£23.7m post tax loss for listed pharmaceutical company
4D pharma, a Leeds-based pharmaceutical company, has recorded a loss before tax of £29.4m, compared with £28.4m in the year to December 2018.
The company, which has today published its final results for the year ended 31 December 2019, also reports net assets of £22.3m (2018: £45.8 million) and cash and cash equivalents (including cash on deposit) of £3.8m (2018: £26.2m)
Total comprehensive loss after tax was £23.7m (2018: £24.3m).
4D pharma’s report notes: “The Board has continued to operate a robust set of financial controls including rolling short-term and long-term forecasts to assist in the control and prioritisation of resources.
“After the period end, in February 2020, the Group completed a fundraise through the placing and a subscription for new ordinary shares with and by certain existing and new investors, to raise aggregate gross proceeds of £22m.
“As a result of this fundraise, prioritisation of the Group’s programmes and cost reduction measures put in place, the Directors estimate cash held by the Group, together with known receivables, will be sufficient to support the current level of activities until Q4 2020.
“The Directors are continually exploring sources of finance available to the Group and have a reasonable expectation that they will be able to secure sufficient cash inflows for the Group to continue its activities for not less than twelve months from the date of approval of the accounts.”
Axel Glasmacher, chairman of 4D pharma, said: “2019 was a successful year for the Group in which we made great progress in the clinic across multiple programmes, and entered collaborations with new partners.
“I would like to thank everyone in the Group for their valuable contributions as we look ahead to a pivotal year for 4D as we reach key readouts from multiple clinical studies.”
Duncan Peyton, chief executive officer, said: “Over the past year we made impressive progress in all aspects of our business, towards the delivery of a new class of drug, Live Biotherapeutics.
“We now look forward to the year having set up multiple near-to-mid-term catalysts as we generate robust clinical data with multiple shots on goal.”
Founded in February 2014, 4D pharma specialises in the development of LBPs, an emerging class of drugs.
These drugs are defined as biological products which contain a live organism, such as a bacterium, applicable to the prevention, treatment or cure of a disease.
