|
RUA Life Sciences PLC shares fell on Monday after the company reported a widened full-year loss on higher costs due to increased research and development activities.
Shares were trading 9.3% lower at 32.20 pence each in London on Monday morning.
The Glasgow-based medical device company reported a pretax loss of £2.4 million in the year ended March 31, which widened from £1.6 million the year before.
RUA blamed this on a combination of increased research and development activities, as well as further investment in its infrastructure to support future growth.
Total administrative expenses jumped 23% to £3.8 million from £3.1 million.
More positively, revenue grew 7.2% to £1.6 million, up 6.6% from £1.5 million.
The company attributed this to an increase of 11% in third-party contract manufacturing revenue to £1.1 million from £1.0 million.
This is largely due to a recovery from the disruption of the Covid-19 pandemic caused, RUA explained.
Going forward, the company plans to focus on the vascular graft clinical trial required for FDA submission in the current financial year.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
