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.
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