AIM-listed EiRx upbeat as it posts interim losses

Healthcare company EiRx Therapeutics has posted an operating loss of £595,567 (€865,978) for the six months ending December 31st last.

The Cork-based company, which listed on London's Alternative Investment Market (AIM) a year ago, is in a start-up phase and recorded no sales during the period.

It had cash at the bank of £19,890 and was expecting a further injection of £135,000 from its parent, EiRx Pharma. At the start of this year, the company also raised £550,000 through a share placing.

EiRx chairman John Pool said the interim results reflected "exciting times" for the company, which focuses on researching possible treatments for cancer and other serious diseases.

"We are building from a small base but it is a sound one at the cutting edge of drug discovery technology," said Mr Pool.

University College Cork (UCC) professor of biochemistry Tom Cotter founded EiRx in 1999.

Prof Cotter is currently engaged as the company's chief scientific officer.

Mr Pool said the company has been making "full use" of the benefits of a public listing during its first year on AIM.

He signalled further developments in the commercialisation of drugs for the second half of the year, noting that products "licensed in" by the company would grow in importance.

EiRx bought a majority stake in Scottish firm Auvation for €2.2 million earlier this year, thus gaining access to the company's research. When such research becomes commercially viable and is licensed to other companies, Auvation earns milestone payments. Some payments of this type are expected later this year.

Meanwhile, in a separate development, EiRx was happy to announce yesterday that Prof Cotter has been elected as a member of the Royal Irish Academy.