Biomedix bullish as losses rise
12 April 2012
DRUGS group KS Biomedix, whose shares have fallen by about 80% this year, remained bullish today as it revealed a £12.7m annualised cash burn, in line with expectations.
Commenting on the group's losses of £14.2m, which compare with losses of £2.2m last year, chief executive Dr Steven Powell said: 'We are still in the research and development phase of the company. The losses this year include a few one-offs, such as the costs of integrating our Canadian firm Avicenna, which we acquired in July 2001. Cash flow is almost exactly as predicted at our interim results.'
