Higher loss no help for troubled Silence Thera
UK RNA interference specialist Silence Therapeutics is exploring the possibilities of merger or acquisition as the firm's 2008 loss increased by 45%, year-on-year, as a result of falling sales.
The firm's net loss rose to GBP7.4 million ($10.5 million), or 6.2 pence loss per share, versus a loss of GBP5.1 million, or 4.4 pence loss per share. Sales fell 45% to GBP2.2 million, while R&D expenses rose to GBP6.7 million, a 40% increase.
As of December 31, 2008, the firm had GBP3.4 million in cash and cash equivalents, down 67% from the same point of the year before. However, the company generated GBP2.7 million in an institutional placing early in the current year.
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