25 May 2012

GeneMedix loses interim £2.7m

26/08/2005 Robert Tyerman

Biopharmaceutical specialist GeneMedix says directors are 'more optimistic than for some time' after losing £2.75 million in the six months to May.

Paul Edwards, chief executive officer of GeneMedix, which is listed on the London Stock Exchange and in Singapore, says the company devoted its resources in the first half year on developing its lead compound Epostim, within its range of therapeutic proteins using recombinant DNA technology and novel cell culture. GeneMedix has kept its cash burn to 'approximately £1 million per quarter' and last month raised £1.5 million at 6.75p.

The company also signed a collaboration agreement with CJ Corporation of Korea to develop a 'biosimilar' version of its Granulocyte Colony Stimulating Factor. GeneMedix ended the six months to May with £230,000 cash, before subsequent fundraisings brought in another £1.88 million.

The shares are 0.5p up today, valuing the company at £24 million.

Sector: Health Care Equipment & Services

Companies: Reliance GeneMedix

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