ALCHEMIA Limited (ASX:ACL) has recorded a $5.5 million loss for the half year to December 2013, despite positive clinical trials in oncology overseas.
The drug development company’s loss is an improvement from $5.9 million at this time last year.
Total income dropped to $5 million, down from $9.4 million in the previous period, which included a $4.5 million research and development tax incentive income.
Over the six month period, ACL reduced operating expenses and administrative costs and significantly increased net cash balances from $6.1 million to $16.4 million.
As part of the company’s commercial agreement with Dr Reddy’s Laboratories, there was a $4.7 million profit share in fondaparinux medication in the US.
ACL will continue to treat metatastic colorectal cancer patients in its Phase III HA-Irinotecan clinical study.
Transpacific boosts profit. Read here.
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