‘Transformational’ year for pharmaceutical business
Leeds-based pharmaceutical company, 4D pharma, has reported pre-tax losses of £30.3m (2019: £29.4m) in its final results for the year ended 31 December 2020.
Revenues for the year were £534m, compared to £211m in 2019.
The listed company also records total equity of £28m (2019: £22.3m), cash and cash equivalents (including cash on deposit) of £8.8m (2019: £3.8m) along with loss for the year and total comprehensive income for the year of £25.9m (2019: £23.7m).
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.
Among the highlights for the business over the last year were its entry into a proposed merger agreement with Longevity Acquisition Corporation (Longevity), a NASDAQ-listed Special Purpose Acquisition Company (SPAC), and its intention to seek a NASDAQ listing.
4D pharma also completed two fundraises by way of a placing and subscription, raising gross proceeds of approximately £30m.
Professor Axel Glasmacher, chairman, said: “2020 was a transformational year for 4D: We were able to publish first proof-of-concept data for MRx0518 in last-line cancers and to initiate our NASDAQ listing.
“This creates a solid foundation for the next steps towards bringing live biotherapeutics to patients suffering from severe diseases.
“On behalf of the Board I would like to thank everyone at 4D for an exceptional performance under difficult circumstances.”
Duncan Peyton, chief executive officer, added: “4D has made significant progress leading the field in the development of Live Biotherapeutics, and made great strides from a corporate perspective.
“In addition to the data we have generated in the field of oncology, we completed our merger with Longevity and obtained a NASDAQ listing which, together with a concurrent fundraise, provides 4D with approximately $40m of additional capital and a solid financial footing moving forward.
“This puts 4D pharma in a strong position to capitalise on multiple data readouts from our ongoing trials in asthma and oncology as well as facilitating the move into the clinic with our Parkinson’s disease programme.”
