SINGAPORE (Aug 23): iX Biopharma, the specialty pharmaceutical company, reported net losses for FY17 ended June narrowed to $7.4 million from losses of $7.7 million a year ago.
Revenue rose 10% to $6.4 million. The group currently derives its main source of revenue from the chemical analysis business which saw an 11% rise to $6.3 million from $5.7 million. Revenue from specialty pharmaceutical fell 52% to $49,000 from $103,000.
Despite increased activities, iX Biopharma says expenses remained well-managed.
For the full financial year, R&D expenses came in at $4.81 million in FY17 compared to $5.61 million in FY16. Sales and marketing expense stood at $1.24 million in FY17 as compared to $0.66 million in FY16, as the group began preparing for commercialisation of its products.
For the full financial year, the group recorded a gross profit of $1.93 million or 30% of revenue in FY17 versus $1.71 million or 29% of revenue in FY16.
As at June 30, the group’s cash position remained at $31.1 million, compared to $31.3 million a year ago.
Looking ahead, iX Biopharma says the ensuing months should see higher marketing and manufacturing activities for the group as it prepares to roll out more entity-branded nutraceutical products to markets locally and in the region. The group has also commenced preparations for its marketing campaign for PheoniX, a drug for the treatment of erectile dysfunction.
Shares in iX Biopharma closed at 24 cents on Wednesday.
