Oxford Pharmascience beats expectations

Oxford Pharmascience beats expectations

8:37 am by John Harrington In

In March 2013 the company raised £5mln to allow it to develop a range of dossiers for NSAIDs and accelerate its statin programme proof of concept.

Eye-catching top line growth fed through to a sharp reduction in losses in 2012 at drugs developer /></span></a> <a class=companyPopupTrigger href=http://www.proactiveinvestors.co.uk/companies/overview/9097/Oxford+Pharmascience rel=9097>Oxford Pharmascience</a> (<a class=companyPopupTrigger href=http://www.proactiveinvestors.co.uk/companies/overview/9097/oxford-pharmascience-9097.html rel=9097>LON:OXP</a>).</p>
<p>Results for the year were ahead of expectations, with revenue up 65% to £466,000 from £282,000 the year before, while the loss before tax narrowed to £818,000 from £936,000 a year earlier. Loss per share contracted to 0.13p from a loss of 0.19p in 2011.</p>
<p>Market expectations were for revenue of £400,000, a loss before tax of £1mln and a loss per share of 0.20p.</p>
<p>Thanks to a tax rebate, <a class=companyPopupTrigger href=http://www.proactiveinvestors.co.uk/companies/overview/9097/Oxford+Pharmascience rel=9097>Oxford Pharmascience</a>’s post-tax loss was £783,000, versus a loss of £926,000 the year before.</p>
<p>The loss on operations reflects the <a id=itxthook1 class=itxtnewhook itxthook style=font-weight: normal; font-size: 100%; font-style: normal; text-decoration: none; border: 0px none transparent; padding: 0px; background-color: transparent; background-image: none; display: inline; href=http://www.proactiveinvestors.co.uk/companies/news/54971/oxford-pharmascience-beats-expectations-54971.html rel=nofollow><span id=itxthook1p class=itxtrst itxtrstspan itxtnowrap><span id=itxthook1w class=itxtrst itxtrstspan itxtnowrap itxtnewhookspan style=font-weight: normal; font-size: 100%; text-decoration: underline ! important; border-width: 0px 0px 1px; border-style: none none solid; border-color: transparent transparent #00cc00; padding: 0px 0px 1px ! important; color: #009900; background-color: transparent;>company’s</span><img id=itxthook1icon class=itxtrst itxtrstimg itxthookicon style=padding-top: 0px!important; padding-right: 0px!important; padding-bottom: 0px!important; padding-left: 4px!important; vertical-align: baseline!important; margin: 0px!important; src=http://images.intellitxt.com/ast/adTypes/icon1.png alt= investment during 2012 in developing and strengthening its platform technologies OXPzero and OXPtarget; the former is Oxford Pharma’s taste-masking technology which sets out to make redundant the old adage about the best medicine always tastes horrible, while OXPtarget is a drug delivery technology that aims to provide effective cholesterol-lowering medicine at lower dosage levels.

We are continuing to show strong sales growth for our technology /></span></a> platform already in the market (OXPchew) and have strengthened our other technology platforms (OXPzero and OXPtarget) putting them in a strong position to secure attractive licensing deals,” said chief executive Nigel Theobald.</p>
<p>“We are very excited about the prospects for our platform technologies and are looking to continue our recent growth in the coming years, he added.</p>
<p>Shares in <a class=companyPopupTrigger href=http://www.proactiveinvestors.co.uk/companies/overview/9097/Oxford+Pharmascience rel=9097>Oxford Pharmascience</a> rose 0.5p to 3.35p in the first half hour of trading following the results.</p>
<p>The shares have been on a fantastic run over the last year, rising more than 150%, paving the way for a successful fund raising in late February, which saw heavyweight investor Invesco Asset Management pump £5mln into the group.</p>
<p>Those funds will enable the group to speed up its growth plans; essentially it will give the company the wherewithal to run test programmes in parallel rather than in series, Theobald explained to Proactive Investors last month.</p>
<p>“The group’s challenge is now to convert the OXPzero and OXPtarget technologies into real, exciting products that industry wants and to repeat the commercial success of OXPchew in the more attractive and higher value areas of NSAIDs (Non-Steroidal Anti-Inflammatory Drugs) and Statins,” said company chairman David Norwood.</p>
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