Roquefort Therapeutics PLC on Friday reported a widened pretax loss but maintained a strong cash balance.

The London Main Market-listed biotech company reported a pretax loss of £762,000 in the six months to June 30, widened from £301,000 the year before. This was the result of increased administrative expenses, research and development costs and the amortisation of Roquefort’s intangible assets.

The company recorded no revenue, unchanged from last year.

At the end of June, the company had a cash balance of £3.3 million, up from £880,000 in the same period last year.

The acquisition of Oncogeni Ltd post-period-end pivoted the company towards being a ‘material oncology business’. Through the acquisition of Oncogeni, Roquefort has a ‘state-of-the-art’ laboratory and manufacturing facility, which gives the company cost savings and time advantages.

The company drew attention to its portfolio of four ‘fully funded patent-protected pre-clinical anti-cancer medicines’ saying that it was ‘very rare for a company of our size and valuation to have four substantial anti-cancer pre-clinical assets’.

Having acquired Oncogeni, Rocquefort said it had the potential ‘to meet significant value inflection’.

Looking forward, the company aim to have one program clinic ready during the second half of 2023 and to complete filings for Investigational New Drug/Clinical Trial Authorisation.

Chair Stephen West said: ‘The team we have in place now is truly world class, with a proven track record in drug development which will help drive innovation and ultimately value in our portfolio of oncology drugs, and I am confident in the prospects of Roquefort Therapeutics.’

Shares in Roquefort were trading 0.6% lower at 7.85 pence each on Friday morning.

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