hVIVO's revenue for the six months to the end of June rose to £8.6 millio - up from £2.9 million last time. Gross profit was £0.8 million and gross margin 9.4% (H115 - £0.9 million and 29.9%) reflecting a greater mix of workload from its equity investments and a postponed client engagement from H1'16 into H2'16. Research and development expense was £3.0 million (H115 - £7.4 million) from hVIVO's continued investment in discovery research and product validation capabilities, with spend lower in H116 compared to 2015 due to timing of R&D programmes and cost commitments. The loss before tax was £11.8 million (H115: £12.0 million). Chief executive Kym Denny said: "I am delighted with the rapid progress we are making with PrEP-001, just a few months after our equity investment. Securing the product's second Proof of Concept, this time in flu, has propelled PrEP-001 into the enviable position as potentially the first product to prevent both colds and flu safely. "From a patient and clinician's point of view, this is a significant break-through, offering the possibility of one day protecting those most vulnerable to disease exacerbation caused by viral infections, without the worry of having to be so specific regarding which virus they might be exposed to. "I am further delighted with the progress of our second equity investment, Imutex. In less than six months from signature, we are in the clinic with FLU-v and about to be with AGS-v in Zika. "It is noteworthy that in less than a year, the hVIVO platform has transformed the Company's product pipeline with three clinical stage assets, whilst simultaneously progressing strategically important customer products, and yielding the biological insight that has resulted in our first pathomics informed severe flu therapy patent. "Our platform is well-positioned to run at its full potential, positioning hVIVO to advance game-changing therapies with ever-growing speed and agility in 2017 and beyond."
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