SINGAPORE (Nov 8): Specialty pharmaceutical firm iX Biopharma saw its net losses quadruple to $3.2 million for the 1Q18 ended September, widening from a net loss of $0.8 million a year ago.
Revenue rose 14% to $1.7 million in 1Q18, from $1.5 million a year ago.
This was mainly due to an increase in laboratory testing services as well as the strengthening of the Australian dollar.
However, total expenses more than doubled to $4.1 million during the quarter, from $1.6 million in 1Q17.
Research and development expenses surged 85% to $1.8 million, principally due to the progress of KET010 – the multiple dose Phase 2 efficacy study to demonstrate the efficacy of Wafermine in pain suppression.
General and administrative expenses jumped 66% to $1.7 million, mainly attributed to share-based payments in 1Q18 as well as the absence of a reversal of the fair value of share options due to forfeiture of certain share options in 1Q17.
Sales and marketing expenses doubled to $0.4 million. This was mainly due to increase in headcount and marketing efforts in preparation for the launch of its nutraceutical e-commerce website in December.
As at end September, cash and cash equivalents stood at $27.1 million.
Looking ahead, iX Biopharma says it is finalising its marketing campaign for a new line of nutraceutical supplements addressing specific health conditions under its subsidiary, Entity Health.
The group says it has also filed for the registration of PheoniX, its novel sublingual drug for the treatment of male erectile dysfunction, with the Therapeutic Goods Administration of Australia.
In a separate filing to SGX on Wednesday, iX Biopharma announced that it has established a Risk Management Committee (RMC) to assist the board in the risk governance of the company.
The RMC will comprise committee chairman Claudia Teo Kwee Yee, a non-executive independent director; Low Weng Keong, a non-executive independent director; and Albert Ho Shing Tung, a non-executive director.
Shares of iX Biopharma closed half a cent lower at 22.5 cents on Wednesday.
