Group’s pre-tax loss narrows

EIRX Therapeutics has posted a narrower first half pre-tax owing to lower operating costs achieved over its last trading period.

In its statement the group also said its strategy going forward could include partnering with larger businesses.

Mergers and acquisitions opportunities to boost product development would also be considered as the group moves to broaden its operating base, it said.

The Cork-based drugs group, which is involved in developing therapies to fight cancer, said the pretax loss for the six months ending December 31, 2007, narrowed to £514,907 (€648,750) from a restated £892,275 (€1.1bn) last year.

Administrative expenses fell sharply from £546,045 from £916,560 in the previous year.

Eirx Therapeutics works on the discovery anddevelopment of novelsolutions to aid cancer treatment.

Its drug discovery operations are conducted at its laboratories in Cork where the focus is on development treatments for colorectal and breast cancer.

It also engages in contract research for third party pharmaceutical and therapeutics companies.

Earlier this month itannounced the closure of its Aberdeen facility and relocation of the operations of its Auvation unit.

Eirx Therapeutics narrowly managed to avert a funding crisis earlier in the year that brought it to the brink of collapse.

On February 27, trading of the company’s shares was temporarily suspended owing to the London Stock Exchange receiving notification that some of the share trades of the company on, and possibly since, February 21, 2008, may have been incorrect.

Eirx said the suspension was also due to the continuing delay in settlement of all trades in the company’s AIM securities.

Trading in its shares on AIM resumed on March 13.