Imaging Biometrics narrows interim loss despite lower revenue
Imaging Biometrics Ltd on Wednesday said its first-half loss narrowed, helped by lower costs, despite a drop in revenue due to the absence of a prior-year grant.
The London-based medical services company said its pretax loss for the six months to June 30 was £89,652, improving from a £274,309 loss a year earlier. Basic and diluted loss per share narrowed to 0.04 pence from 0.13p.
Revenue fell 11% to £394,002 from £444,247, reflecting a one-off £79,000 grant in the prior year and foreign exchange headwinds.
The latest loss included a £67,309 foreign exchange loss and a non-cash share-based payment charge of £47,982. Adjusting for these, the company said it would have been profitable.
Imaging Biometrics said it completed the phase 1 trial of IB003, its oral gallium maltolate therapy for aggressive brain cancers, and is preparing results for publication and the design of a phase 2 trial. It also launched IB ASL, a contrast-free perfusion imaging technology, and is upgrading its IB Nimble imaging platform.
The company said it remains committed to expanding access to IB003 under its Expanded Access Program and aims to improve adoption of its IB Clinic neuroimaging solution by focusing on direct engagement with clinicians.
Shares in Imaging Biometrics were down 9.2% at 0.59 pence in London on Wednesday afternoon.
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