Ovoca Bio narrows losses as BP-101 trials continue
By Iain Gilbert
Date: Monday 16 Sep 2019
(Sharecast News) - Biopharmaceutical firm Ovoca Bio narrowed losses slightly in the first half of its trading year, while focus remained firmly on its continued development of a treatment for female sexual dysfunction.
Net losses for the six months ended 30 June came to €398,000, a 16.2% reduction year-on-year but on a per-share basis, basic losses widened to €0.49 from the €0.44 loss recorded in the prior year.
During the period, the AIM-listed company wrapped up a Phase III study in Russia of drug candidate BP-101, showing a "statistically significant improvement" in primary and key secondary endpoints.
After making an acquisition of an additional interest in IVIX LLC, by increasing its overall holding in the firm to 59.9%, Ovoca held cash and investments of €16.5m at the end of the period and assured investors that it continued to have a "sound capital base" which it would use to support "the exciting development of BP-101".
As of 1130 BST, Ovoca Bio shares had dipped 0.41% to 12.20p.
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