TheraCryf narrows loss, advances drug programmes after acquisition

(Alliance News) - TheraCryf PLC said on Thusday its half-year pretax loss narrowed as it advanced ...

Alliance News 28 November, 2024 | 2:25PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - TheraCryf PLC said on Thusday its half-year pretax loss narrowed as it advanced drug development programmes in oncology and neuropsychiatry while integrating assets from a recent acquisition.

The Macclesfield-based clinical stage drug developer posted a pretax loss of GBP1.2 million for the six months ended September 30, 25% less than GBP1.5 million a year earlier, as operating expenses declined 33% from GBP1.2 million from GBP1.8 million. The company reported no revenue during the period, down from GBP396,000 the previous year.

During the first half, TheraCryf completed the acquisition of Chronos Therapeutics Ltd, adding preclinical neuropsychiatry programs and tripling its research pipeline. The expanded portfolio includes drug candidates targeting addiction, anxiety, and narcolepsy.

The company said progress was also made with its lead oncology asset, SFX-01, which has shown potential as a radiosensitizer in glioblastoma treatment. Data presented at the company's June R&D day further supported the drug's efficacy in preclinical studies, while a post-period phase 1b study confirmed the effectiveness of a new enteric-coated formulation.

TheraCryf ended the period with GBP1.2 million in cash reserves as of September 30, down from GBP3.7 million a year earlier.

Chief Executive Officer Huw Jones said: "The first half of the year saw a transformation of the company with the integration of the acquired Chronos assets, thus tripling the size of our research & development portfolio and expanding the potential opportunities for substantial monetisation."

Shares in TheraCryf were down 2.3% at 0.54 pence each in London on Thursday afternoon.

By Eva Castanedo, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
TheraCryf PLC 0.20 GBX -9.78 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2025 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures