Faron Pharmaceuticals reports a loss from operations of €2.6 million for the six months to the end of June compared with €2.4 million a year ago.
The company's revenue for the period was €1.2 million (2015: €0.5 million). This comprised a €0.8 million signing fee from Pharmbio, €0.3 million of prepayment of IFN-beta production and €0.1 million from product sales to Maruishi Pharmaceutical.
The company also recorded €1.0 million (2015: nil) of other operational income from the EU FP7 grant.
Research and development expenditure increased to €3.4 million (2015: €1.7 million) caused mainly by the increase of the clinical trial costs when patient recruitment for the INTEREST trial commenced at the very end of 2015.
The administrative expenses were slightly lower at €1.0 million (2015: €1.1 million) mainly due to lower funding expenses during the Period compared to the same period in 2015.
Both the research and development and the administrative expenses include the IFRS charge resulting from the options allocated by the Board to personnel in May 2016. The total charge was €0.2 million (2015: €nil.). This charge had no cash impact on the results for the year.
The loss after tax for the Period was €3.0 million (H1 2015: loss of €2.4 million) and the basic loss per share was €0.13 (H1 2015: loss per share of €0.15).
At 9:23am: (LON:FARN) Faron Pharmaceuticals share price was 0p at 250p