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Drug deliver system developer N4 Pharma reported a first-half loss amid a rise in R&D spending.
Pre-tax losses for the six months through June amounted to £0.97 million, compared to year-on-year losses of £0.59 million.
Cash at the end of June was £2.54 million.
The company had focused on establishing collaborations with a view to securing future commercial agreements, resulting in two material transfer agreements (MTAs).
The pacts were to assess how well flagship product Nuvec can bind and be optimised for transfection with each respective party's plasmid.
'The first six months of the year has seen an acceleration in our understanding of the capabilities of Nuvec following our optimisation work,' chief executive Nigel Theobald said.
'This has been coupled with our first MTAs which, in turn and together with results elsewhere, led us to review the scope of the recently commenced in-vivo work with Evotec pushing some of this work into the second half of this financial year.'
'Our strategy remains the same as it always has and that is to generate sufficient proof-of-concept data with a view to attracting large pharma and biotech partners to enter into collaborations to explore using Nuvec as their chosen delivery system.'