SalvaRx Group, the drug development company focused on immunotherapy for cancer, posts a pre-tax loss of £1.5m for the six months to the end of June compared with £11,000 a year ago.
- Reverse takeover of 3Legs Resources plc completed on 22 March 2016 in conjunction with a placing to raise £1.95 million (gross)
- Dr Ian Walters, formerly of Bristol-Myers Squibb, appointed Chief Executive Officer
- SalvaRx now focused on building a portfolio of cancer immunotherapy assets via acquisition and investment
- iOx Therapeutics Ltd, in which SalvaRx has a 60.5% interest, awarded grant funding from the EU as part of a consortium developing new immunotherapy candidates (the funding will help cover significant portion of the clinical trials)
- In April US$2 million invested for a 8.5% interest in US-based Intensity Therapeutics Inc., a private biotechnology company pioneering a new approach to treating solid tumours
- Investment in Intensity, part funded by issue of US$1 million of zero coupon convertible unsecured loan notes
Walters said: "The two lead compounds from iOx and the lead compound from Intensity are now capitalised sufficiently to get these products into the clinic.
"We continue to see new exciting opportunities in this space and are evaluating these for SalvaRx. Our efforts are being recognised by our peers and we continue to prioritise discussions with potential big pharma partners.
"I am hopeful that our innovative medicines can have an impact on the many cancer patients worldwide who have a need for new treatment options."
At 9:11am: (LON:SALV) Salvarx Group Plc share price was +0.01p at 28.63p