HemoGenyx Pharmaceuticals PLC (LON:HEMO) said progress is continuing towards the submission of an Investigational New Drug for the biopharmaceutical company's lead product candidate, a CDX antibody, as it unveiled its results for the year ended 31 December 2018.
The AIM-listed group, which is developing new therapies and treatments designed to transform bone marrow transplantation for the treatment of blood diseases, last year signed an agreement with a global bio-pharmaceutical company to develop its CDX antibodies under a potential for licensing deal.
The company said over the year it also made progress in widening its suite of products and their potential applications, as well as providing important partnerships and finance for all of its products.
It pointed out: “The Directors believe that this investment in the diversification of the Company's product suites and their application to additional disease markets reduces business risk and maximises overall potential shareholder value.”
The group had cash and cash equivalents at the end of 2018 of £1.762mln, down slightly from the £1.877mln it held a year earlier.
As is normal for a firm developing new products, for 2018 Hemogenyx booked a loss attributable to equity owners of £1.477mln, a big reduction from the £2.361mln loss it posted a year earlier.
Dr Vladislav Sandler, the group’s CEO, commented: "2018 was an important year for Hemogenyx both scientifically and commercially as we progressed and diversified our product pipeline and commenced collaborations with several key pharmaceutical industry partners.
“Work on CDX antibodies is progressing well and we have initiated discussions with a global pharmaceutical company on a potential licensing deal. Additionally, we have been evaluating the use of CDX antibodies in combination with other blood cancer treatments and as a potential treatment for relapsed/refractory AML.
“Our collaborations with Orgenesis will accelerate the development of our Hu-PHEC cell therapy product and the adoption of Hemogenyx's AHC humanised mice, a new product line."
In late afternoon trading, Hemogenyx shares were 4.4% higher at 2.40p.