Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Biotech company Roquefort Therapeutics PLC on Wednesday reported a loss but was upbeat on its future after the takeover of Australian business Lyramid.
Revenue in the period stretching from August 17, 2020, the date of the company's incorporation, to December 31, 2021, was £719.00.
However, the company noted that if it had acquired Lyramid in August 2020, it would have generated £23,857 of revenue in the period.
Lyramid was purchased by Roquefort for £1 million in late December 2021, through a combination of £500,000 in cash and 5 million new ordinary shares.
Roquefort reported a pretax loss of £917,433 for the period, in part due to £224,744 of costs associated with its acquisition of Lyramid.
Executive Chair Stephen West said he is optimistic about the future of Roquefort following the acquisition of Lyramid.
Lyramid is a ‘clear market leader’ in Midkine inhibiting RNA therapeutic drugs, with an exclusive worldwide licence to commercialise up to 37 patents related to Midkine-based therapies for the treatment of cancer patients, autoimmune disorders, chronic kidney disease and Covid-19.
Looking ahead, West said the company is fully funded to progress its lead drug candidate to clinical trials in the second half of next year.
‘We are optimistic in the therapeutic potential of Midkine in meeting a number of indications of unmet needs in major multi-billion dollar markets,’ he added.
Roquefort has not proposed a dividend for the period.
Shares in Roquefort closed 3.0% lower in London on Wednesday at 8.00 pence.
Copyright 2022 Alliance News Limited. All Rights Reserved.