SINGAPORE (Feb 8): iX Biopharma posted a net loss of $0.7 million in the quarter ended Dec 31, 2016, improving from a net loss of $2.4 million a year ago.
This was mainly due to a favourable exchange gain of $1.2 million in 2Q17, compared to a gain of $0.3 million a year ago.
iX Biopharma also received an R&D tax incentive of $0.4 million in the quarter, and incurred lower R&D expenses on account of the timing and progress of its clinical trials.
Excluding the exchange gain and R&D incentive, the net loss in 2Q17 would have been $2.3 million, compared to a net loss of $2.9 million a year ago.
Revenue, which was mainly derived from laboratory testing services offered by its chemical analysis business, increased 6% to $1.6 million in 2Q17, from $1.5 million a year ago.
Cash and cash equivalents stood at $34.5 million as at Dec 31, 2016. iX Biopharma says this cash position takes into account net proceeds of $5.0 million from its rights issue in July 2016.
Looking ahead, the group says it will “continue to monitor closely the global currency trends and the impact of the foreign exchange fluctuations on its financial position and take risk management measures where appropriate.”
In particular, iX Biopharma is exposed to fluctuations in the US dollar and Australian dollar as its clinical studies and major operations are conducted mostly in the US and Australia.
iX Biopharma adds that it is preparing for the commercialisation of PheoniX, a sublingual sildenafil for the treatment of male erectile dysfunction, and WafeRest, a sublingual melatonin for jetlag and improving sleep quality.
The two products are currently being prepared for registration with the Therapeutic Goods Administration (TGA) in Australia.
iX Biopharma closed flat 29.5 cents on Wednesday.
