29 January 2015 – interim results
The group has announced interim results for the six months to 31 October and these have revealed a loss for the half year of £1.6m reflecting planned investment of this amount in the development of the Parsortix system. This is continuing towards FDA authorisation and collaboration agreements have been signed with a further five leading international cancer centres. At the end of October the group had net cash balances of £2.3m (30 April 2014: £3.9m). Clearly as long as the company can afford to continue the development of the Parsortix system then the other financials are irrelevant. The Medical University of Vienna has carried out studies relating to ovarian cancer and the company is now progressing its first clinical application as it believes there is a potential market worth £300m per annum for this application. It is pleasing to see good progress being made and we continue to rate the shares as a BUY.