York progresses pipeline and has cash cushion
York Pharma reports strong progress in all areas of the business in the first half of the current financial year and its share price rose slightly on the news.
The Hitchin company is an AIM-listed strategic acquirer, developer and marketer of pharmaceutical products in the field of dermatology.
Its pre and post tax loss of £2.027m for the six months ended March 31 were in line with management expectations and York had cash of £5.3m.
Chief executive Terry Sadler said York awaited receipt of the first regulatory approval for its lead product Abasol™ and was preparing actively for its commercialisation later this year.
Abasol will operate in the antifungal market. The company also has innovative dermatology products/projects for the treatment of atopic eczema/irritant dermatitis, psoriasis, acne and malignant melanoma, a skin cancer associated with a high rate of mortality.
Excluding malignant melanoma, these combined therapeutic markets make up over 75 per cent of the total dermatology market, valued at approximately £6bn.