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Biotechnology company Destiny Pharma reported wider annual losses on increased costs amid efforts to progress its nasal gel, used in the prevention of post-surgical infections, through a clinical trial.
For the year ended 31 December 2020, pre-tax losses widen to £6.5 million from £5.5 million year-on-year.
Research and development costs rose to £792,343 from £621,447.
'Our key focus during 2020 was on progressing our lead XF-73 nasal gel programme through a Phase 2b clinical trial, which accounts for the majority of our R&D spend during the year,' the company said.
Looking ahead, the company said it had cash runway through to Q4 2022 after closing £10.4 million equity funding round in December to fund the NTCD-M3 acquisition.
At 8:38am: (LON:DEST) Destiny Pharma Plc share price was 0p at 68.5p