4D pharma PLC (LON:DDD, NASDAQ:LBPS) hailed 2020 as a “transformational year” for the company.
In its full-year results statement, the company listed the publication of the first proof-of-concept data for MRx0518 in last-line cancers and the journey towards a listing on NASDAQ as highlights of the year.
The live biotherapeutics specialist ended the year with cash and cash equivalents of £8.8mln, up from £3.8mln at the end of 2019.
Revenue rose to £534,000 in 2020 from £211,000 in 2019 while research & development (R&D) costs were cut back to £22.0mln from £26.5mln the year before.
The loss before tax was little changed at £30.3mln versus a loss of £29.4mln the previous year.
"4D has made significant progress leading the field in the development of Live Biotherapeutics, and made great strides from a corporate perspective,” said Duncan Peyton, the chief executive of 4D.
“In addition to the data we have generated in the field of oncology, we completed our merger with Longevity and obtained a NASDAQ listing which, together with a concurrent fundraise, provides 4D with approximately US$40 million of additional capital and a solid financial footing moving forward. This puts 4D pharma in a strong position to capitalise on multiple data readouts from our ongoing trials in asthma and oncology as well as facilitating the move into the clinic with our Parkinson's disease programme,” he added.