Proximagen losses grow on R&D drive
This article was originally published in Scrip
Proximagen Neuroscience's net loss grew during the first half of 2008 as its capacity was diverted away from revenue generating service contracts and towards progressing its preclinical programmes. Pretax losses rose by £520,000 to £1.6 million following modest increases in R&D costs and lower service contract revenue. R&D costs were £1.4 million (+33%) following clinical work on its PRX5 programme in Parkinson's disease, while service contracts bought in £200,000, a decrease of £300,000. The UK company's results beat analysts' expectations at Canaccord Adams, which reiterated its buy recommendation for the firm's stock.