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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 £1.2 million for the six months ended September 30, 25% less than £1.5 million a year earlier, as operating expenses declined 33% from £1.2 million from £1.8 million. The company reported no revenue during the period, down from £396,000 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 £1.2 million in cash reserves as of September 30, down from £3.7 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. Copyright 2024 Alliance News Ltd. All Rights reserved.
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