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4D Pharma losses widen as it spends cash on development activities

By Josh White

Date: Tuesday 21 May 2019

4D Pharma losses widen as it spends cash on development activities

(Sharecast News) - Biotherapeutics development company 4D Pharma reported net assets of £45.8m in its final results on Tuesday, falling from £69.8m year-on-year.
The AIM-traded firm said it had cash and cash equivalents, including cash on deposit, of £26.2m as at 31 December, compared to £50m a year earlier.

It said its total comprehensive loss after tax for the year widened to £24.3m from £19.4m, with its adjusted loss per share standing at 36.17p, compared to 26.08p at the end of the 2018 financial year.

4D Pharma's basic and diluted loss per share was 36.17p for the period, wider than the 31.41p it reported 12 months prior.

On the operational front, 4D Pharma noted its clinical collaboration with Merck US to evaluate 'MRx0518' in combination with 'Keytruda' (pembrolizumab), as well as its partnership with University of Texas MD Anderson Cancer Center to evaluate its oncology candidates in various cancer settings.

It progressed its lead oncology candidate, MRx0518, into phase 1 and 2 clinical studies, consisting of a phase 1 and 2 combination study with Keytruda in solid tumours, and a phase 1 monotherapy study of MRx0518 for solid tumours in a neoadjuvant setting.

Looking at its work on gastrointestinal disease, 4D Pharma initiated a phase 2 clinical study of 'Blautix' in irritable bowel syndrome, and successfully completed a phase 1b 'Thetanix' study in paediatric Crohn's disease.

In respiratory, 4D said regulatory progress for a phase 1 and 2 study in asthma was expected to commence in the coming months.

On its research progress, the firm said it made good headway during the year in identifying the efficacy and mechanism of its core focus live biotherapeutics, leading to "significant" publications.

It confirmed the identification two lead candidates for Parkinson's disease via the 'MicroRx' platform, and also increased its intellectual property portfolio with 56 patent families and more than 400 patents granted.

"The year has seen significant progress towards our goal of producing live biotherapeutics as safe and effective therapies," said chairman David Norwood.

Duncan Peyton, chief executive officer, added that 2018 was an "exciting year" for the company, with a number of clinical and research goals achieved.

"I look forward to the coming year as we prepare for clinical readouts that could revolutionise our quest to make microbiome medicines a reality for patients."

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