Oxford Pharmascience Group has posted full year loss before tax £1.9m, compared to 2015’s £3.9m, citing lower number of clinical trials performed in the year, offset by a second year of growth in revenue from calcium chew sales.
Oxford Pharmascience said it continues to explore further business development opportunities.
Marcelo Bravo, Chief Executive Officer of Oxford Pharmascience Group said the Group will focus on progression to market for OXPzero NSAIDs. “We were particularly pleased to confirm in the clinic earlier this year the outcome of the technical programme conducted throughout 2016 to modify the OXPzero technology, demonstrating we can achieve faster absorption and bioequivalence against standard ibuprofen,” the CEO said.
The Group will continue with current partnering discussions with OTC drug companies both in North America and Europe as well as the companies operating in pain management, initially with a focus on the US market.
“The Group remains well-funded with cash and short-term investment balances at 31 December 2016 of £21.9m (2015: £23.1m). This allows the Group the flexibility it requires to deliver its R&D programme and to retain the ability to take selected products through to registration if deemed more likely to create greater shareholder value,” Oxford Pharmascience’s press release reads.