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ValiRx shares jump as H1 losses shrink
(Sharecast News) - Shares in ValiRx jumped nearly on Thursday after the biotech posted results for its first half, in which losses per share shrunk by a third. ValiRx, which provides the scientific, financial and commercial framework for clinical development in cancer and women's health, said the losses from continuing operations totalled 1.03p per share in the six months to 30 June, down from 1.53p a year earlier.
The company, which is transforming itself into a so-called translational contract research organisation (tCRO), launched its service-providing subsidiary Inaphaea during the first half, which made its first external sales since the period-end.
"Having shifted the tCRO® strategy towards a build-and-buy approach in the latter part of 2022, the primary activity in the first half of 2023 has been to establish in-house, cell-based testing capabilities to support both our collaborative development pipeline and generate income through third-party business," said chief executive Susanne Dilly.
The pre-tax loss for the period totalled £1.15m, compared with £1.07m the year before, after accounting for integration costs of recent acquisitions.
Cash and cash equivalents stood at £891,246 by the end of the first half, signficantly up from £97,699 a year earlier.
The stock was up 7.4% at 6.55p by 1041 BST.
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