Friday, July 10, 2020

Leeds pharma takes £29m pre tax loss

Listed Leeds-based pharma company, 4D Pharma, has reported a loss before tax of £29 million (down from £28.4m in the previous year) in its final results for the year ended 31 December 2019.

For this period, the company also reported net assets of £22.3 million (2018: £45.8m) and cash and cash equivalents (including cash on deposit) of £3.8 million (2018: £26.2m). Total comprehensive loss after tax was £23.7 million (2018: £24.3m).

“The Board has continued to operate a robust set of financial controls including rolling short-term and long-term forecasts to assist in the control and prioritisation of resources,” the company’s report stated.

“After the period end, in February 2020, the Group completed a fundraise through the placing and a subscription for new ordinary shares with and by certain existing and new investors, to raise aggregate gross proceeds of £22 million.

“As a result of this fundraise, prioritisation of the Group’s programmes and cost reduction measures put in place, the Directors estimate cash held by the Group, together with known receivables, will be sufficient to support the current level of activities until Q4 2020.

“The Directors are continually exploring sources of finance available to the Group and have a reasonable expectation that they will be able to secure sufficient cash inflows for the Group to continue its activities for not less than twelve months from the date of approval of the accounts.”

Axel Glasmacher, Chairman of 4D pharma, said: “2019 was a successful year for the Group in which we made great progress in the clinic across multiple programmes, and entered collaborations with new partners.”

CEO Duncan Peyton added: “Over the past year we made impressive progress in all aspects of our business, towards the delivery of a new class of drug, Live Biotherapeutics.

“We now look forward to the year having set up multiple near-to-mid-term catalysts as we generate robust clinical data with multiple shots on goal.”

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