year ago.

Since the reporting period the company has established academic collaborations including with the University of Liverpool and Swansea University.

It has also expanded the company’s in-house R&D capabilities at its Alderley Park base by establishing office and laboratory facilities to support the fast development of its therapeutic pipeline, as well as continuing to strengthen the company’s growing patent portfolio in the UK and internationally with the filing of four new patents covering wholly-owned assets.

BiVictriX has also established an experienced board of directors, led by chairman Iain Ross, and post period further strengthened its board with the appointment of Dr Michael Kauffman as an additional independent non-executive director.

Dr Oliver Schon has been appointed as VP of product development & CMC and Glyn Baker as chief financial officer, post period, to support development of key work programmes.

Chief executive, Tiffany Thorn, said: “It has been a period of significant advancement for the company and I am pleased to report strong value-creating progress in the past 12 months.

“Following our listing on AIM, we have continued to develop our lead programme, BVX001, expanded our therapeutic pipeline, grown our internal capabilities, added to our growing IP portfolio and built out our board and leadership team.

“Looking ahead, the company is well positioned to continue to deliver against our objectives and create further value in 2022 and beyond.”

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