BRISBANE biotech company Alchemia (ASX:ACL) has reported a net loss of $15.8 million for the first half of the 2015 financial year, compared to $5.5 million for the six months ending 31 December 2013.
A contributing factor of this result was the failure of its recent cancer drug trial.
The pivotal phase three clinical trial of HA-Irinotecan in metastatic colorectal cancer failed to reach its primary endpoint in significant improvement in progression free survival and did not meet its secondary endpoint of an improvement in overall-survival.
This led to shares dropping by 83 per cent from 51.5 cents to 10.5 cents, in November 2014.
Since the announcement of the above results, ACL has undergone a strategic review of all its assets and operations.
In addition, ACL has recorded profit share income arising from sales of fondaparinux - a collaboration agreement with Dr Reddy's Laboratories - of $2.8 million for the period and had net assets of $11.6 million.
In addition, operating expenditure of $24.9 million increased by $14.2 million over the corresponding period.
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