Sosei pushes ahead despite widening losses
Sosei Heptares, with major operations in Cambridge UK, saw first half losses to June 30 widen despite an increase in revenue.
Revenue totalled $28.9 million – a rise of $5.7m year-on-year – thanks to the achievement of five progress milestone events from existing partners.
There was also an increase in deferred revenue releases from existing collaboration partners. Royalties from Novartis were stable.
Cash R & D expenses totalled $22m, a rise of $8.1m year-on-year, reflecting higher activity levels on in-house programs, participation in new co-development collaborations and strong currency headwinds. The loss for the six-months totalled $21.2m ($19.6m).
Shinichi Tamura, chairman, President and CEO of Sosei Heptares, said: “We are pleased with the progress we have made during 2021. This year’s focus is on increasing investment in R & D and in strategic growth initiatives as we continue to explore revenue-generating business opportunities for acquisition to support our medium-term plan for corporate expansion.
“Investments in R & D are focused on advancing our portfolio of muscarinic agonists for schizophrenia and other neurological disorders and to partner this portfolio in the near term with a well-capitalised global partner to accelerate late-stage development of these programs.
“In addition, we continue to make good progress advancing our in-house and partnered programs, as well as enhancing our world-leading platform for identifying and exploiting new druggable target opportunities.
“We are confident that we have the right overall corporate strategy to deliver continued success and value creation for all stakeholders.”